Binance – the world’s largest digital currency exchange by daily trading volume – says it’s looking to give crypto fans a break by expanding its fee-free services and transaction capabilities to include Ethereum.
Binance Says It’s Eliminated Fees for Some ETH-Based Transactions
The goal is to enable all Ethereum-based transactions to be free of additional charges. The move correlates with the big “Merge” that everyone’s been talking about for the past several months. With Ethereum moving from a proof of work (PoW) module to proof of stake (PoS), the world’s second largest digital currency by market cap and the primary competitor to bitcoin is slated to become far more energy efficient. It will also reportedly become cheaper and enjoy faster speeds.
Binance has said that as a means of supporting the Merge, all traders utilizing the company’s stable currency BUSD to trade Ethereum will be subjected to zero fees. The company says the Merge will likely be one of the most important aspects of the crypto industry and will go down in the history books as a significant milestone that brought the world of digital assets closer to what Satoshi Nakamoto (the creator of bitcoin) and others initially envisioned.
Sipho Arntzen – a research analyst at Julius Baer – said in a recent interview that he thinks this may be the new norm for a wide array of big, centralized digital currency exchanges across the globe. He stated:
This breaking of rank by Binance may represent the beginning of a trend of fee-free trading amongst the large, centralized exchanges. We may have, in the future, a situation where fee-free trading is the norm rather than the exception, similar to what we have seen in the world of traditional finance.
While there are many people riding the hype train regarding the Merge and other elements of the digital asset space, one cannot help but notice that things aren’t in tip-top form. The digital currency market is now worth just under one trillion dollars. This is a huge disappointment considering that earlier in the year, that number was hovering at around $3 trillion, and we’re currently witnessing one of the biggest bear markets in the history of the digital asset space.
In addition, many leading cryptocurrencies – like bitcoin, for example – have lost as much as 70 percent of their value over the past ten months. Back in November of last year, BTC was trading at a new all-time high of about $68,000 per unit. At the time of writing, the currency is struggling hard just to stay afloat in the low $20K range.
Will the Merge Help?
FX Pro senior analyst Alex Kuptsikevich mentioned:
Bitcoin remains firmly anchored to the psychologically significant $20,000 round level, changing by only fractions of a percent for almost a week. Ethereum continues to draw green candles, but this is more than nominal growth.