Binance has just announced that Pundi X is the winning nominee in its seventh “community coin of the month” vote. Pundi X won out against Fusion, Arcblock, Bytom, Dock, Havven, Oyster and Ravencoin. As the winning coin, Pundi X will be listed for free, saving the platform as much as $1 million.
For the first time, votes were weighted according to the number of Binance coins held by each participant. This model was used to prevent alleged manipulation of the voting process by platforms seeking to win the competition in previous events. The process was however still regarded as controversial as votes would be heavily skewed to large holders of BNB.
“The Binance Effect”
Previous community picks have included Stratis, Substratum, Zcoin, ETHLend, RailBlocks and Zilliqa. Over 100 tokens are currently listed on Binance, which is the market leader amongst exchanges listing smaller coins. As the largest cryptocurrency exchange, a listing on Binance is seen as a vote of confidence for a token, and most tokens see an immediate bounce in price after listing.
Pundi X distributes POS devices that allow physical retail stores to sell cryptocurrencies and services to customers who can pay with fiat cash or credit cards.
The platform held its token sale in January, reaching its $35 million hard cap in just two hours. Since the tokens began trading in March, they have appreciated by approximately 10X.
Binance customers will be able to trade NPXS (Pundi X’s ticker) for Bitcoin and Ethereum starting tomorrow 21st June.