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Changpeng "CZ" Zhao, founder and former CEO of Binance exchange, has posted a crucial update for crypto users, particularly traders holding Binance Coin (BNB). In a post on X, Zhao clarified a major announcement from Nano Labs Limited regarding allocating capital to the network.
Nano Labs’ $500 million vote of confidence in BNB
Notably, Nano Labs announced that it has raised $500 million through convertible notes to fund and build a strategic reserve tied to BNB. This signals another adoption of crypto assets by traditional institutions looking to bet on digital currency.
According to CZ, Nano Labs is now a BNB-only strategic reserve public company. This move signals a bullish one and could significantly impact the asset's price. Nano Labs' move on Binance Coin indicates the entity's confidence in BNB’s future outlook.
Interestingly, after the news of its investment decision went public, Nano Labs’ stock price went through the roof. This indicates that investors consider the move as strategic and may likely result in profit for Nano Labs.
However, CZ highlighted that entities affiliated with him did not participate in the current round despite showing support.
The move by Nano Labs, a public company investing $500 million into Binance Coin, mirrors that of Michael Saylor’s Strategy. However, Strategy is exclusively focused on Bitcoin and, as of the last count, has a total holding of 592,345 BTC.
Implications for BNB and broader ecosystem
As reported by U.Today, SwissBorg, Europe’s leading app for crypto investment, recently integrated the BNB Smart Chain into its platform. The move exposes SwissBorg users to BNB Chain-native assets, including BNB.
Binance, renowned for its high speed and low transaction fees, is now accessible to millions of SwissBorg users.
Adoptions such as these continue to support Binance Coin and fuel its growing metrics against the leading digital currency, Bitcoin.
According to CoinMarketCap data, the BNB price was trading up, as it exchanged hands for $639.60, representing a 3.2% increase in the last 24 hours.
Vladislav Sopov
U.Today Editorial Team