Independent research on blockchain startups and ICO’s

Binance (BNB)

31 Jan 2019


Target Price: $10.08 (63% upside)  Website


Upside persists despite unfavourable market conditions and trading volumes

Updates from the previous report (Sep 2018)

Picolo Research reviewed our valuation on Binance and had adjusted several parameters to reflect current market conditions. The adjustments caused a change in our target price, however, upside potential persist. Here are the significant changes from the previous report.

  • The revival of Binance Launchpad providing additional utility value to BNB tokens, resulting in greater adoption and demand
  • Overall trading volumes have dropped significantly (~50%) since prior report, hence growth rate of volumes have been adjusted
  • Adjusted discount factor to reflect Binance as a stage 3 growth startup
  • An increase of MV/Vol multiple across major exchanges from 3.28 to 3.67, increasing relative valuation in this sector

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