Binance Crypto Exchange Lists Ethereum-Based SelfKey (KEY)
Leading cryptocurrency exchange, Binance, has listed SelfKey (KEY) – an Ethereum-based ERC20 token (short for “Key to Encrypt Yourself”) that can be used to access the products and services on the SelfKey distributed key management and recovery system, such as the SelfKey identity wallet.
On Tuesday evening at 7:29 PM (GMT-7), the Binance Twitter account (@binance) revealed their decision to list SelfKey – as depicted below.
— Binance (@binance) June 27, 2018
Per their listing announcement, Binance told their users that KEY deposits had already been enabled. The premiere crypto exchange chose to open two trading pairs for SelfKey’s native ERC20 token: KEY/BTC and KEY/ETH. These will open at “2018/06/27 6:00 AM (UTC).”
Not to be confused with the more valuable (by market cap) THEKEY (TKY) – a NEP5 token built atop the NEO blockchain – SelfKey’s KEY represents an ERC20 token that’s built on the Ethereum protocol. Per page 20 of their whitepaper, transferring to an alternative blockchain “remains an option for SelfKey in the future should the Foundation board determine this as the best course of action.”
Binance Unlocks 33% Jump For KEY
With Binance having listed such a low-cap crypto token (i.e., market cap ranked ~430th at time of announcement), it was barely surprising to see that the price of SelfKey’s KEY spiked near-immediately after news of the listing broke on Tuesday.
According to CoinMarketCap, KEY went from a Bitcoin value of 110 satoshis (sats) just prior to the Binance listing news, to hit a peak of 146 sats by 7:59 PM (i.e., 30 minutes after the listing); an increase of 32.7 percent.
To learn more about what the SelfKey network represents, below is an explainer video uploaded by their YouTube channel last October: