Binance.US’ Crypto Box now lets you gift popular meme-coins like SHIB, FLOKI, and DOGE to your loved ones at zero cost. Meanwhile, Binance is making efforts to increase BTC and ETH liquidity.
Binance adds SHIB, DOGE and FLOKI gift options
Binance.US, one of the leading US cryptocurrency exchanges, announced that it has launched a new feature that allows users to gift a wide variety of cryptocurrencies, including Shiba Inu (SHIB), Dogecoin (DOGE), and Floki Inu (FLOKI). The innovative feature known as Crypto Box gives users a chance to surprise their surroundings by gifting crypto. Also, it does not charge any transaction fees.
The introduction of the Crypto Box feature is important for several reasons. First, there is a growing interest in digital assets among the broad public. It also highlights the potential of cryptocurrencies to be used as a gift vehicle. Second, it provides an easy way for users to introduce their family and friends to the cryptocurrency world without the hassle of opening an account with an exchange.
Users have the option to choose the cryptocurrency they want to gift and the amount they want to send. They can then enter the recipient’s email address along with a personalized message. After receiving the gift, the recipient redeems the gift by opening an account on Binance.US and claiming their digital assets.
Move for SHIB and meme-coins from Binance.US
The Crypto Box feature is Binance.US’ latest move to meet the growing interest in meme coins. The exchange recently added a dollar-to-cost average (DCA) feature for SHIB. Thus, it allowed investors to purchase digital assets according to a predetermined schedule of their choice.
LunarCrush, a leading trading platform, has also added support for SHIB, allowing users to easily trade the digital asset for over 1,400 other cryptocurrencies on the platform. At the same time, Nuxgame, a leading iGaming software provider, has partnered with CoinPayments to accept payments in Shiba Inu despite the bearish market.
Binance scrambles to increase BTC and ETH liquidity
cryptocoin.com As you can follow, low liquidity negatively affected Bitcoin and Ethereum prices. Therefore, Binance is making efforts to increase liquidity. Accordingly, Binance has announced that it will launch additional BTC/USDT and ETH/USDT daily options from May 15. It aims to bring some liquidity, especially by increasing Bitcoin and Ethereum trading against USDT pairs.
These daily options will be European style options contracts. There will be daily options T+3 BTC/USDT and ETH/USDT that will be listed daily. However, Binance will not list T+3 BTC/USDT and ETH/USDT daily options if BTC/USDT and / weekly, monthly or quarterly option contracts coincide with the expiry date. BTC/USDT and ETH/USDT daily options will have a three-day trading time. This effort will increase liquidity in the market due to the increase in trade.
On Thursday, Binance announced two other efforts to increase liquidity. Users who add liquidity to WBTC/BTC and WBTC/ETH liquidity pools will also receive WBTC Combo Rewards in addition to BNB Rewards and Pool Rewards. This event will only be available from 11 May to 10 June. Also, Binance will update the tick size for some spot trading pairs from May 18. This will further increase market liquidity and improve the trading experience.
Binance loses market share
The exit of leading market makers like Jump Crypto and Jane Street and regulatory pressures in the US have caused liquidity problems for exchanges like Binance and Coinbase. Indeed, Bloomberg reported that Binance’s share of spot trading volume fell to 51% in May from 73% in March. The market shares of Huobi, OKX and South Korean exchanges increased. US regulatory pressure has led users to worry about the safety of their funds. That’s why it caused users to turn to other centralized exchanges. In fact, Coinbase and Binance are witnessing less liquidity compared to previous quarters.
