Cryptocurrencies have become more and more popular in recent years. These are virtual currencies that exist in two main forms. There are volatile coins whose price constantly varies and stable coins which benefit from a certain stability. Binance USD (BUSD) is one such stablecoin that Crypto.com is adding to its offering. Read this article for details about it.
Binance USD (BUSD) now available on Crypto.com (CRO)
The announcement of the news is one of the most interesting. The Binance USD (BUSD) now appears within the offers of Crypto.com. On the platform, this cryptocurrency will be among those used for user transactions on the market. It rises to 3rd place behind the famous USDT and the Luna stablecoin of the Blockchain Terra. This place is also well deserved, because the virtual currency is appearing on the platform with a market capitalization of $18 billion.
Binance USD, better known as BUSD, is a stablecoin issued on the Binance blockchain. It is a special virtual currency that somehow maintains its value. Its course varies, but especially by following the US dollar levels. Therefore, 1 BUSD corresponds to 1 US dollar. Furthermore, it was created in 2019 through a partnership between the Binance platform, one of the largest crypto exchange platforms, and Paxos. This cryptocurrency is therefore now accepted on Crypto.com (CRO) as a means of payment. It can be obtained through trading the BUSD/USDT pair.
As a reminder, Crypto.com (CRO) is a cryptocurrency trading platform based in Singapore. It would have more than 3,000 employees and 10 million users. The platform is quite famous for its bank offersbut also for its cryptocurrency exchange services.
A consequence of the doubt caused by the fall in the value of the Luna?
The announcement of the addition Binance USD (BUSD) on the Crypto.com (CRO) platform is news that crypto enthusiasts welcome sparingly. In fact, the crypto universe has seen some serious turmoil in recent days. The market is in free fall, but the event that animates all the debates on the web is that of the fall of the moon. The value of the Terra blockchain coin has completely plummeted. From a few tens of dollars, it is currently well below $1.
The amazing fact is that Luna is like Binance USD (BUSD) a stablecoin. It should therefore benefit from a certain stability. But unfortunately ! Again, the exception makes the rule. La Luna has just demonstrated that stablecoins can also experience major price changes. This phenomenon does not seem to be one of the most interesting. Moreover, it is not only the Luna that has suffered this decline. The names of many other stablecoins are added to the list.
The consequence of this sudden drop in stablecoins, more specifically the Luna, is the appearance of doubt among most cryptographic platforms. These will obviously be tempted to grant more credit to other competing stablecoins to save their heritage. This is why adding the BUSD on Crypto.com (CRO) could also be seen as a response to this event.