It comes as no surprise that leading cryptocurrency exchange Binance have yet again hit the blockchain headlines with the announcement of a new project, as 2018 has been an extremely busy year for the company. Not only did Binance move their headquarters to the European Island of Malta, but they are also believed to be in the process of launching the world’s first ‘Blockchain Bank’.
With the close of 2018 soon approaching, the exchange has decided to add one more project in to the mix before year-end. As recently published through the official medium channel of Binance, the platform have announced that they have just launched a list of what it deems ‘Gold Label’ cryptocurrency projects.
The concept behind the launch is to provide the cryptocurrency industry with a fully vetted list of credible projects, with the ultimate aim of separating the wheat from the chaff. The initial Gold Label list contains 30 cryptocurrency coins and tokens, ranging quite significantly in size, market capitalization and reputation.
It remains to be seen what effect the Binance Gold Label listing will have on the long-term pricing viability of the project’s listed, especially when one considers that we are in a prolonged period of bearishness. Nevertheless, the full list of the 30 projects are listed below.
Zcoin, YOYOW, Wanchain, Verge, Tron, Skycoin, Quark Chain, Qtum, QLC Chain, Project Pai, OST, Ontology, NULS, Nexus, NEO, Nebulas, Nano, Aeron, IoTeX, IOS Token, H Cash, GXChain, Gifto, Genesis Vision, Enjin, Digix Global, Cybermiles, Contentos, Bluzelle, and Aelf.
Binance Info Look to Become the hub of Cryptocurrency Information
The specific entity behind the Gold Label list is Binance Info, a side project of the main Binance trading platform. The Binance Info arena provides a range of information linked to more than 1,000 blockchain asset projects, including real-time market pricing, trading volumes and overall project analysis. The idea behind the platform is provide the cryptocurrency community with an impartial space to ascertain whether a project is worth backing.
According to the medium post that Binance used to announce the list, the 30 projects that made the cut were required to go through a vigorous verification process. As per the publication, all of the cryptocurrencies that made the cut are projects that “keep blockchain enthusiasts informed and updated.”
The team at Binance also made it clear that the list will not be restricted to the 30 projects that currently hold the Gold Label. On the contrary, all projects have the capacity to apply for the listing, as long as they meet the minimum expectations, which are based on transparency and regularly updating investors.
Gold Label List Varies Quite Considerably
In terms of market capitalization, the largest project that made the Binance Gold Label list is that of TRON. The Chinese-based cryptocurrency project, which at the time of writing is positioned at number 10 with a market capitalization of just under $1 billion, aims to revolutionize the digital space by decentralizing the World Wide Web.
At the other end of the spectrum, Genesis Vision – who are looking to target the private trust management markets, currently sit with a market capitalization of just under $20 million, as per data retrieved from CoinMarketCap at the time of writing.
In theory, the Gold Standard list is a good idea, especially if it has the potential to motivate cryptocurrency project leaders to keep token holders updated at all times. Furthermore, it also has the potential to red flag murky projects that might otherwise stay under the radar.
However, it must also be noted that the Binance Gold Label list is a somewhat subjective viewpoint of a single entity operating in the blockchain space. Ultimately, the list may hold more credence if the verification process was conducted by multiple industry leaders, or better – an impartial third party