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Binance Coin (BNB) Is Up 40% In September. Here’s Why

Analyst Team trader
Updated 14 Sep 2020

practice Stock Trading

Binance Coin (BNB) price is up nearly 40% in September to trade above $32 for the first time this year. Fundamentally, Binance crypto exchange is working to roll out new DeFi platforms to capitalize on the hottest crypto trend this year.

Binance granted access to its decentralized Binance Smart Chain (BSC) access to centralized exchange (CeFi). Moreover, one of the world’s biggest crypto exchanges is aiming to invest $100 million in new DeFi projects that will be developed on BSC.

Earlier this month, Binance announced a new project called Launchpool. It enables its users to make a profit by staking tokens for yield farming. As the DeFi race hots up, Binance also rolled out a new DeFi-focused platform similar to Uniswap.

The founder and CEO of Binance, Changpeng Zhao, hinted recently that Binance aims to add support for the DeFi tokens.

A few days ago, Binance exchange tweeted:” What #DeFi projects would you want to see on #Binance Smart Chain?”.

Binance Coin (BNB) price is up nearly 40% this month September 2020

Binance Coin price has surged nearly 40% this month to log $32.38, the highest level it recorded in 2020.

The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.