Daily Hodl Staff
A low-cap altcoin built on the Stellar (XLM) blockchain is rallying after receiving surprise support from Binance.
In a new announcement, the global crypto exchange says that privacy-focused MobileCoin (MOB) will begin trading on its platform.
According to the project’s website,
“MobileCoin is a security-focused cryptocurrency that addresses four fundamental issues: security, transaction speed, energy consumption and optimization for mobile devices.”
MobileCoin specializes in payments across messaging apps, where only the sender and receiver have access to each transaction’s data. A desktop version is also available.
The project bills itself as “a simple, encrypted utility currency, like PayPal but secure.”
News of the Binance listing sent MobileCoin soaring upward in two distinct spikes, rising 101% from $3.62 to a peak of $7.29 before correcting sharply.
MOB is still up 24.4% at time of writing and trading at $4.42.
Also getting the green light from Binance is Nexo (NEXO), whose lending and borrowing platform allows users to earn up to 17% in annual interest.
According to the project’s website, Nexo boasts over four million users in more than 200 jurisdictions and currently holds over $12 billion in assets under management (AUM).
Binance says of NEXO,
“Nexo is a blockchain-based lending protocol that offers banking services for retail users [such as] lending, borrowing, trading [and] credit cards.
The NEXO token is used for governance and platform benefits, as well as to receive interest payments.”
At time of writing, Nexo is up nearly 6% and trading for $2.39. The altcoin initially shot up 23% from $2.21 to $2.72 before correcting down to $2.29.
Binance says that both MOB and NEXO will be available for exchange in the Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) trading pairs.
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Featured Image: Shutterstock/Natalia Siiatovskaia/Mia Stendal