BNB price movement: how will the Bifinity launch affect the value of BNB?

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Binance has seen a lot of developments recently, all of which can contribute to the growth of the BNB BNB/USD cryptocurrency token.

We will be going over each individual update as a means of indicating how each development can contribute to the growth of the token.

Bifinity launch as a catalyst for growth

On March 7, we covered how BNB followed the broader crypto market trend.

Through an official announcement made on their blog on March 7, 2022, Binance said how they will be launching their own cryptocurrency payments provider known as Bifinity.

This launch has the main goal of boosting the exchange platform’s FIAT-to-crypto payments technology.

It will essentially connect cryptocurrency service providers with the traditional financial system, and the platform will also enable merchants and even businesses to adopt and provide buy-and-sell cryptocurrency services to their customers and API cryptocurrency payments integration.

Additionally, Bifinity and Eqonex also entered into a strategic partnership as a means of providing a $36 million convertible loan.

Here, both companies will expand their line of products, which includes Eqonex’s cryptocurrency custody solution known as Digivault. 

Bifinity will also reserve the right to select members of its team to serve as the Chief Executive Officer, Chief Financial Officer, and Chief Legal Officer of Eqonex, alongside being able to nominate two seats on Eqonex’s Board of Directors.

On the same day, Binance also announced that they fully reopened EUR and GBP Bank Transfer through SEPA and Fast Payments. 

This means that Binance retail users across Europe, with the exception of the Netherlands and Switzerland, will be able to make EUR transfers directly through SEPA.

Should you buy BNB (BNB)?

On March 8, 2022, BNB (BNB) had a value of $385.2.

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To truly see what this value point indicates for the BNB cryptocurrency token, we are going to go over the token’s all-time high value and discuss the performance it also showcased throughout the span of the previous month.

The all-time high value of BNB (BNB) was on May 10, 2021, when BNB reached a value of $686.31. This gives us an indication that at its ATH, the token was $301.11 higher in value or by 78%.

When we go over the performance of the token throughout February, BNB (BNB) had its highest point of value on February 8 at $441.

BNB (BNB) had its lowest point of value on February 24 at $331.12. This marked a decrease in value of $109.88 or 25%. However, from February 24 to March 8, the token increased in value by $54.08 or by 16%.

With all of this in mind, BNB can reach $400 by the end of March 2022, making it a solid token to buy.

The post BNB price movement: how will the Bifinity launch affect the value of BNB? appeared first on Invezz.

from Market Analysis – Invezz

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