Binance Coin Eclipses BNP Paribas, SoftBank, Moody’s and London Stock Exchange in Valuation
Following the path of Ethereum (ETH) and Bitcoin (BTC), Binance Coin (BNB), developed by arguably the world’s biggest cryptocurrency exchange Binance, has eclipsed various major financial sector firms in market value. While writing this article, the market cap of BNB crypto has surpassed that of BNP Paribas, which commands a market capitalization of $84.92 billion, while writing writing this article.
The other financial firms which were pushed back includes SoftBank having a market cap of $81.91 billion, Moody’s with a market value of $72.60 billion, ICICI Bank ($69.03 billion) and even London Stock Exchange ($51.12 billion), according to info provided bycompaniesmarketcap.com.
BNB, which recorded a 24-hour trading volume of $1.20 billion, was changing hands at $527 earlier today. In terms of market cap, BNB was trailed by 25 major companies in the entire finance industry. With a market cap of $890 billion, Bitcoin is the largest participant in this category, approximately twice the $471 billion commanded by Visa and $467 billion valuation of JP Morgan Chase.
With a market capitalization of $454 billion, Ethereum stood as the fourth largest player in the financial industry, trailing only JP Morgan Chase but considerably outperforming Bank of America having a market cap of $364 billion, Mastercard ($353 billion), PayPal ($221 billion), Morgan Stanley ($176 billion), and others.
BNB, Ethereum, and Bitcoin, on the other hand, cannot be likened to actual corporations since crypto currencies are basically digital assets based on the peer-to-peer software platform powered by blockchain technology, while other financial firms are profit oriented businesses.
The BNB coin is a utility crypto token. It is utilized on Binance platform to pay fees, engage in token sales, and for other purposes. However, more crucially, it commands such a value because it is used as a utility token on Binance Smart Chain (BSC), which has around $17 billion in total assets locked up, with certain intriguing DeFi techniques layered on top of it. BNB is one among the few cryptocurrencies that may be used as both an crypto exchange token and also a utility token.
“We are quite enthusiastic about BSC too though, and we want to add more tokens powered by the blockchain to our crypto exchange in the next days,” Darshan Bathija, CEO & CO-founder of Vauld, informed Financial Express Online.
According to CoinGecko statistics, BNB has appreciated about 1,200% in the last year, from $41 at the start of 2021, outperforming Bitcoin and Ethereum. In 2021, BNB soared to $675 in May 2021 before falling to $261 by the end of the month.
“I perceive a value in Binance as a crypto exchange and BSC as a blockchain.” BNB is the underlying coin linking them. If the crypto exchange and blockchain perform well this year, the currency will appreciate further. Considering the success of BNB, we’re combining BNB with Vauld services such as fixed deposits, loans, and borrowing,” Bathija noted.