Following Binance US’s announcement, shares of Coinbase and Robinhood have dropped respectively.
Binance US – the US-based division of the world’s largest crypto exchange – announced a new pricing model that offers zero fees for four bitcoin trading pairs, including BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD. The crypto giant becomes the first American exchange that makes such a service available to its users.revolutionizeFollowing the news, the shares of Coinbase and Robinhood dropped nearly 10% and 1%. Their stock prices have been down, respectively, over 85% and 90% from ATHs.
As Binance US’s prominent competitors, both exchanges have announced headcount cuts recently, with CoinbaseBinance US’s announcement comes at a time when the trading volume on exchanges has slid immensely amid a broader market slowdown. The company reportedly said “no better time to introduce zero fees than now” as the industry struggles to find its way out of the overall bearishness.
Cutting fees for trading Bitcoin against USD-pegged stablecoins means deducting a part of the company’s major revenue stream. The US-based giant outlined the new measure as a test for such a zero-fee model, commenting that, if received positively by users, the company would roll out similar policies for other assets and pairs in the future. The lost revenue – relatively slim – would not greatly impact the company as it has over 100 other listed tokens that require trading fees, Binance US added.a valuation of $4.5 billion.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase and Robinhood shares drop as Binance.US cuts bitcoin trading feesShares in Coinbase and Robinhood are down after today's Binance.US announcement brings fresh competition. AdamMorganMc Coinbase is offering free trades... this is all about the banks taking over crypto AdamMorganMc SBF_FTX looks like cz_binance sees your attacks and decided to finish you off...the timing is flawless. Sam is holding too much risk and relies on those fees AdamMorganMc They both dropped because the market was down outside of US trading hours... Nothing to do with Binance cutting fees. At best this just contributed slightly to the drop.
Source: TheBlock__ - 🏆 464. / 53 Read more »
Binance US drops bitcoin trading fees to zero for select pairsBinance.US, the American affiliate of global crypto exchange Binance, has cut bitcoin trading fees to zero for select pairs. Yogita_Khatri5 Bear market essentials ✍️
Source: TheBlock__ - 🏆 464. / 53 Read more »
What the data tells us about gun violence in the USAccording to data compiled by William Paterson University, in the 20 years from 1998 to 2019, there were 101 mass shootings, defined by four or more people killed and injured, in the United States. What's your solution
Source: 10News - 🏆 732. / 50 Read more »
US Dollar Price Action: Is The US Dollar Peaking?After a subdued start to the week following yesterday’s US holiday, the USD is softer across the board this morning, dipping below the 104 as the Euro bounces back from the 1.05 handle, while GBP breaches 1.23. Get your market update from JMcQueenFX here:
Source: DailyFX - 🏆 305. / 63 Read more »
U.S. Supreme Court rejects Bayer bid to nix Roundup weedkiller suitsThe U.S. Supreme Court on Tuesday rejected Bayer AG's bid to dismiss legal claims by customers who contend its Roundup weedkiller causes cancer as the German company seeks to avoid potentially billions of dollars in damages.
Source: ReutersScience - 🏆 559. / 51 Read more »
Leftist's election to test Colombia's alliance with USBOGOTA, Colombia (AP) — It’s one of the United States’ few enduring alliances in an often-turbulent Latin America, one built around a decades-long partnership combating the nation’s drug cartels. But Gustavo Petro’s election as Colombia’s first leftist president is likely to test the U.S.’ special relationship with a major non-NATO ally like never before. “Millions” as you said just equals 25% of electoral votes ... a bulwark of regional stability? Translation: Under Washington's corporate right oily boot.
Source: AP - 🏆 728. / 51 Read more »