The most popular cryptocurrency exchange, Binance has announced its decision to list Siacoin (SC) on its exchange via a post on Twitter. Although several rumors had already been spread about the news before now, the Twitter community welcomed the news. According to Binance’s official website, the trading will start today at 11:00 AM UTC. This announcement by Binance as had a rapid consequence on the price of Siacoin (SC) as it increased by about 10% just after the announcement. Before this development, only Poloniex, HitBTC, and UpBit had listed Siacoin (SC) among their trading pairs. Binance tweeted:
Binance will open trading for SC/BNB, SC/BTC and SC/ETH trading pairs at 2018/06/14 11:00 AM (UTC). Users can now start depositing SC in preparation for trading.”
Considering Siacoin’s conduct over time, it appears that the move to list the coin is astoundingly bullish for the cryptocurrency. Beforehand, Cryptopia, an exchange famous for having a considerable amount of altcoins with little volume for exchanging reported that it would stop its support for Siacoin (SC) due to the small exchanging volume it had. The reality of being delisted by a low volume trade just to be later recorded by a higher volume trade speaks to a noteworthy for Siacoin (SC).
Sia is a blockchain that plans to democratize distributed storage. As indicated by the presentation connected in the Binance declaration to List Siacoin, its proposition is by all accounts very progressive.
“Sia is reinventing cloud storage. Our technology connects users who need file storage with hosts worldwide offering underutilized hard drive capacity. Blockchain technology secures their data and enables improved economics for users and hosts.
The Sia blockchain allows this marketplace to run without an intermediary. Sia secures storage transactions with smart contracts, creating a more reliable and affordable offering when compared to traditional cloud providers. No one person or organization can censor or deny access to data-not miners, not developers, nor any government. We believe Sia’s distributed, decentralized storage technology is stronger, more secure, more efficient, and more equitable for the entire ecosystem.”
A Welcomed Development by Binance and Siacoiners
Even though trading the currency by means of Binance isn’t yet open, Siacoin users and clients would now be able to begin saving Siacoin (SC) through Binance now. Once the trading starts, it is likely that the volume in Binance will outnumber whatever remains of the trades and will turn into the essential method to acquire Siacoins. It is still too soon to know the response in the worldwide market in any case, but the 10% rise in Siacoin’s price shows that the listing would affect the price of Siacoin in the near future.