Binance Info has stepped up its efforts to become an alternative pricing service, releasing the beta phase for its mobile app.
The Hong Kong Stock Exchange has opened applications to participate in the beta phase for Binance Info mobile app, through its Telegram channel. Announced Wednesday afternoon, the invitation and link were removed at the time of writing but can be found here.
Binance Info is a price monitoring service that provides basic information on over 1,200 blockchain projects. As with CoinMarketCap, this includes the individual price of a currency, market capitalization, changes in the 24-hour period and the total circulating offer. CoinMarketCap has released its mobile application at the beginning of May.
Presented for the first time in February, Binance Info also offers users different pricing options and price data from the market as a whole or only from their Binance servers. The profile of each currency also includes a news aggregator with relevant news articles published recently.
Binance Info is the main competitor of CoinMarketCap
Cryptocurrency is a speculative asset for many users. As long as the asset class reaches critical mass, the only metric to assess the profitability of a project is the price.
You rely on sites that offer a complete overview of price fluctuations in real time. Founded in 2013, CoinMarketCap is one of the most visited websites on the Internet; globally ranked as the 512th most popular website, according to June web traffic data.
Binance is the largest exchange of cryptocurrencies in the world; Founded in July last year, it now has a daily trading volume of over a billion dollars. The company recorded profits of $ 200 million in the first quarter of 2018 from revenue from transaction costs and price lists on its servers.
The CEO, Changpeng Zhao, began to expand Binance in the European and American markets at the start of the year opening offices in Malta, Jersey and Bermuda. Binance also has an incubation program and announced at the beginning of June that it was also setting up a $ 1bn venture capital fund.
CoinMarketCap is an institution for the cryptocurrency community. It is the benchmark for price monitoring and is used by most news sources, including the big culprits like Bloomberg.
However, it is notoriously mysterious. The company's CEO, Brandon Chez, has never appeared in an interview and only sends statements on request. A thorn in the side for a sector that claims greater transparency in the world.
A beta launch for the Info Binance mobile app may not seem so revolutionary (or interesting), but it is. It highlights that the exchange is rapidly developing the same characteristics that will match it with its main competitor and market leader, CoinMarketCap.
Considering Binance's reputation to dominate markets quickly and decisively, CoinMarketCap should be worried. When the change comes, it quickly reaches Binance's competitors.
Disclaimer: The author is not invested in any cryptocurrency mentioned in this article, but holds investments in other assets.