eToro Becomes First Platform to List Binance Coin (BNB) for Trading

eToro Becomes First Platform to List Binance Coin (BNB) for Trading

By Jimmy Aki - min read
Updated 25 August 2020

Digital assets platform eToro has listed Binance Coin (BNB) on its platform, taking the total number of crypto assets listed on the platform to 13 digital assets. BNB is the native token of Binance exchange. It was issued by Binance as an ERC-20 token following an initial coin offering in 2017, as a means for paying trading fees on the platform and for partner applications.

According to its press release, eToro becomes the first investment platform to list BNB outside the Binance, and it now offers its investors the ability to trade in both utility and security tokens on the platform.

Changpeng Zhao, Founder, and CEO of Binance said the listing of the BNB on eToro opens the token to a new market.

“As an utility token, we believe in creating long-term utility and value. We will continue to do so together with eToro.”

For most Binance Coin holders, acquiring the BNB involves converting another digital asset. eToro’s users will, however, enjoy the privilege of being the first platform where investors can buy or sell Binance Coin using fiat.

Speaking on the development Yoni Assia, Co-founder and CEO at eToro said the platform and its clients still “believe in the potential for crypto assets,” despite what the market says. He went further to state that the platform will continue to add leading digital assets to the platform.

“As a regulated securities broker, we have the ability to offer both utility and security tokens on our platform. We support the movement of assets onto the blockchain and the tokenization of securities. In fact, we believe that in the future we will see the greatest transfer of wealth ever, onto the blockchain.”

BNB will also be added to eToro’s CryptoPortfolio, a diversified portfolio which allows investors to diversify their investments across a wide range of cryptocurrencies.

Earlier this month, eToro slashed its transaction fees as part of its ongoing effort to increase the adoption of cryptocurrency and make it accessible to investors. At the time, Assia had stated that the social trading platform was “committed to raising awareness among investors of the potential offered by crypto and the blockchain technology that underpins it.”