Binance CEO reveals more use cases for Binance Coin

Binance CEO, Changpeng Zhao 'CZ' reveals more use cases for native token Binance Coin on his Twitter

Binance CEO Changpeng Zhao, often known as ‘CZ,’ has made a Twitter post highlighting new use cases for Binance native token Binance Coin ($BNB).

Zhao, Chief Executive Officer, founded Binance in July 2017 after raising $15 million worth of funds from an Initial Coin Offering (ICO). Less than a year later Binance had evolved into one of the worlds largest cryptocurrency exchanges, at least by trading volume. Binance Coin, the native token, has since gone on to establish itself as one of the leading cryptocurrencies and is currently fourteenth on CoinMarketCap.

Back in November, Binance tweeted “New use cases for $BNB are popping up everyday!” alongside an image that displays the use cases in reference.

As the image shows, there were a number of new use cases for BNB such as buying and selling real estate with ‘Propy’ or using ‘More Coin’ as a payment service in nightclubs.

Propy‘ is a “global real estate marketplace with decentralised title registry.” The company allow users to purchase and sell real estate property through the utilisation of smart contracts on blockchain to facilitate the transactions. This is achieved by the core of the platform, the Registry, storing land records on the blockchain through the implementation of smart contracts.

More Coin‘ is a utility token based on Ethereum technology and is used at ‘More’ locations such as a nightclub in Las Vegas. Owners of more than 5000 coins are considered members and they are given access to ‘More’ clubs as well as preferential pricing on ‘More’ services.

Now, in December, CZ released a follow up tweet illustrating new use cases that Binance Coin can fund.

As the image shows, ‘Pundi X’ and ‘MoreCoin’ are still featured. However, the list also shows how far use cases for BNB has come, with many more services now listed.

One of these is ETHLend, a decentralised lending application (dApp) running on the Ethereum network. It offers secure, peer-to-peer lending smart contracts. Its aim to is to democratise the process of lending by removing power and control that was previously held by banking and financial institutions. With Binance Coin now adopted into the EthLend, users can use BNB as collateral to receive Ethereum, USD or the platform’s native Lend token in the form of a loan.

Another is Tripio, the first travel marketplace based on blockchain. It looks to leverage the decentralised network offered by blockchain to connect global customers and service providers. Tripio builds a service ecosystem that relies on transparency, tamper-resistant trust and incentives; furthermore its technologies reduce transaction and operation costs in the travel industry. The service allows users to book hotels to be rented and from the inclusion to Zhao’s use case list, we can infer that Binance Coin can now be used to rent hotel rooms.

Another new use case for BNB stems from CenterServ, a web hosting company that allows users to purchase web servers. CenterServ uses their “patented Serv-3000 technology” that allows them to “deliver maximum availability on the network connecting to our various data centers.” CenterServ offer “dedicated, cloud and cluster server rental services, colocation and web hosting.” Once again, from Zhao’s tweet it seems as though Binance Coin can now be used to purchase servers that users can build websites from.

Even within the span of a month, the use cases for Binance Coin has grown significantly. With services such as renting hotels, web servers and taking out loans through the payment of cryptocurrency becoming more prominent it looks as though the real-life application of cryptocurrency and blockchain technology is beginning to be adopted into the mainstream.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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