Five Recent BNB Use Cases: Stake, Spend, Trade, and More!
In this article, we compile some of the latest and most interesting use cases we’re seeing for BNB.
The network of companies and projects that accept and use BNB is constantly expanding. Here are five such examples of how you can use Binance’s native crypto for a variety of purposes.
1. Stake BNB on Kava’s newly-launched DeFi lending platform.
Kava, one of the blockchain projects that launched on Binance Launchpad, is launching its cross-chain DeFi (decentralized finance) lending platform. To celebrate this launch, Kava is running a promo for BNB holders who are interested in checking out the DeFi platform, specifically those who will stake BNB on the platform for minting USDX, Kava’s USD-denominated stablecoin.
“A total of 3,848,000 KAVA from Kava’s User Growth Fund will be given directly to BNB holders that stake BNB on Kava’s platform and use it to mint USDX. For 52 weeks, USDX minters will earn 74,000 KAVA every week, distributed based on the total amount of USDX they have minted from their BNB holdings,” according to Kava.
Here are the dates to remember for this activity:
June 10: Launch of Kava’s DeFi lending platform, start of BNB deposits.
June 17: First on-chain calculations for earning rewards for USDX minters.
June 24 (and every Wednesday after that): Payment of 74,000 KAVA to participants, until a total of 3,848,000 KAVA has been distributed.
2. Pay with BNB on CoinPayments-serviced merchants
We see a future where BNB can be used to pay for anything, everywhere. And we’re getting closer to that vision, with CoinPayments’s recent launch of support for BNB and BNB Chain on its crypto payment solutions that reach more than 2 million users across over 180 countries.
This move has significantly expanded the reach of BNB as a mode of payment for goods and services across a range of eCommerce sites and online merchants. CoinPayments has processed $5 billion USD in total crypto transactions, with average monthly volumes of $100 million USD.
3. Trade BNB (and BUSD) on Poloniex
The common stereotype with exchange tokens is that they can only be traded on the exchanges that created them. But BNB’s gradual increase in utility, combined with the large network of blockchain projects that run on BNB Chain, has opened up doors for BNB’s usage as a cryptocurrency for trading on 32 crypto exchanges outside Binance.
Add Poloniex to that list as exchange No. 33. The long-running crypto exchange recently listed BNB and BUSD, the US dollar-pegged stablecoin of Binance. You can use the following trade pairs on that exchange: BNB/USDT, BNB/TRX, BUSD/USDT, BNB/BUSD, BTC/BUSD, and BTC/BNB.
4. Get BNB from CoinHere ATMs in Hong Kong and Taiwan
Another measure of how usable a cryptocurrency can be is through how many touchpoints you are able to buy it. And beyond the typical crypto platforms, you can increasingly access BNB everywhere, even through ATMs.
CoinHere, a major Bitcoin and cryptocurrency ATM operator in Asia, recently opened an option for people to buy BNB in 30 ATMs in Hong Kong and three ATMs in Taiwan, using the local currencies in those areas. CoinHere has operated as much as 50 crypto ATMs, with plans to grow its ATM network in terms of both machine count and coverage.
5. Travel the world (someday) with BNB through Travala.com + TravelbyBit
Yes, we know that the current COVID-19 pandemic has hampered our ability to travel wherever we want. But while we’re on quarantine, two of the biggest innovators in blockchain-powered travel booking have joined forces. Travala.com’s merger with Binance-backed TravelbyBit will create one of the largest online travel agencies in the world, with over 2 million hotels and 600 airlines around the globe.
What does this mean for BNB holders worldwide? Both Travala.com and TravelbyBit accept BNB as a payment method for your hotel and plane ticket bookings. When the pandemic subsides (and we’re optimistic that it will), you will get to choose from an even wider selection of deals, all of which you can pay for with BNB. Speaking of ending the pandemic...
BONUS: Help us fight COVID-19 through Binance Charity. Looking forward to the day you can use BNB anywhere in the world? Help us fight the problem that keeps us all from doing that. Donate your BNB to Binance Charity’s Crypto Against COVID campaign, and let’s help health workers worldwide in beating the pandemic.