In the cryptocurrency industry, coins that solve or tend to solve a particular problem are grouped into the same category. For instance, coins that offer a solution for Decentralized trading are grouped under DEFI (decentralized finance), while those that aid in games are under the gaming category.
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In this article, we will discuss centralized (CEX) coins, otherwise known as exchange coins, they are coins issued by a specific cryptocurrency exchange. These coins are designed to serve a specific purpose within the exchange's ecosystem and provide various benefits to users.
These are the purposes they serve:
1. Fee discounts: Holding exchange coins can provide users with fee discounts on trading fees, withdrawal fees, or other transactional costs within the exchange.
2. Rewards Programs: Some exchanges offer loyalty programs or reward systems for users who hold and use their native tokens. These rewards can include a share of the exchange's revenue, airdrops of new tokens, exclusive access to certain features or events, or other benefits. For example, people holding Binance native tokens can easily participate in Launchpad.
3. Governance and Voting Rights: In certain cases, exchange coins may grant holders voting rights or influence in decision-making processes related to the exchange's operations, such as listing new tokens or implementing platform upgrades. This gives token holders a voice in the direction of the exchange.
There are many other benefits to holding the native token of a big centralized exchange like Binance that you wouldn't want to miss.
Plan to accumulate exchange tokens from substantial exchanges.