Will the Partnership Between Coinomi & Binance Help Them Maintain Dominance?
As we've previously reported, Binance Global is closing its doors to U.S. traders today. U.S. based Binance fans can leave their funds on the exchange, but cannot deposit, or trade. To make matters somewhat worse, the U.S. dedicated version of Binance, Binance.US is still weeks away from launch.
U.S. based Binance fans will apparently need to transfer their funds from Binance Global, to Binance.US when it launches.
To avoid losing his U.S. based fan base, CZ has been heavily promoting Binance's DEX, which is available on Binance's Trust Wallet. Unfortunately for Binance, Trust Wallet was launched in early 2018 and hasn't had a chance to build up a sufficient client base. While it seems to be a great multi-currency wallet with great features, it only has 100,000 installs on Android as per Google Play.
Coinomi Binance Partnership
A partnership with a more established wallet was just what CZ needed for Binance DEX to succeed. Luckily one was revealed on Twitter moments ago.
Founded in 2013, Coinomi was the world's 1st multi-currency wallet app. It has over 1,000,000 installs on Android according to Goggle Play. This is ten times the number of installs in comparison to Binance's Trust wallet. Coinomi supports over 100 different coins and tokens, now also including Binance's BNB and Bep2 tokens. In addition to that every user using Coinomi will have access to Binance's DEX. This will allow Coinomi users to trade BNB between Bep2 tokens easily without having to leave the app.
Seeing Coinomi's large install base, their partnership with Binance could be very mutually beneficial. This could hypothetically help BNB maintain its price and possibly increase the popularity of some Bep2 tokens.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado