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Why Chain (XCN) Is Up 9% Today – The Motley Fool




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by Katie Clinebell | Published on May 16, 2022
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XCN rises 9% as it becomes available on Binance Smart Chain.
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While much of the cryptocurrency market is still sitting fairly low after a major crash last week, XCN, the digital currency of the Chain network, is rising in value. Much of this could be attributed to XCN’s recent addition to the Binance Smart Chain ecosystem. As the coin becomes available on the Binance Smart Chain, dedicated BSC investors are likely to jump on board with a high-profile addition to the platform like XCN.
Binance Smart Chain is a blockchain network that specializes in running smart contract-based applications. This network also seeks to give crypto holders a way to control their cryptocurrency across different blockchains, bridging the gap between their assets. Due to the sluggishness of transactions and high fees of the Ethereum blockchain, many are seeking alternative blockchain options that favor efficiency and lower fees. If BSC is able to offer developers reduced fees and efficient speeds, many users could favor this network over Ethereum. With increased availability for coins like XCN, Binance Smart Chain continues to grow, adding value to the coins they support, and the blockchain itself.
With the large user-base of BSC, the inclusion of XCN within this ecosystem seems to be causing the coin to surge in value at a time when many other currencies are sitting stagnant at very low values. With many different types of cryptocurrencies available with the Binance Smart Chain, some investors are very eager to acquire newly supported coins. XCN has made a name for itself by partnering with large financial institutions including Visa, Nasdaq, Citigroup, and more to build a better economy.
XCN powers transactions on the Chain network, allowing all of these prominent organizations to conduct their business on the Chain. A token like this is sure to be desirable from investors who primarily use BSC to manage their assets. XCN and BSC together have the potential to mutually increase each other’s value through this development. Time will tell how far XCN will rise with its new support from BSC.
As XCN becomes available on Binance Smart Chain, desirability for this coin among investors is rising. Binance Smart Chain stands to gain a lot if it can provide users with a good alternative to the Ethereum blockchain. By adding support for a coin like XCN, which partners with major financial institutions in their mission, Binance Smart Chain has given investors another coin to keep a close eye on, as well as boosted its chances for success in the long run.
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Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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