Coinbase has made headlines with an announcement confirming plans to list the BNB Smart Chain on its platform as part of its strategic roadmap. This marks a significant shift for Coinbase, as it is the first instance where the platform has indicated support for BNB, the native token of Binance’s ecosystem.
In conjunction with the listing, Coinbase disclosed its effort to expand support for additional networks, aiming to enhance its asset inventory for users. The trading of BNB will commence once the necessary market-making support and technical infrastructure are in place, according to Coinbase.
In a related development, Coinbase recently launched BNB perpetual futures trading on its platform, which began on April 3 with the introduction of BNB options on Coinbase Advanced. This initiative positions Coinbase in direct competition with established exchanges like Binance, which already has its own BNB futures offerings. The introduction of perpetual futures contracts allows traders to hold positions indefinitely, bolstering both potential profits and risks.
Changpeng Zhao, the co-founder of Binance, expressed optimism about the developments, emphasizing that increased accessibility through platforms like Coinbase adds credibility to the BNB network. This move allows Coinbase to broaden its derivatives market, creating new trading opportunities for users, particularly on its international exchange, which serves non-U.S. users and seasoned traders.
Coinbase is not stopping with BNB; the firm plans to list additional digital assets, including Bitcoin Hyper, Maxi Doge, PEPENODE, and Snorter Bot. Research from Barron’s indicates that new listings on Coinbase tend to experience significant price jumps, averaging 91% gains within the first five days of trading.
At present, BNB is trading at approximately $1,168, having experienced a nearly 4.3% decrease in the last 24 hours and an over 11% drop in the past week. However, the asset has seen a positive uptick of 27.1% over the last month.
The announcement from Coinbase comes amid an ongoing controversy regarding Binance’s listing practices. Recently, CJ Hetherington, CEO of Limitless Labs, alleged that Binance profits from its token listing process by charging various fees and requiring security deposits. Hetherington suggested that Binance profits from airdrops on listing day and requested fees that could reach upwards of $250,000.
In response, Binance refuted these claims, calling them false and discriminatory, and stated their intention to explore legal action. The exchange asserted it does not charge listing fees and characterized cash and token security deposits as typically refundable within one to two years. However, other industry figures have claimed that Binance’s costs associated with new token listings could be significantly higher, alleging fees up to 16% of a token’s total supply.
As cryptocurrency exchanges navigate a complex landscape filled with competitive pressures and regulatory challenges, Coinbase’s decision to list BNB appears to be a strategic move aimed at catering to growing interest in diverse digital assets, while enhancing its market standing.
