— Binance (@binance) May 31, 2018
This morning, Binance have announced a number of new additions to their ever-growing cryptocurrency exchange. The announcement comes in the form of brand new trading pairs, all of which have been added to the exchange, causing a wave of excitement that seems to have caught up with Binance’s native cryptocurrency, Binance Coin, causing the currency to skyrocket.
The additions see the pairings of, Ripple and Binance Coin (XRP and BNB), TrueUSD and Tether (TUSD and USDT), Stellar and Tether (XLM and USDT) and finally, IOTA and USDT (MIOTA and USDT).
In response to this news, at the time of writing, Binance Coin is valued at $13.59, up 8.27%. Stellar also seems to be benefitting from the pairing between itself and Tether, at the time of writing, XLM is valued at $0.28, up 2.05% although really, this rise is most probably down to market trend.
XRP is not seeing any benefit against its BNB pairing just yet, however this is to be expected. Finally, TrueUSD and Tether, being tied to the US Dollar, are of course not seeing any significant gains, if they did, this would certainly throw a spanner in the works.
The addition of these trading pairs now means that the currencies are now exchangeable against each other, giving more people new ways to spend and or, use their cryptocurrencies. So, for example, within Binance, people are directly able to exchange Ripple XRP for Binance Coin and vice versa. It’s not a huge deal, but it does a great service to transparency and of course, in making additions like this, Binance are improving overall accessibility to altcoins, which in turn can only be a good thing. By giving more people more options to trade within, Binance and other exchanges are only going to encourage growth within the markets.