CZ’s Kumbaya Moment with Ethereum Proves Crypto Has Turned a Corner

By CCN: These are heady times for Binance Coin (BNB), the in-house cryptocurrency launched by the world’s largest crypto exchange, Binance. BNB hit a new all-time high a few days ago and the exchange successfully launched Binance chain, which features BNB and marks the coin’s independence from Ethereum. The cryptosphere has been filled with noises about BNB possibly being the new “Ethereum killer.” Weiss Ratings took the conversation a step further, suggesting that BNB might even be the new bitcoin.

BNB is currently the No. 7 cryptocurrency with a market share of $3.42 billion, up from $800 million at the start of the year. Data from CoinMarketCap shows that BNB has also recorded price growth of almost 300% year-to-date, rocketing up from $6.19 in early 2019 to about $24.18 currently. Binance CEO Changpeng “CZ” Zhao is doing something right.

BNB has been a rock star in 2019. | Source: Yahoo Finance

Some people believe that BNB’s impressive numbers signal the end of the road for Ethereum. According to this school of thought, Ethereum, which has found much of its success as a host blockchain for ERC-20 tokens, has been proved to be irrelevant by Binance Chain. As a result, some now believe that Ethereum is facing a long-term decline heralded by the rise of BNB.

Not a Zero-Sum Game

CZ, however, is having none of it. Speaking on Twitter, the Binance chief remarked that he does not see ETH and BNB as rivals but as collaborators in the race to encourage adoption and mainstreaming. Responding to a user who suggested that BNB’s switch to Binance Chain would adversely affect Ethereum, Zhao said:

Read the full story on CCN.com.