Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance

By Daily Hodl Staff

A small-cap altcoin is shooting into the stratosphere after earning support from the global crypto exchange Binance.

The governance token Tranchess (CHESS) officially began trading today.

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News of the coin’s listing triggered a 185% rise in the price of the asset – from $2.77 to $7.91. Its value has since settled to $5.09 at time of publishing.

CHESS is listed in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.

According to Binance Research,

“Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS.

The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.”

Tranchess recently raised $1.5 million from Binance Labs, Three Arrows Capital, and other crypto venture firms.

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Featured Image: Shutterstock/andrey_l