Tezos (XTZ) bagholders once again have reason to cheer.
Earlier today, the world’s largest cryptocurrency exchange by volume, Binance, announced that it will open up XTZ trading for its customers beginning tomorrow, September 24.
The exchange will support three trading pairs: XTZ-BTC, XTZ-USDT, and XTZ-BNB. (Bitcoin, Tether, and the company’s native BNB are Binance’s three most important trading pairs.)
And it seems that the news is already bringing Tezos good fortune: the token’s price jumped more than 5 percent in the last 24 hours, according to data from Trading View, which would make it the best performing cryptocurrency of the day among the top-50 coins listed on CoinMarketCap.
XTZ started the day at $1.04 and within a few hours spiked to $1.16 per token—an 11 percent spike. The token since corrected to roughly $1.09 per XTZ, which is still noteworthy considering the market was mostly in the red today, with Bitcoin falling below the $10,000 per coin mark.
Tezos’s last big boost came in early August, when U.S.-based crypto exchange Coinbase announced support for the token. The move appeared to be part of an aggressive market diversification plan that has led the firm to add a growing number of altcoins—some of which largely unknown to even experienced traders.
Binance hints at Tezos staking, aggressive buidling
Binance CEO Changpeng Zhao (CZ) responded to the news of Tezos listing with a vague yet leading comment on Twitter: “You know what comes next, right?” he wrote. After a user “guessed” the answer as “staking,” CZ replied with a smiling emoji without any further explanation.
If true, what this means is that Binance could become a major player in the Tezos governance system by potentially holding a large amount of XTZ tokens. It could also mean that Binance users with XTZ in their digital wallets could participate in staking—though without confirmation from Binance, we’re left to speculate for now.
Still, it’s worth noting that Tezos, and the foundation behind the cryptocurrency, remains embroiled in controversy. The token’s potential standing as an unregistered security under U.S. federal law has led to multiple lawsuits from investors. But that hasn’t deterred Tezos developers from continuing to promote the token, its adoption, and potential use cases.
In July, Tezos struck a deal with Banco BTG Pactual, Latin America’s largest standalone investment bank, and Dalma Capital to use the Tezos blockchain for security token offerings potentially worth billions of dollars.
“We see Tezos as one of the critical protocols for the burgeoning STO market and look forward to securing future deal flow on the Tezos blockchain.” Zachary Cefaratti, CEO of Dalma Capital, said in a statement at the time.
As for the token itself, Tezos has performed fairly well over the last few days. After a relatively stable September below $1.05, a rise above the resistance of the $1.10 was the boost that the token seemingly needed to “take off” and find new support.
Good news for those who have been holding XTZ for more than two weeks. The “Binance Effect” might have done the trick—but how long will it last?