Tag Archives: Binance

Why the Market Dominance of Binance is a Big Risk

Why the Market Dominance of Binance is a Big Risk

the ideals of this new generation of digital currencies were clear: empower individuals to manage their own finances without reliance on a centralized force. Despite these ideals, Binance has risen up to become the de facto emperor of the cryptocurrency industry with the power the sent the entire industry tumbling into a tailspin — should another Mt. Gox-esque breach occur again. 

The Binance Problem

Since Binance launched in 2017, its growth has been nothing short of meteoric, quickly rising to become the number one cryptocurrency spot exchange by trading volume. Binance took just months to secure its position as the largest and therefore most popular cryptocurrency spot exchange platform, and it can be argued that much of this success is a result of its rapidly-expanding feature set. After all, in the last year alone, Binance has introduced cryptocurrency derivatives, staking support, savings products, fiat gateways, and more, massively expanding on the initial offerings it launched with. Although this sounds appealing, it’s important to remember that Binance isn’t actually innovating in most cases, and is simply adding features that have already existed on separate dedicated platforms for quite some time. 

Because of this, while Binance can be considered a jack of all trades, it is also the master of none, since dedicated platforms frequently offer better service, improved security, and a more feature-complete solution compared to Binance. Still, Binance remains a rapidly growing entity, hoovering up users from other small platforms, while providing an arguably worse service in many cases. This rapid growth has led to a concerning stage of affairs, where a single platform controls or manages a large chunk of all cryptocurrencies in circulation — exactly the opposite of the decentralized maxims the industry was initially launched under. Cryptocurrencies are supposed to be about removing centralized failure points and empowering users to be their own bank, not handing over power to a select few industry titans.  

When One Hack Could Cripple the Industry

The risks posed by the over-aggregation of assets under a single platform was made clear back in May 2019, when an unknown attacker was able to exfiltrate $40 million worth of Bitcoin (BTC) from its hot wallet — equivalent to around 2% of its Bitcoin holdings at the time. Although Binance was able to cover the loss using its ‘SAFU’ fund, it never did reveal exactly how attackers were able to pull off the hack in the first place. This begs the obvious question — what would happen if Binance were to experience a more significant breach, potentially risking the billions of dollars in digital assets held in its coffers?

If the events that followed the infamous 2014 Mt. Gox hack are anything to go by, then such a breach would almost certainly send the entire cryptocurrency industry into an extended bear market, and could significantly hamper adoption for several years.This is particularly worrying when you consider that Binance isn’t regulated or licensed anywhere. This essentially means the platform is operating with little to no regulatory oversight, and may not be held accountable should another breach exhaust its SAFU fund and cripple the market.Upon entering the cryptocurrency space for the first time, Binance is inevitably one of the first names people come across, making it one of the first port-of-calls for many new investors. However, Binance is far from the only reputable name in the industry, while many of its smaller competitors boast features that even the juggernaut that is Binance still struggles to match.

For those looking for a regulated alternative, Bityard stands out as arguably the most impressive. The platform is one of the simplest cryptocurrency derivatives trading platforms, allowing users to trade with up to 100x leverage to multiply their profits, while its daily mining game adds an interesting incentive for new traders. Bityard is currently licensed in four jurisdictions and offers a full refund warranty for deposits — an extremely rare feature in the cryptocurrency exchange space. If absolute variety is your preference, then FTX might be more of what you are looking for. As a derivatives exchange, FTX allows users to trade a variety of cryptocurrency futures contracts, but its real stand out feature is its forex, stock index, and commodity contracts, which can be bought and settled in cryptocurrency. PrimeXBT’s ultra-fast turbo platform, StormGain’s 10% APR on deposits offer, and EXMO’s wide fiat support also stand out as promising features that are yet to be equaled by Binance, and are certainly worth a look. 

Article Produced By
JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

https://themerkle.com/why-the-market-dominance-of-binance-is-a-big-risk/

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Binance China’s Presence ‘Grows’ as Unit Joins UN Sustainability Drive

Binance China’s Presence ‘Grows’ as Unit Joins UN Sustainability Drive


Multiple Chinese media outlets are reporting that Binance China’s influence is “growing”

in the Middle Kingdom after the exchange’s domestic arm joined the United Nations Global Compact sustainability drive. The UN drive describes itself as a “non-binding pact to encourage businesses worldwide to adopt sustainable and socially responsible policies, and to report on their implementation.” Binance China’s Blockchain Research Institute officially became a signatory this week. The company has been looking to boost its presence in China, where recent reports claim it now has a number of subsidiaries up and running – all ostensibly working on blockchain-reported activities.

Binance is one of the many powerhouse Chinese exchanges forced out of Mainland China by the crypto crackdown of September 2017. However, the company, along with rival Huobi, appears to be on a charm offensive of late as both companies tentatively return to the mainland. So far, they have limited their activities to blockchain-related work. The institute was launched in China in March this year, per an official announcement. However, it now looks as though, should Beijing ever choose to lift its block on crypto – whose popularity remains sky-high among the nation’s affluent middle class – these exchange giants would be ready to recapture millions of customers very quickly indeed.

Binance’s latest UN-linked move was spearheaded by the institute’s Executive Dean Helen Hai, the head of Binance’s Blockchain for Charity initiative – and also a United Nations Industrial Development Organization Goodwill Ambassador. Specifically, the Binance China Blockchain Research Institute’s involvement will be connected with the Chinese Belt and Road Initiative – which has seen China actively invest in some 70+ developing countries, building infrastructure projects and making wider investments. The program – previously known as the New Silk Road project – has been met with no shortage of skepticism from many Western powers, who fear it could be used as a tool of China’s growing global influence. Other big-name United Nations Global Compact Chinese signatories include the China Development Bank, oil giant Sinopec and the China State Grid Corporation. BlackBerry, under Chinese ownership since 2016, joined in spring this year. Per Chainnews,

Hai stated,

“Binance has been focusing on using the power of digital technology to help underdeveloped regions improve the efficiency of charitable assistance and medical treatment.”

In May, it was reported that Binance might be preparing to re-enter the Chinese market via "blockchain, not crypto road."

Article Produced By
Tim Alper

Tim Alper is a British, South Korea-based journalist, a regular contributor to Cryptonews.com, who covers cryptocurrency and blockchain related news daily, writes in depth analysis pieces about the latest trends in the cryptocurrency and blockchain space. Tim has over 12 years of media experience. He has written for the BBC, the Guardian, the Jewish Chronicle, Chosun Ilbo and many other media outlets, covered cryptocurrency and blockchain related news. He has also collaborated on media projects with the likes of Samsung, Sony, LG, Hyundai, Korean Air, TÜV SÜD and Shell.

https://cryptonews.com/news/binance-china-s-presence-grows-as-unit-joins-un-sustainabili-6895.htm

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Exclusive: Binance Broker Program Lays Foundation for Tomorrow’s Crypto-Economy

Exclusive: Binance Broker Program Lays Foundation for Tomorrow’s Crypto-Economy

In September 2019, leading cryptocurrency trading platform Binance launched the Binance Broker Program with an aim to form a global network of collaborations with major crypto brokers across the world.

By providing a ready and robust trading infrastructure to digital asset traders, the Binance Broker Program has been nothing short of a resounding success. In this exclusive interview, BTCManager speaks with the Binance Broker Team to know more about their Broker Program. We ask them about the current mechanism of the Broker Program, the eligibility criteria, the incentives to join the program, the available crypto products in the program, and what’s cooking in the pipeline for the Binance Broker Team. In this interview, they tell BTCManager about it all.

Interview with the Binance Broker Team

BTCManager: What is the structure of the Binance Broker Program? Can you help our readers understand the architecture of the program?

Binance Broker Team: The Binance Broker Program (BBP) is very straightforward yet effective and empowering. We designed the program to provide our partners with top-notch order matching services, account management, and settlement systems, allowing them to focus on business development and revenue generation entirely. This way, the brokers can focus on growing their business, while Binance provides technical support and access to our liquidity and market depth. Most of our partners are businesses and individuals operating in the financial markets. We’re working with projects developing trading bots, trading strategy platforms, quantitative investment management agencies, cryptocurrency exchanges, wallets, and many more. Most of them are large-scale operations and institutions, but we also have partners who are small teams of two to three people or even individuals. Since the launch in 2019, we have onboarded over 200 brokers.

BTCManager: What is the eligibility to participate in the program?

Binance Broker Team: The application process is straightforward, and the requirements are very flexible. The general requirement is that the interested partner is an existing and active business with over 20,000 users and achieves a monthly trading volume of more than 1,000 BTC. However, we’re always looking for ways to empower the crypto ecosystem with the Binance Open Platform, and we’re open to discussing the partnerships even with businesses that wouldn’t usually pass the requirements. We want to encourage even small or starting businesses to apply as we’re willing to discuss the possibilities with any business that shows integrity, dedication, and expertise.

BTCManager: What are the incentives for joining the Binance Broker Program? How does it differ from other broker programs in the industry?

Binance Broker Team: Our team is dedicated to building a prosperous crypto-economy by providing the brokers with access to the world’s largest volume and liquidity. As always for Binance, the main incentives are the highest commission rates for all our brokers, access to the Binance Open Platform tools and services, and technical support from the account management team. Cryptocurrency and digital assets trading are still in their early stage. The methods and services of the crypto brokers are far less mature than what we can see with the traditional financial brokers, and often come up with a lack of infrastructure and resources. Thanks to the success of Binance and the subsequent development of cryptocurrency trading, we’re able to explore more possibilities for the cryptocurrency brokerage.

The main difference is that the broker programs of other exchanges are focused more on institutional customers, such as OTC desks, rather than small or individual operations. The BBP has a broad business scope targeting all the different forms of brokerage partnerships and provides its partners with more independence. The benefits of our program are extraordinary. The choice of available tools and services on the Binance Open Platform provides our brokers with new opportunities to increase their profitability and operational efficiency.

BTCManager: What are the crypto products available for trading in the program?

Binance Broker Team: Our partners have access to every single trading pair supported on Binance.com. That’s more than 400 trading pairs of all the different fiat currencies, cryptocurrencies, stablecoins, and other digital assets. There’s an asset for every customer and broker.

BTCManager: Security is perhaps the top concern for new investors in the cryptocurrency space. Can you substantiate on Binance Broker Program’s security mechanism?

Binance Broker Team: All the technical and financial aspects of the BPP are protected by the same cutting-edge standards we’re using to protect our other services. Our professional account managers are ready to answer any questions and to share our operational experience with all broker program partners. We can also help our clients with risk management, security, compliance, etc.

BTCManager: What are the short-term and long-term goals of the program? How and where does it see itself in the future?

Binance Broker Team: Through continuous optimization, innovation, and providing diverse and more flexible methods, we hope to cover and enable more types of broker partnerships, no matter whether they come from the emerging crypto industry or the traditional financial industry. We will leverage our advantages and resources to work with our partners and complement each other in development. Our goal, as always, is to become the best financial provider and establish Binance Broker Program as a market leader.

BTCManager: Binance is well known for its constant drive to come up with new robust market products and services. What’s next in the pipeline for the Broker Program?

Binance Broker Team: Our primary focus is on improving the user experience of our product and services, especially our broker API, as we believe that simple and efficient tools can help us create a prosperous crypto brokerage ecosystem. We also want to increase the numbers of traditional financial brokers who join our product. This is a necessary step in the global adoption of crypto, as these conventional brokers reach audiences that haven’t started crypto trading yet. Our overall goal is to boost the adoption speed and set new standards for the financial services in crypto. At Binance, we want to grow our roster of broker partners from 300 to 500 and more, bringing Binance’s liquidity and market depth to the users of any other exchange, platform, or institution. Apply here to become a Binance Broker Partner today.

Conclusion

The Binance Broker Program is the perfect entryway for those cryptocurrency brokers who are determined to grow their business rapidly aided by Binance’s cutting-edge technological tools and services. Unlike the vast majority of other crypto platforms, the Binance Trading Program isn’t limited to institutional investors. The program seeks to involve small and medium-scale businesses to ensure better inclusivity within the realm of digital assets trading space. By enabling access to every single trading pair available on Binance.com, the exchange’s Broker Program ensures brokers get ready access to liquidity in the digital asset of their choice.

Article Produced By
alexk

https://btcmanager.com/exclusive-binance-broker-program-crypto-economy/?q=/exclusive-binance-broker-program-crypto-economy/&

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SmartBNB, a Cross-chain Bridge Between Neo and Binance Chain

SmartBNB, a Cross-chain Bridge Between Neo and Binance Chain

Safudex today announced the test-net launch of SmartBNB, a cross-chain bridge between Neo and Binance Chain. Using SmartBNB,

tokens can for the first time be transferred from Binance Chain to Neo and back in a completely trustless fashion.Using SmartBNB, new concepts can now be realized. Examples include:

  • the use of BNB and BEP-2 tokens to activate smart contracts on Neo,
  • the launch of projects that are based on both Binance Chain and Neo, thereby benefitting from the trading functionalities of Binance DEX and the smart contracting functionalities on Neo, and
  • the introduction of DeFi applications for Binance Chain-based tokens.

Flora Sun, Director at Binance X, said:

“SmartBNB is a great step forward for blockchain interoperability, enabling token issuers and users to benefit both from the liquidity on Binance DEX and NEO’s smart contracting functionality. The bridge will unlock huge synergies between the two ecosystems.”

How SmartBNB Works

Tokens can be transferred from Binance Chain to Neo by first locking them with custodians on Binance Chain. Upon locking tokens, a proxy version of those tokens is created on Neo. Those (proxy)tokens can subsequently be used on the Neo network. When the user wants to transfer tokens back to Binance Chain, the proxy-tokens on Neo are burned, which unlocks the original tokens. The system is made trustless by requiring custodians to deposit collateral on Neo. In case the custodian misbehaves, this collateral is distributed to all affected users. For their services within SmartBNB, custodians are paid by users. A time-based fee is applicable on all tokens transferred to Neo. Anyone can become a custodian by depositing collateral in the form of GAS in Neo-based smart contracts. SmartBNB, therefore, marks the first time existing Neo users can get a return on GAS held on the Neo blockchain.

Release Date

SmartBNB has launched on the test-net now! Interested projects, potential custodians and users can learn more about the project on SmartBNB’s website or the project’s Github page, where the entire codebase is open-sourced. A main-net launch is not scheduled yet.

Article Produced By
Safudex B.V.

Safudex B.V. is a Dutch software development studio with team-members in Singapore, the Netherlands, and Malaysia. Prior to Smart BNB, the company launched Neologin, a non-custodial wallet for Neo-based decentralized applications, and the Neo Notification System. Safudex has received a Neo Development Grant and a Binance X Fellowship Grant for its efforts related to SmartBNB.

https://www.coinspeaker.com/smartbnb-a-cross-chain-bridge-between-neo-and-binance-chain/

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Binance to Launch a Set of Different Stablecoin in the Near Future

Binance to Launch a Set of Different Stablecoin in the Near Future

Binance remains focused on building a better ecosystem and promoting cryptocurrency trading on a global level.

Recently, the exchange’s CFO announced that it would be issuing a set of proprietary stablecoins in the near future.

Short Bio of Mr. Wei Zhou, CFO at Binance

According to an article published by Bloomberg on June 5, 2019, every new stablecoin would be backed by a different fiat currency.Binance CFO, Wei Zhou explained that according to his estimates, the first stablecoin will be launched “in a matter of weeks to a month or two.” The token -which will go by the name of Binance GDP- will be 100% pegged to the British Pound.After this first stablecoin, Binance plans to launch other stablecoins for users of different nationalities, also benefiting those who want to take advantage of arbitrage opportunities.

Binance Focused on Developing a “Better” USDT

Zhou noted that although Binance is the largest exchange in the ecosystem, more than half of its total volume is made up of USDT, a stablecoin that started as 1:1 backed by physical US Dollars but after several controversies changed its backing method. For this reason, Binance hopes to offer other options for those who wish to “freeze their funds” or simply trade with

a new fiat/crypto pair.

“From the users’ perspective, only certain portions of the world use the dollar. Other users use other currencies, and we feel it should be reflected in stablecoins as well.”

Binance started testing this token a few weeks ago. The initial minting was only 200 pounds, which seemed to be more than enough to prove its success.The exchange seeks to compete against USDT and secure an important part of its market, however no exact date is known beyond the CTO’s announcement.Also, the next crypto that Binance would be launching remains unknown, but many speculate it could be a Binance Euro or maybe a direct competitor based on dollars or some other fiat of important volume. Currently, more than 60% of the total USDT moves through Chinese exchanges. With this new move, CZ hopes to redistribute a little the power game with a view not only to facilitate better fees but also to promote a native token compatible with its blockchain.

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Binance Integrates Turkish Bank Channel, Akbank

Binance Integrates Turkish Bank Channel, Akbank

Binance has announced the integration of a turkish bank Channel.

Binance, the leading global cryptocurrency exchange by both trading volume and active users in the world.

It has announced the first bank channel integration at Binance Global with one of the most forward-thinking banks in Turkey, Akbank. Accordingly, users are now able to instantly deposit and withdraw Turkish Lira (TRY) on Binance via desktop and iOS apps with the most competitive fees in Turkey. Binance continues to work with a growing list of partners to provide access to crypto around the world. The platform is striving to create more ways to purchase cryptocurrency with fiat in

a fast and secure manner. 

“As part of our mission to continue working on increasing the freedom of money worldwide and notably in a country that is fast-adopting digital assets. We are expanding the available options to lower the barrier to entry,” said CZ (Changpeng Zhao), Binance CEO. “As the industry scales with our products and services that grow in tandem, the availability and process of investing, exchanging and trading crypto will become more and more seamless.” 

Binance’s Recent Growth

Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. Binance Exchange is the leading global cryptocurrency exchange by trading volume, with users from over 180 countries and regions. The Binance ecosystem is also comprised of Binance Labs (venture capital arm and incubator). Binance DEX (decentralized exchange feature developed on top of its native, community-driven Binance Chain blockchain). And Binance Launchpad (token sale platform), Binance Academy (educational portal), Binance Research (market analysis), Binance Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability), Binance X (developer-focused initiative) and Trust Wallet (its official multi-coin wallet and dApps browser).

Binance, the leading global cryptocurrency exchange by trading volume and users, now supports peer-to-peer (P2P) trading on its website. As of the 28th of February, users can buy and sell cryptocurrencies with zero transaction fees directly from other users through the Binance P2P platform. Moreover, can join the Binance P2P Global Merchants Program to earn money from P2P trades. 

Binance P2P, a peer-to-peer marketplace for buying and selling fiat and cryptocurrencies, was first launched on Binance mobile in October 2019. As an open marketplace and key component of Binance’s Open Platform Initiative. Moreover, Binance P2P aims to increase crypto adoption globally by facilitating direct fiat-to-crypto trades between users and merchants. Binance P2P provides the platform for verified buyers and sellers to broadcast their offers, and a crypto escrow service to ensure the safe and timely delivery of crypto assets in every trade. In the past five months since its launch, Binance P2P has processed over $300 million in trades, attracting merchants and users across the world.

Article Produced By
Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

https://coinpedia.org/news/binance-integrates-turkish-bank-channel-akbank/

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Binance Cloud Will Help Create More Competition Among Crypto Exchanges

Binance Cloud Will Help Create More Competition Among Crypto Exchanges

Another Interesting Move by Binance

Known as Binance Cloud, the new platform will serve as an infrastructure solution. It will allow partners to launch digital asset exchanges which leverage Binance’s native technology, liquidity, and security. This provides numerous advantages and will usher in a more competitive crypto trading ecosystem. It is evident that this is an exchange-specific concept first and foremost. For interested parties, this option can remove a lot of fees associated with setting up an exchange.

Core features include bank API integration and P2P crypto exchange services. Additional features will be added over time, depending on client demand. This new move will bring cryptocurrencies to more people globally. That remains one of the core problems this industry faces in 2020 and beyond. Finding a viable solution has proven very difficult, for obvious reasons. Binance Cloud is a service the market has lacked for several years. Although white-label exchange solutions exist, they are often only a part of the puzzle. This new service offers everything one needs to be competitive from day one. 

Article Produced By
Jdebunt

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

https://themerkle.com/binance-cloud-will-help-create-more-competition-among-crypto-exchanges/

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Basic Attention Token jumps 11% as Binance Futures launches BAT perpetual contracts

Basic Attention Token jumps 11% as Binance Futures launches BAT perpetual contracts

Basic Attention Token derivatives on Binance

In a recent blog post, the world’s largest cryptocurrency exchange by trading volume Binance revealed that it will launch a Basic Attention Token perpetual contract on its crypto derivatives trading platform, Binance Futures. The newest financial instrument will be leveraged and paired against stablecoin Tether (USDT). The BAT/USDT perpetual swap is scheduled to begin trading on Feb. 13 at 08:00 AM (UTC) and traders will be able to select any leverage from 1x up to 50x. According to Changpeng Zhao, Binance’s CEO, the high leverage on this contract aims to meet professional traders’ demand for such products.

Zhao explained:

“We have seen an increase in institutional participation in trading, and these professional traders seek out the most efficient ways to trade very quickly, both in terms of cost and performance.”

The announcement appears to have sparked interest among market participants in Basic Attention Token pushing its price up significantly. Despite the bullish impulse, this cryptocurrency could face a retracement.

The uptrend could find an exhaustion point

The TD sequential indicator is currently presenting two sell signals on BAT’s 4-hour chart. One in the form of a green nine candlestick and the other as a sequential 13 candle. These bearish formations estimate that Basic Attention Token could retrace for one to four candlesticks before continuing its bullish trend. A spike in the selling pressure behind this cryptocurrency around the current price levels could validate the bearish outlook. BAT could then plunge to the 78.6% Fibonacci retracement level at $0.285.

Breaking below this support level could ignite a steeper decline to the 61.8 or 50 percent Fibonacci retracement levels. These barriers of support sit at $0.256 and $0.236, respectively.Nevertheless, as the launch date of the BAT perpetual contract approaches, demand for this cryptocurrency could increase. If Basic Attention Token is able to close above the recent high of $0.322 it could climb to $0.369 or $0.394.Basic Attention Token, currently ranked #29 by market cap, is up 11.14% over the past 24 hours. BAT has a market cap of $449.59M with a 24 hour volume of $149.63M.

Article Produced By
Ali Martinez

Technical Analyst at CryptoSlate

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

https://cryptoslate.com/basic-attention-token-jumps-11-as-binance-futures-launches-bat-perpetual-contracts/

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Binance adds support for Australian Dollar in partnership with Global Fiat Solution provider Banxa

Binance adds support for Australian Dollar in partnership with Global Fiat Solution provider Banxa

The world’s leading cryptocurrency exchange, Binance,

announced a partnership with fiat on-ramp solution provider Banxa to provide support for Australian Dollar (AUD). With this partnership, users can directly purchase cryptocurrency through AUD, Euro (EUR), and

British Pound (GBP) on Binance.

“We believe fiat will co-exist with crypto for a long time to come. More than 99.9% of the global money supply is still in fiat and we need to continue building bridges to enable easier flow into crypto. In 2020, we aim to add support for all 180 fiat currencies,” said CZ (Changpeng Zhao), Binance CEO. “Banxa is a partner who shares our mission of making cryptocurrency accessible to people around the world.”

Banxa is an international compliant fiat on-ramp solution provider for cryptocurrency.  The company has offices in two places currently – Melbourne, Australia and Amsterdam, Netherlands. Apart from AUD, Banxa supports EUR and GBP. The company provides on-ramp

solutions in Europe and Australia.

“Banxa allows crypto exchanges, wallets and other crypto platforms to offer instant fiat to crypto conversions. With only one integration, our partners benefit from both local and global payment options while Banxa takes care of all regulation, compliance and chargebacks. We are very delighted to welcome Binance into our growing ecosystem of partners and look forward to working closely with the team at Binance,” said Holger Arians, Banxa CEO.

The on-ramp solution by Banxa is live on Binance and can be accessed via Binance’s Buy and Sell crypto page. Binance is heavily pushing fiat-cryptocurrency on its platform, with the founder CZ calling fiat pairing the next big focus of Binance.

Article Produced By
Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He is the founder of Blockmanity. He trades cryptocurrencies and holds some but he prefers holding USDT.

https://blockmanity.com/news/binance/binance-adds-support-for-australian-dollar-in-partnership-with-global-fiat-solution-provider-banxa/

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Binance Makes Major Move into P2P Trading + 9 More Crypto News

Binance Makes Major Move into P2P Trading + 9 More Crypto News

                                    Binance Makes Major Move into P2P Trading + 9 More Crypto News 101

Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Cryptocurrency exchange news

  • Major exchange Binance has launched peer-to-peer (P2P) trading functionality with BTC, ETH and USDT available for trading against Chinese yuan. Moreover, the company is now accepting fiat onramp with Alipay, a major Chinese online payment platform, and WeChat, another major Chinese multi-purpose messaging, social media and mobile payment app, confirmed Changpeng Zhao, CEO of Binance. Initially, this P2P functionality is available to Android users that have Binance accounts registered for over 30 days, the company said. The CEO added they "will expand the service to other regions soon." As previously reported by Cryptonews.com, fiat-to-crypto conversion is a big thing for Binance and “there’s a lot of initiatives happening.” Binance Coin (BNB), the native token of Binance, is the best performing coin among the top 10 tokens today. At pixel time (10:24 UTC), it trades at c. USD 17 and is up by more than 8% in the past 24 hours and by almost 10% in the past week.

Investment news

  • Major German real estate developer, Bauwens Group has acquired shares of Fundament Group, the end-to-end security issuance solution for asset tokenization, the latter announced. The company did not provide any further details about the deal. "Attaining strategic investment from Bauwens, Fundament Group gains a long-term partner in the real estate development market as well as access to an extensive pipeline of projects in Germany’s key metropolitan areas including Munich, Hamburg, Berlin, and Frankfurt," it said in a press release.
  • One of the largest cryptocurrency asset managers in the world, Grayscale, has raised a total of around USD 85 million from investors in Q2, 84% of which came from institutional investors, Grayscale's director of sales and business development Rayhaneh Sharif-Askary told The Block.
  • ACINQ, one of the developers of the Bitcoin Lightning Network, said it raised USD 8 million, in order to grow its team, improve the Lightning protocol and expand its businesses as a major operator and liquidity provider. The investment round that increased their total funding to USD 10 million, was led by Idinvest Partners, with participation of Serena and Bpifrance, the partially state-owned French investment bank.

Adoption news

  • The Swiss National Bank said it will collaborate with SIX Group, the operator of the SIX stock exchange, in order to examine the integration of digital central bank money into a distributed ledger technology infrastructure. "This new form of digital central bank money would be aimed at facilitating the settlement of tokenised assets between financial institutions," the bank said.
  • UNICEF, the United Nations Children’s Fund, said it will now be able to receive, hold and disburse donations of ether and bitcoin, through its newly-established UNICEF Cryptocurrency Fund. "In a first for United Nations organizations, UNICEF will use cryptocurrencies to fund open source technology benefiting children and young people around the world," the organization said.

Crypto gadget news

  • Casa, the U.S.-based private key security specialist, launched a new version of their plug-and-play Bitcoin and Lightning node, Casa Node 2. The company claims the new device is faster and comes with more memory. "Under the hood, Casa Node 2 has a Raspberry Pi 4 Model B with 4 GB of RAM, along with a fast 1 TB SSD drive," according to the startup.

Libra news

  • Nick Read, chief executive of telco giant Vodafone, said that Facebook's Libra needs to have an independed chief executive to fully separete it from Facebook, The Telegraph reported. However, Vodafone, which is one of the founding members of the Libra Association, reitareted its support for the troubled token project.

Gram news

  • Major messaging app Telegram claims it has no control over the TON Blockchain network, which is about to be launched in October. We "do not have the ability to facilitate any cancellation or modification requests to transactions you have submitted," the company added in their Grams Wallet's terms of service.

Legal news

  • Two law firms, Silver Miller and Levi Korsinsky said they have commenced a class action lawsuit on behalf of investors in Nano f/k/a RaiBlocks (XRB), alleging that Nano and key members of its core team violated federal securities laws. The Complaint further alleges that, in their push to introduce XRB to a wide market of investors, the defendants recklessly directed investors to open accounts and place their assets with a little known, and severely troubled, Italian cryptocurrency exchange called BitGrail, where USD 170 million of the investors' XRB allegedly "disappeared" in February 2018, according to the announcement. At pixel time (09:44 UTC) NANO trades at c. USD 0.8 and is up by 6% in the past 24 hours.

Article Produced By
Linas Kmieliauskas

https://cryptonews.com/news/binance-makes-major-move-into-p2p-trading-9-more-crypto-news-4825.htm

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