Crypto News

BNB hits new ATH above $900 as Binance’s new DeFi initiatives spark bullish momentum

Norma CharetteBy
0
  • Binance Coin has hit new all-time highs, surpassing the $900 psychological mark.
  • The exchange’s collaboration with Franklin Templeton fueled the upside.
  • The partnership promises institutional-grade solutions.

Cryptocurrencies recorded relief rallies today after the United States PPI data, which increased the odds of rate cuts in the upcoming Fed meeting.

Meanwhile, Binance Coin led the recovery with a stable surge to new all-time highs.

BNB rallied to $905 intraday highs, fueled by Binance’s latest strategic collaboration with global investment manager Franklin Templeton.

The alliance aims to bolster digital finance accessibility globally, deliver institutional-grade monetary solutions, and accelerate tokenized assets adoption.

Binance’s official announcement highlighted:

We aim to bring greater efficiency, transparency, and accessibility to capital markets – while enhancing yield opportunities and settlement speed. This collaboration bridges the scale of traditional finance with the agility of decentralized markets, delivering solutions tailored to the evolving needs of a broad range of investors.

Merging DeFi with TradFi

The alliance has a common goal – transforming the traditional capital markets through decentralized finance.

The $1.6 trillion Franklin Templeton will leverage its experience in tokenizing securities, whereas Binance contributes its massive trading infrastructure and deep liquidity.

The duo plans to introduce innovative investment products that create new yield opportunities, enhance transparency, and streamline transaction settlement.

Commenting on the move, Franklin Templeton’s Head of Digital Assets, Roger Bayston, said:

By working with Binance, we can deliver breakthrough products that meet the requirements of global capital markets and co-create the portfolios of the future. Our goal is to take tokenization from concept to practice for clients to achieve efficiencies in settlement, collateral management, and portfolio construction at scale.

Binance cements institutional focus

The alliance reflects Binance’s dedication to serving institutional players as DeFi merges with traditional finance.

The exchange’s Head of VIP and Institutional, Catherine Chen, emphasized:

Binance has a record of innovating first-in-crypto solutions that unlock access and opportunities for investors. Our strategic collaboration with Franklin Templeton to develop new products and initiatives furthers our commitment to bridge crypto with traditional capital markets and open up greater possibilities.

BNB price outlook

Binance Coin exhibited a bullish structure today, boosted by the collaboration news and broader market recoveries.

It trades at $896 after a slight correction from its all-time high.

The 30% surge in daily trading volume signals revived optimism.

The latest move by Binance US to reduce trading fees also boosted enthusiasm.

BNB remains poised for extended gains.

Holding above $900 could open the doors towards the long-term target of $1,000 in the upcoming sessions.

Meanwhile, broader market sentiments remain crucial.

Extended recoveries would support BNB surges to higher targets, whereas a substantial selling wave would likely delay the rally.

Digital tokens saw relief rallies today after the US PPI data increased the chances of rate cuts.

Bitcoin has reclaimed $113,000 as the global crypto market cap soared to $3.96 trillion (Coinmarketcap data).

Experts anticipate bullish performance from cryptocurrencies in the upcoming sessions, citing the potential rate cuts during the September 17 Fed meeting.

The post BNB hits new ATH above $900 as Binance’s new DeFi initiatives spark bullish momentum appeared first on CoinJournal.

HBAR eyes $0.27 as Grayscale files for spot ETF

Previous article

You may also like

More in Crypto News

Comments

Comments are closed.