Binance Gulf, a joint venture between Binance and Gulf Energy, announced an expansion of its Thailand-based crypto exchange, Binance TH. The move aims to increase user options by listing new cryptocurrencies and supporting existing tokens on additional networks.
Through an official announcement on June 8, Binance TH revealed plans to introduce trading pairs for ten trending cryptocurrencies starting June 11th, 2024.
This lineup includes established names like Terra Classic (LUNC), Terra (LUNA), and Shiba Inu (SHIB), alongside promising newcomers such as Celestia (TIA), Wormhole (W), and Bittensor (TAO). The addition of these tokens caters to the growing domestic demand for a wider range of crypto assets.
The new listings are LUNC/USDT, LUNA/USDT, USTC/USDT, TIA/USDT, AR/USDT, TAO/USDT, W/USDT, TRB/USDT, JTO/USDT, and TNSR/USDT.
Certainly, this expansion favors the Terra ecosystem, as three of its tokens are listed here. Binance has consistently supported the Terra Classic ecosystem revival, performing massive token burns and other initiatives. This positive news might bring some gains to the Terra ecosystem tokens, bringing them closer to their goal.
Expanding Network Support for Existing Tokens
Beyond new listings, Binance TH supports existing tokens by integrating them with additional blockchain networks. This will allow users to trade these tokens on alternative platforms with potentially faster transaction speeds and lower fees.
Here’s a breakdown of the announced network additions:
- Ethereum (ETH) will be listed on Base, Arbitrum, and Optimism networks.
- Tether (USDT) will be listed on Arbitrum, Optimism, and Avalanche C-Chain networks.
- Waves (WAVES) and Shiba Inu (SHIB) will be listed on Binance Smart Chain (BSC).
This network expansion provides users greater flexibility and potentially improves their trading experience by offering a broader selection of blockchain environments. The changes will take effect on June 11, 2 PM Thailand time (7 AM UTC).
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Potential Strategic Timing from Binance?
The announcement of these developments by Binance TH comes just a day before the anticipated settlement between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs. The timing could signal Binance’s confidence in the future of the crypto market, the listed tokens, and the Terra ecosystem.
While the broader crypto market has experienced a 24-hour drop of 0.66% due to a selloff, many in the community remain optimistic about a rebound. This news from Binance and the expected settlement on June 12 might help the market bounce back.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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