TL;DR
The world’s biggest cryptocurrency exchange by trading volume – Binance – announced it will expand its services by adding SOL/USDC, XRP/USDC, ADA/USDC, MATIC/USDC, and six other trading pairs to its platform. The amendments are scheduled to come into force tomorrow (December 28).
Further support from a crypto behemoth like Binance might positively affect the prices of involved digital assets. It could increase liquidity and make the tokens more readily available for trading.
Some of the tokens included in Binance’s latest effort have indeed headed north shortly after the announcement. Ripple (XRP) has climbed by almost 2% in the past 24 hours, surpassing the $0.63 mark, whereas Cardano (ADA) has exceeded $0.60.
The uptrend with Polygon (MATIC) is the most evident, with the coin’s valuation jumping by approximately 20% and exceeding $1.05 for the first time since April this year.
It’s worth noting, however, that while these are new listings, all the assets mentioned above were already available for trading on Binance in various trading pairs.
Contrary to the benefits of listing on major cryptocurrency exchanges like Binance, the opposite effort could significantly impact the prices of the involved digital assets, typically in a negative way. Loss of credibility, decreased liquidity, and reputational damage are some of the potential setbacks that the included tokens might experience following the action.
The removal of several trading pairs, such as BTS/USDT, PERL/USDT, TORN/BUSD, WTC/BTC, and WTC/USDT, earlier this month from Binance’s platform could serve as an example of the aforementioned thesis.
Despite its recent surge, TORN’s valuation is down over 50% since the disclosure, whereas PERL has collapsed by over 75%.
