Kyber Network, a Singapore based blockchain company has announced that the platform token — Kyber Network Crystal (KNC) — will be trade-able on Binance on September 26, UTC 4am.

Binance is one of the fastest growing crypto asset exchanges in the world. Founded by a team of fintech and crypto gurus — it is capable of processing more than 1.4 million orders per second, making it one of the fastest exchanges in the market. The platform focuses on security, robustness, and execution speed — attracting enthusiasts and professional traders alike.

When asked of his view for the partnership, CEO Changpeng Zhao commented,

we love to see advances in the decentralized exchange space. This will help the entire industry grow. We believe with a strong team, the Kyber project have the potential to make significant progress in this area.

In total, 226 million KNC tokens has been minted, and approximately 5–6 million tokens will be burnt after the conclusion of airdrop by the end of the week. Of the remaining KNC tokens, approximately 65% will be circulated, while the remaining 35% to be split between the company, founders and advisors.

With the listing of KNC on Binance, members in the community will have an additional avenue to purchase or sell KNC tokens easily. “We are happy to see big exchanges like Binance listing KNC tokens. Our users and supporters will definitely benefit from the listing since they can easily get access to KNC tokens to support the project.” CEO of Kyber Network, Loi said. Anyone interested in buying or selling KNC tokens on Binance should prepare their accounts and have funds ready on the platform ahead of time.

KNC Utility

KNC tokens are required for reserves to participate in the network and to reward parties that direct traffic and multiply trading activities on the platform. Knowing the importance of partnerships to scale and improve platform adoption in the blockchain ecosystem, Kyber Network will collaborate with various organizations, including both software and hardware wallets, blockchain explorers, and on-chain smart contracts to direct users to the platform. As a reward for their efforts, these partners will be paid in KNC for every trade that they introduce to Kyber Network.

Before operating, KyberNetwork reserves need to pre-purchase and store KNC tokens. In every trade, a small fraction (exact numbers are TBD) of the trade volume will be paid by the reserve to KyberNetwork platform in KNC. This small fee represents the reserve’s payment to KyberNetwork, in return for the right to operate and earn profits from trading activities in KyberNetwork. The collected KNC tokens from the fees, after paying the supporting partners, will be burned, i.e. taken out of circulation and cease to exist forever. In order to determine the network fees, the conversion rate between KNC and ETH will be updated frequently to the Kyber contract by KNC operators, based on the trading rates on various exchanges.