Ezra Icy
Binance is the largest centralized exchange according to the trading volume and has its native token. To expand its reach, Binance has taken one more step, introducing the VIP program. This blog will cover ‘what is this VIP program and how it will affect the BNB prices.’
Understanding the Binance (BNB) VIP Program
Binance has expanded its VIP program to traditional asset trades, dealing in high volume. This program is for new crypto users and standard asset users. After yesterday (28 February), the users can use their spot or futures trading volume in the aggregate to be considered high trading volume and become eligible for this program.
Binance has set $1 Million trading volume to be eligible for the VIP status. It will attract users who have recently stepped back from the crypto market because of the volatility and regulatory issues.
Head of Binance, Catherine Chen, said that
This initiative targets the growing conjunction of traditional financial assets. It will become a bridge for high trading volume traders to shift from traditional assets to cryptocurrency without obstacles.
Earlier, BNB introduced the tokenized stock trading program on 3 June 2023, where they integrated the stock market (traditional asset market) with blockchain. It was a unique approach to trade the shares of popular companies with crypto tokens on the Binance. The company also offered a 24/7 trading option to maintain liquidity.
Binance is continuously trying to bring both the famous trading market i.e., the stock market, and the crypto market together to contradict the volatility in crypto. This newly launched VIP program is another effort to win over traditional traders.
How This Affects The BNB Prices
It’s been around seven months since the Binance (BNB) derivative market has declined, but at the same time, the market share in spot trading has surged by 31.7% from last month. The credit for this surge goes to the Bitcoin ETF and the mixup of traditional and digital assets.
Binance coin price is at $410.22 after a hike of around 7% this week. Its trading volume has also surged by 45% and currently is at $2,502,1334,534. It spiked to the highest value of the week $423 yesterday, and has dropped a little.
Binance has recently settled a $4 Billion lawsuit with the US agencies, which has affected the BNB prices previously. Binance was underperforming for almost six months and gained some momentum in the last month of 2023.
It is still around 40% low from its all-time-high value and might take a little longer to reach to a great hike. The recent development announcement has helped Binance (BNB) to lift a little.
Conclusion
Binance’s (BNB) new VIP program will connect both the world and finance, and it will help contradict the volatility of the crypto market. The company has recently closed a legal lawsuit, and this project has helped BNB to get a lift. BNB is trading at $410.22 with a hike of 7%, which is seen almost after 7-8 months. Read more about why is the crypto market rallying today.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
