Binance Coin [BNB] an Ideal example of the Way cryptocurrencies have Shifted fundraising, says CFO Wei Zhou
Wei Zhou, Chief Financial Officer in Binance, talked at the Currency 2020 convention and summarized the way that tokenization has altered the way to increase money. Zhou said that tokenization has gained traction since Bitcoin began going mainstream.
He added that the entire world had entered a tokenized world since Bitcoin gained mainstream attention, which occurred within the past couple of decades. Zhou farther explained,
“I think what we seen throughout the Ethereum blockchain empowered by the ERC20, it has allowed the production of the wise contract and what’s enabled for a minumum of one kind of use-case, is essentially raising funds on the blockchain.”
ERC20 is among the very important tokens now, considered as a specialized benchmark employed for nearly all wise contracts around the Ethereum blockchain for nominal execution.
Also, Zhou stated that ERC20 Teams haven’t only permitted for users to increase funds on the blockchain, but it has also resulted in the growth of various kinds of tokens such as the utility market, security market, and obligations volatility. Further, Binance Coin is just one such utility token which serves multiple use-cases, among them being 50percent away when trading.
“We’ve got more tokens on earth and that’s something which didn’t exist on earth before this ERC20 series, and what has enabled companies to do would be to use another type of fund raising.”
Contrary to the standard method of raising capital, cryptocurrencies have shifted how to elevate a token, Zhou said, adding Binance Coin was an ideal case study for exactly the same.
Binance Coin has been an ERC20 token before, but it’s since migrated into its own chain, and it has enabled Binance to run one of the very prosperous IEOs from the cryptocurrency ecosystem. Projects which have migrated have witnessed a huge spike in trading volume of their various tokens.
Binance Coin has become the best performing asset in 2019 up to now. It has soared by over 350% since the beginning of the calendar year, and is now sitting as the largest cryptocurrency on coin charts.