The post available on Binance’s website does not provide further details, merely the presentation and an invitation to deposit Siacoins and prepare for trading:
Binance will open trading for SC/BNB, SC/BTC and SC/ETH trading pairs at 2018/06/14 11:00 AM (UTC). Users can now start depositing SC in preparation for trading.”
The move to list Siacoin is remarkably bullish for the crypto, especially considering its behavior over time.
Previously, Cryptopia, an exchange famous for having a massive amount of altcoins with little volume for trading announced that it would eliminate support for Siacoin because of the small trading volume it had.
Evidently, the fact of being delisted by a low volume exchange just to be later listed by a higher volume exchange represents a significant step forward in the roadmap of this blockchain.
Sia is a blockchain that aims to democratize cloud storage. According to the introduction linked in the Binance announcement to List Siacoin, its proposal seems to be quite revolutionary:
“Sia is reinventing cloud storage. Our technology connects users who need file storage with hosts worldwide offering underutilized hard drive capacity. Blockchain technology secures their data and enables improved economics for users and hosts.
The Sia blockchain allows this marketplace to run without an intermediary. Sia secures storage transactions with smart contracts, creating a more reliable and affordable offering when compared to traditional cloud providers. No one person or organization can censor or deny access to data-not miners, not developers, nor any government. We believe Sia’s distributed, decentralized storage technology is stronger, more secure, more efficient, and more equitable for the entire ecosystem.”
At this time, according to cryptocompare, only Poloniex, HitBTC and UpBit list Siacon among their trading pairs
The Decision to List Siacoin May Be Good for Binance and Siacoiners
Once the trading begins, it is very likely that the volume in Binance will surpass the rest of the exchanges and will become the primary way to obtain Siacoins or speculate with them.
Sia offers a service relatively similar to that of Oyster Prls, a blockchain that recently announced the release of its mainnet.
It is still too early to know the reaction in the global market; however, short-term candles (minutes) show a bullish behavior with an increase of about 10% in price.