Binance announces Ravencoin (RVN) listing with zero fees
"No ICO, community project, humble people, no listing fee."
Binance has long attracted a perhaps undue amount of attention for its practice of charging listing fees, even though it's a typical facet of the cryptocurrency world.
Recently it took a fresh take on the practice though, by announcing that it would be donating all listing fees to its own charity, would let projects offer their own chosen listing fee amount as a donation of sorts, and that Binance would be making public the listing fees charged to each coin.
Now Ravencoin (RVN) has become the first coin to go through the new process, successfully getting in without any fee at all.
Based on previous statements from Binance CEO Changpeng "CZ" Zhao, this suggests he sees a lot of potential growth in Ravencoin.
For a project to get by with zero listing fees, he says, it probably needs a stable product, many users and a high chance of growing in the future. It needs a solid vision, a nice userbase and good potential for adoption.
Or maybe it just needs a nice, humble community of users and developers.
The market impact was immediate, with Ravencoin volumes quickly multiplying, and prices jumping by over 25% from about $0.14 to $0.20. Part of this might be current hype, part might be future hype and part might be people stocking up now in expectation of another even larger price bounce later when it's actually listed on Binance.
Ravencoin has a curious history for such an obscure coin, finding itself in the spotlight on several occasions before now.
Its first push into the mainstream came when Overstock CEO Patrick Byrne said he'd put a few million dollars behind it. And at the time it had already found a niche role as one of the most lucrative options for smaller mining setups.
The project itself fills a niche too, as a proof of work tokenisation platform. It intends to maintain bitcoin's fundamentals while hopefully packaging them into a more sustainable and energy efficient form, and focus strongly on asset tokenisation on its own blockchain.
Now it has at least one more strong vote of confidence. Not only will it be getting a Binance listing, but it's getting it without the fees. It's the first coin to have its listing fee publicly announced, so time will tell how common that turns out to be, but it can only be good news for Ravencoin.
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA