Binance on Thursday announced that it would list Dogecoin on its US-based subsidiary.
Though Binance US is focusing on crypto-fiat listings, it will list the new token only against USDt. The exchange is already accepting deposits in DOGE coin and will initiate the trading services today at 9 pm (EST).
“Launched in September, Binance is trying to compete with Coinbase in the US market,” Binance added.
Offering more and more options to US-based traders
Launched in September, Binance is trying to compete with Coinbase in the US market. The exchange is offering to trade against three base currencies – USD, BTC, and USDt – but most of the coins are paired against the fiat.
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It is also on a listing spree and is adding new tokens almost every day. Most recently, the exchange-listed added trading pairs of BUSD, IOTA, Algorand, and Zach against USD.
However, compared to other digital currencies, the listing of DOGE is odd primarily due to the purpose of the coin. First launched in 2014, Dogecoin was brought to the market to pay homage to popular internet memes, by making the Shiba Inus dog breed its mascot. The coin has no real-world usage, unlike other digital currency projects.
However, during the crypto boom, the value of DOGE skyrocketed, showing the speculative nature of the crypto market. Currently, each unit of the digital coin is trading at a value of $0.0025, with a total market cap of over $306 million, according to Coinmarketcap.com.
“We will continue evaluating coins, tokens and trading pairs to offer on Binance.US in accordance with our Digital Asset Risk Assessment Framework, community feedback, and market demand,” the announcement detailed.
Meanwhile, Binance also decided to bring crypto-fiat trading on its primary trading platform. The exchange will list pairs against the Russian ruble, before expanding its offerings with other fiat currencies.