Hours ago, Binance announced the addition of five new trading pairs. The Loom network was one of them (the LOOM/BUSD trading pair). Binance now supports Loom deposit and withdrawal on BNB chains. Owing to this pairing, in the last 24 hours, Loom has gone up 34.39%.
This price growth, which is a lot different from the prices a few days ago, is a benefit obtained from the pros of the Binance exchange platform. Binance has consistently been one of the largest crypto exchanges in the world, and this large platform has benefited the Loom network.
The selection of cryptocurrencies on this platform has no limit. The higher the number of cryptocurrency platforms and pairs, the higher the number of users and investors. The Loom network was exposed to an enormous number of Binance users via pairing. On Twitter, the announcement was received with positive reviews.
Binance users gained access to the Loom network, and the prices soared accordingly. The growth of Loom can also be attributed to the low transaction fees charged on Binance. The transaction fees can be as low as no fees at all! It has allowed more users to connect to the Loom network.
Before the pairing, the Loom network had been doing its part to attract users and investors to the platform. It promotes decentralized systems, and this attracted people who wanted privacy. It provides developers with scalability to build dapps. Pairing with Binance was the icing on the cake. Binance has effectively exposed Loom to a larger audience.
It should be no secret that Loom would soar on Binance. The pros of this diverse cryptocurrency exchange far outweigh the cons. Although the LOOM/BUSD pairing is still in its novel stage, the response from the cryptocurrency community so far has shown that it will do better.