Binance lists Wanchain, trading to commence at 5pm AEST
Wanchain comes to Binance. You can deposit now for trading to start on Friday 6:00am UTC.
The token, designed to support cross-chain smart contracts to link a wide range of digital assets, can now be deposited into Binance accounts. However, trading will not begin until 6am UTC, 23 March (5pm Friday in Sydney, Australia time).
Note that Binance does not accept any ERC20 WAN tokens. Any that you deposit must be on Wanchain's own mainnet blockchain.
"We do not accept any WAN tokens that are ERC20 based. Please do not send ERC20 WAN tokens to your WAN deposit address," the announcement reads.
Many traders may have high hopes of the Wanchain "Binance bounce". This refers to the price spike that often occurs when a new asset gets listed on the Binance exchange for the first time. It typically starts with a substantial price spike before resolving downwards shortly after.
The listing may be a significant vote of confidence in Wanchain from Binance. 97% of coins that apply for a Binance listing are rejected, so getting a listing there is an achievement in itself. It's not necessarily a guarantee of success though. As Binance says, "Binance will make best efforts to choose high quality coins, but will not be responsible for your investment losses."
WAN is largely focused on cross-chain functionality, much like the ARK cryptocurrency (also listed on Binance), and might prove to be a competitor in the near future.
"The problem is that today's digital assets are isolated on their respective chains," the Wanchain site reads. "Wanchain connects these assets and enables banking applications to be developed that guide their flows on-chain, removing centralized counterparty risk."
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, BTC, NANO
- Ethereum price continues to slide, correcting by 9% overnight
- Bitcoin price drops 5% overnight as usage weakens
- Expert analysis: Ethererum’s price is consolidating, not stagnating
- Bitcoin price drops as US hikes interest rates – are they connected?
- 4 tips to streamline your Australian cryptocurrency tax in 2021