Coinbase announced on Wednesday that it plans to list the BNB Smart Chain on its platform as part of its roadmap. The firm also revealed that it is working to add support for additional networks and ecosystems, aiming to provide its users with the best inventory of assets.
It’s the first time Coinbase has signaled support for the native token of Binance’s ecosystem flagship asset, BNB. The firm added the digital asset and assured users that trading will commence once market-making support and sufficient technical infrastructure are established.
Coinbase launches BNB perpetual futures on its platform
Coinbase’s interest in BNB started on April 3, when Coinbase Advanced began supporting BNB perpetual futures. The firm argued that introducing BNB perpetual futures trading on its international platforms presents new opportunities for traders.
The initiative enabled Coinbase users to access perpetual futures contracts, a type of derivative that doesn’t have an expiration date, allowing traders to hold positions indefinitely. The listing of BNB perpetual futures on the platform enables traders to take larger positions with borrowed funds, thereby amplifying their gains and losses.
Binance co-founder, Changpeng Zhao, said the introduction of BNB perpetual futures on Coinbase enhances the network’s accessibility and credibility. The initiative allowed Coinbase to expand its derivatives market and position itself as a competitor to leading exchanges like Binance, which already offer BNB futures.
The initiative was launched on Coinbase International Exchange for non-U.S. users and on Coinbase Advanced for experienced traders. CZ responded to the news, stating that BNB’s growth occurs naturally, although increased trading activity on major exchanges may lead to higher liquidity.
The crypto exchange is also planning to list other digital assets, including Bitcoin Hyper, Maxi Doge, PEPENODE, and Snorter Bot. Barron’s research revealed that new listings on Coinbase average 91% gains in the first five days.
At the time of publication, BNB is exchanging hands at around $1,168, down nearly 4.3% in the last 24 hours. The digital asset has also dropped by more than 11% in the last 7 days, but is up 27.1% in the last four weeks.
CEXs charge nearly 16% for new crypto listings
The new BNB listing on Coinbase comes as Binance refuted claims on Tuesday that it profits from its token listing process. The exchange’s remark was in response to CJ Hetherington, CEO of Limitless Labs, who made the claim.
Hetherington alleged on Tuesday that Binance receives a 1% airdrop on the day of listings and a further 3% airdrop six months after listings. He also revealed that the exchange requires a 1% marketing fee at its discretion and a $250,000 security deposit before any listing.
Hetherington also said Binance requested 3%, which is reserved for the BNB HODLer programme. According to the announcement, the exchange also requires a $2 million BNB security deposit for spot listings. He made the remarks despite Limitless receiving backing from Coinbase Ventures as well as the Base Ecosystem Fund.
As Cryptopolitan previously reported, Binance responded to the founder’s claims, stating that they’re false and discriminatory and that the exchange reserves the right to pursue legal action. The exchange also stated that it was surprised by CJ’s unauthorized disclosure of confidential communications with Binance. The firm acknowledged that CJ’s publications damaged the integrity of what the industry and community understand, arguing that he clearly understood and knew to be sensitive and confidential information.
Binance assured its users that it doesn’t charge any listing fees. The firm also revealed that any cash and token security deposits are typically refundable within a 1-2 year period.
However, the co-founder of BitMEX, Arthur Hayes, previously stated that Binance charges a listing fee of up to 8% of the total token supply. He also revealed that the centralized exchange requires projects to purchase and stake BNB, which is equivalent to around $5 million.
Hayes added that Binance requires projects to distribute 8% of their token supply to Binance users through airdrops and other activities. He also said listings on Binance cost around 16% of a token’s supply and $5 million in BNB purchases.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.
