The price of a little known altcoin is surging after getting support from Binance, the world’s largest crypto exchange platform by volume.
The trading platform’s mining pool service, Binance Pool, is adding Ravencoin (RVN) to its catalog of crypto assets as the Ethereum (ETH) merge in September spurred interest in the altcoin due to its proof-of-work (POW) consensus mechanism, which leaves room for mining.
Crypto miners could no longer mine the leading smart contract platform after it switched to proof-of-stake (POS) mechanism, causing a spike in demand for proof-of-work tokens such as RVN.
RVN is used to maintain and operate the Ravencoin digital peer-to-peer network, which is based on a fork of the Bitcoin code and incentivizes the issuance of new crypto assets.
The project was launched in January 2018 to facilitate the creation and transfer of tokens that represent real-world assets such as event tickets and airline miles.
Binance Pool rolled out support for RVN on Wednesday, setting the fees for its mining pool at 1%.
“Binance Pool has officially launched the RavenCoin (RVN) mining service, which utilizes the PPS+ settlement method. Mining fees for the RavenCoin (RVN) mining pool are set at 1%.”
The announcement sparked a rally for the low-cap altcoin. At time of writing, RVN is trading for $0.023, up by 9.25% over the past 24 hours.
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Featured Image: Shutterstock/Salamahin/Philipp Tur