Binance is an international multi- lingual cryptocurrency exchange. The company was initially founded in China, but in September 2017 it moved its servers and headquarters out of China to Japan in advance of the ban on cryptocurrency trading by Chinese government.
One of the world’s largest cryptocurrency exchanges have expanded its basket on cryptos it offers and it will now allow users to trade Augur (REP). As per the companies announcement, this new offering will allow REP to be traded in multiple pairs including REP/BNB, REP/BTC and REP/ETH.
Augur uploaded its first contract to the ethereum network in April 2015 and released its first beta version in March 2016. All the reputation tokens those were on sale during the crowdfunding campaign that took place in 2015, were distributed to their owners on the live ethereum network in October 2016. Hence these token were supported by the two largest cryptocurrency exchanges, Poloniex and Kraken on their trading platforms.
Augur coin works as a tool for prediction market and in addition to that it also assists with forecasting. Talking specifically, Augur is a reflection of open global platform that allows anyone anywhere to create, monitor or trade in prediction market on any topic.
Augur constitutes the 36th largest traded crypto currency with a market capital of $658 millions. The retreat from high back in December 2017 was followed by the growth in value of the coin in 2018. And as soon as the Binance announced its support for Augur the token price increased sharply at the current price of about 60 USD. The price basically shoots up by 24.2 percent at the time of writing and that is now trading at $59.04 Friday. This announcement will enable Binance users to trade Augur against Binance coinas well as with leading cryptos Bitcoin and Ethereum.
It will also give users the right to perform certain roles on its platform such as disputing outcomes that will result in outcomes coming back to the market in the form of dispute bond of validation. This incentive of validation that is given to the members actually gives them the capability to create and participate in prediction market to ensure the validity of the market. The market does not have any limitations on the kind of prediction that can be created and also its fees is very much low than the ones which is charged for using traditional centralised prediction markets.
The fees that will be charged from Binance users who trade Augur will include a transaction fee of 0.1 REP with a minimum withdrawal of 0.2 REP.
The support for Augur on binances’s platform is the second mark update at Binance in many months, following the ‘dusting’ feature of April’s launch.