As the popularity and adoption of cryptocurrencies continue to grow, cryptocurrency exchanges play a critical role in the buying, selling, and trading of digital assets. In addition to facilitating these transactions, many exchanges also back certain cryptocurrencies, offering a range of benefits to users. In this article, we will explore the top 3 cryptocurrencies backed by crypto exchanges, discussing their utility, value, and market capitalization. Want to take your Bitcoin trading to the next level? If yes, try using automated trading platforms and here are the 4 quick steps on how to pay with Bitcoin.
-
Binance Coin (BNB)
Binance Coin (BNB) is a cryptocurrency issued by Binance, one of the largest cryptocurrency exchanges in the world. Binance Coin was initially launched as an ERC-20 token on the Ethereum blockchain, but has since migrated to Binance Chain, a blockchain developed by Binance. Binance Coin has a range of use cases on the Binance exchange, including discounted trading fees, access to premium features, and participation in token sales.
One of the primary use cases of Binance Coin is to receive discounts on trading fees on the Binance exchange. Binance offers a tiered discount structure that is based on the amount of Binance Coin held by the user. For example, users who hold at least 50 Binance Coins receive a 10% discount on trading fees, while users who hold at least 500 Binance Coins receive a 20% discount.
-
Huobi Token (HT)
Huobi Token (HT) is the native cryptocurrency of Huobi, a major cryptocurrency exchange based in Singapore. HT is an ERC-20 token that is used to pay for trading fees on the Huobi exchange, as well as to gain access to premium features such as VIP status and discounts on Huobi’s OTC trading platform.
Huobi Token was launched in early 2018, and has since grown to become one of the most valuable cryptocurrencies in the world. As of April 2021, Huobi Token had a market capitalization of over $5 billion USD.
One of the primary use cases of Huobi Token is to receive discounts on trading fees on the Huobi exchange. Similar to Binance Coin, Huobi offers a tiered discount structure based on the amount of HT held by the user. For example, users who hold at least 1,000 HT receive a 10% discount on trading fees, while users who hold at least 5,000 HT receive a 20% discount.
In addition to discounted trading fees, Huobi Token holders can also participate in Huobi’s token sales and receive airdrops of newly listed tokens. Huobi often airdrops new tokens to HT holders before they are available to the general public, providing an additional incentive for users to hold the token.
Huobi Token can also be used to access VIP status on the Huobi exchange, which provides additional benefits such as exclusive customer support and access to research reports. Huobi Token can also be used to access discounts on Huobi’s OTC trading platform, which allows users to trade large amounts of cryptocurrency outside of the public order book.
-
OKB (OKB)
OKB is the native token of OKEx, one of the largest cryptocurrency exchanges in the world. OKB is an ERC-20 token that can be used to pay for trading fees on the OKEx exchange, as well as to access a range of other features and benefits.
One of the primary use cases of OKB is to receive discounts on trading fees on the OKEx exchange. OKEx offers a tiered discount structure based on the amount of OKB held by the user. For example, users who hold at least 500 OKB receive a 10% discount on trading fees, while users who hold at least 10,000 OKB receive a 30% discount.
In addition to discounted trading fees, OKB can also be used to participate in OKEx’s token sales and receive airdrops of newly listed tokens. OKEx often airdrops new tokens to OKB holders before they are available to the general public, providing an additional incentive for users to hold the token.
OKB can also be used to access exclusive services on the OKEx exchange, such as margin trading and futures trading. OKB holders can also access OKEx’s over-the-counter (OTC) trading platform, which allows users to trade large amounts of cryptocurrency outside of the public order book.
OKB has a total supply of 300 million tokens, with a circulating supply of around 70 million as of April 2021.
Conclusion
In conclusion, crypto-backed tokens have become an increasingly popular way for cryptocurrency exchanges to offer additional benefits and features to their users. Binance Coin, Huobi Token, OKB, and FTT Token are all excellent examples of these tokens, offering a range of benefits such as discounted trading fees, leveraged trading opportunities, and access to exclusive exchange features.