Binance lists Blur token as its value surges
Investing.com | Editor Ambhini Aishwarya
Published Nov 24, 2023 03:23AM ET
The world's largest cryptocurrency exchange by trading volume, Binance, has officially commenced support for the NFT marketplace Blur's native token, BLUR. Trading pairs such as BLUR/BTC, BLUR/USDT, and BLUR/TRY went live today at 09:00 UTC. This move comes on the heels of Blur founder Tieshun Roquerre's announcement of a $40 million investment into the ecosystem and the unveiling of their layer-2 network, Blast.
The market response to these developments has been markedly positive. BLUR's price climbed to $0.62, reflecting a sharp increase of more than 25% in a single day and nearly doubling its value over the past week. The token's market capitalization has now reached $690.7 million. The heightened investor interest is partly due to the strategic alliance with Blast, which includes season 3 airdrop allocations for BLUR holders.
In light of its rapid price appreciation and significant role as a leading NFT lending protocol—especially after partnering with Blast—Binance has assigned BLUR a Seed Tag, indicating a higher volatility and risk assessment. This tag is meant to inform traders of the dynamic market activity surrounding the token.
Furthermore, Binance has announced plans to add BLUR as a borrowable asset on an Isolated Margin pair shortly after trading begins. Additionally, within two days following the trading start, a new margin pair for BLUR/USD will be introduced to cater to the growing demand.
Deposits for the cryptocurrency began ahead of the trading launch, with withdrawals slated to be enabled tomorrow at 06:00 UTC. Notably, Binance has listed BLUR without imposing any listing fee.
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