Altcoin Built on Avalanche Surges 60% After Sudden Listing From Crypto Exchange Binance

A small-cap altcoin is flying high after earning support from the global crypto exchange Binance.

The liquidity protocol BENQI was built on Avalanche, and its native token QI allows holders to earn rewards and participate in project governance.

Binance says of the lending and borrowing protocol,

“BENQI is a decentralized non-custodial liquidity market protocol on Avalanche. It scales DeFi [decentralized finance] with a suite of yield-generating products.

The platform offers a Lending and Borrowing Market, with Liquid Staking in development. Users are able to borrow and lend tokens, participate in network governance and staking.

Recognizing the need for a liquidity market and the unlocking of liquidity, BENQI launched the first lending and borrowing market on Avalanche.”

News of the coin’s listing triggered a 60% rise in the price of the asset – from $0.17 to $0.26.

QI’s value has since settled to $0.21 at time of writing.

According to the BENQI website, users can earn interest on a number of cryptocurrencies including Avalanche (AVAX), Wrapped Bitcoin (WBTC), Wrapped Ethereum (WETH), Chainlink (LINK) and Tether (USDT).

The project has several notable strategic investors such as Mechanism Capital, Dragonfly Capital, Arrington XRP Capital and The Spartan Group. Back in April, a $6 million funding round was led by Ascensive Assets.

Binance says QI will be available to trade paired with Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD) and USDT.

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Featured Image: Shutterstock/Art Furnace/Vladimir Sazonov