The world’s largest digital-asset exchange by trading volume Binance’s Binance coin is soaring high regardless of the bear market. It is considered as one of the hottest coin in the cryptocurrency market. Binance Coin has increased in value in the last three months to around $15.
Binance has a practice of attaching the performance of the exchange to the amount of circulated tokens. According to the reports the exchange issued 200 million of the coins in July 2017 after an Initial Coin Offering. Binance CEO CZ said in an interview that the company plans to spend 20 percent of its profits each quarter to buy back and destroy Binance Coins that will continue for 10 years.
Tushar Jain, managing partner at hedge fund Multicoin Capital Management in Austin, Texas, “This is the best executing team in crypto, we expect to hold them for the foreseeable future.”