What’s In A Name? Two Days Since Rebranding, Nano Obtains Three New Listings; Binance, OKEx Included
Binance, often the world’s leading exchange in terms of 24-hour trading volume, took to listing the top 20 cryptocurrency, Nano (NANO) on Friday afternoon (13:43 GMT). Three cryptocoins will be tradable with the burgeoning altcoin: Bitcoin (BTC), Ethereum (ETH), and Binance’s native token, BNB.
In demonstrating the enormous impact that Binance listings have on the price of an altcoin, simply look to their most recent listings: Steem (STEEM), ChatCoin (CHAT), IOStoken (IOST), and PIVX (PIVX).
Listing on the popular exchange is no easy feat. Co-founder Ted Lin went on the record at San Francisco’s recent Blockchain Connect conference, revealing that Binance rejects 97% of altcoin applicants:
We actually pass less than three percent of all applicants in our reviews, [so don’t] worry if your project is not approved for listing on Binance as that is actually the norm…and that is good news for investors.”
You may be wondering how Nano could have possibly ascended to its current rank of #17 (via market cap) without having ever capturing your attention; the reason is due to a rebrand that is only days old. Indeed, Nano is the rebranded name of the former RaiBlocks (XRB).
With one of the least marketable names among altcoins, the team raised the idea last November, having been bombarded by repeated communal pleas that suggested the need for RaiBlocks to “better resonate with the public and mainstream audience.”
In justifying the switch, the team explained how their new ’N’ logo is representative of several nodes operating on Nano’s distinctive block-lattice architecture. The simple, familiar name of ’nano’ appears a sound option, for it aptly reflects a core tenet of the protocol: to serve as a micro transaction platform that promises feeless, near-instant transactions.
Rebrand Image From Shutterstock