Binance Invests in Plans of First Decentralized, Tokenized Bank in Malta

Binance Invests in Plans of First Decentralized, Tokenized Bank in Malta

Binance, the world’s second largest cryptocurrency exchange platform, is planning to create a blockchain based bank with token ownership according to Bloomberg on July 12.

The “Founders Bank” would will be based out of Malta and owned by several digital token investors. Finances already invested in a 5% stake along with other investors at a $155 million valuation.

The aim of the project is to become the world’s first decentralized community own bank. The owners of the bank would be issued a legally binding equity tokens in return for their investment. All investment capital would be handled through the blockchain based equity platform Neufund.

A license from Maltese regulators, in accordance with European financial walls, we need to be issued before launch operations. The office of the Prime Minister of Malta, Silvio Schembri, has stated he “is honored to have Malta chosen as the location for the first global community owned bank”.

The Maltese Parliament has just recently approved three DLTs (Distributed Ledger Technologies) and crypto related bills, to remain at the forefront of blockchain innovation.  These operations continue to define Malta as the “blockchain island” and further solidifies their stance as a profound cryptocurrency advocate.

Binance CEO Changpeng Zhao Says “Bitcoin Still in a Good Position After 70% Fall”

Binance-CEO-Changpeng-Zhao-Says-Bitcoin-Still-in-a-Good-Position-After-70-Fall

 Changpeng Zhao (CZ), the founder and CEO at the world’s biggest crypto exchange Binance, has said that bitcoin is still in a positive position after its 70 percent fall since early 2018, especially considering its strong rally throughout 2017.

Crypto Market is Better in Every Way

From January to December of 2017, the price of bitcoin increased from $890 to $20,000, by more than 2150 percent. In comparison to mid-2017, the volume of bitcoin has increased by five-fold, signifying a significant surge in demand and interest towards cryptocurrencies as an emerging asset class from investors in the public market.

In an interview with Bianca Chen, a cryptocurrency researcher and reporter in Zug, Switzerland, CZ said that the cryptocurrency sector is in a better position than a year ago, in terms of infrastructure, price, volume, and mainstream interest.

“Just checked, btc price was $2500 a year ago, today $6800. Trading volume for btc was 780m a year ago, today is 3.4b. There you go,” CZ said.

In mid-2017, the cryptocurrency sector did not have any proper infrastructure in place for both retail and institutional investors. As of July, the crypto market has an institutional platform called Coinbase Custody established, with which hedge funds, academic institutions, and pensions can purchase many millions of dollars worth of digital assets like bitcoin and ether, the native cryptocurrency of the Ethereum blockchain protocol.

Major banks and financial institutions such as JPMorgan, Goldman Sachs, and Morgan Stanley have publicly disclosed their intent to facilitate the growing demand from their clients in the traditional finance sector towards cryptocurrencies by operating digital asset trading desks and exchanges in the future, once regulatory uncertainty around the crypto exchange market is cleared by the financial authorities of the US.

Most recently, at the Economic Club of New York conference, Goldman Sachs CEO Lloyd Blankfein said that if government-operated fiat currencies can dominate the financial system, consensus currencies can also emerge as dominant mediums of exchange.

More to that, Blankfein emphasized that it is arrogant to think cryptocurrencies simply cannot work because they are based on new fundamentals, principles, and philosophies.

“If you go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency? And so it’s not for me, I don’t do it, I own no bitcoin. Goldman Sachs as far as I know… has no bitcoin, but if it does work out, I could give you the historical path why that could have happened. I’m not in this school of saying… because it’s uncomfortable with me, because it’s unfamiliar, this can’t happen, that’s too arrogant,” Blankfein said.

So Where Does Bitcoin Go Next?

Similar to the 2014 correction, the drop in the price of bitcoin in 2018 was caused by the bubble of retail investors. The recognition of cryptocurrencies as an emerging asset class by banks, leading economies, and governments like the US, Japan, and South Korea will enable the next FOMO, fear of missing out, amongst large-scale investors and institutions.

Binance Donates $1 Million Victim Relief forJapan Floods

Binance Donates $1 Million Towards Victim Relief for West Japan Floods

Binance, the world’s largest cryptocurrency exchange, pledged $1 million for the victims of the floods in West Japan.

In an official post, Binance stated:

On Saturday Japan has been hit with unprecedented rainfall causing floods and landslides. According to a BBC report, More than 60 people have died and about a dozen people have been missing since. PM Shinzo Abe has ordered the evacuation of two million people in the disaster-prone areas.

Binance has urged users who’d like to donate to the cause to send ETH or ERC-20 tokens to the wallet mentioned in their official post.

They stated that all outgoing transactions would only be used for charity purposes and will be explained by Binance.

Changpeng Zhao, the founder and CEO of Binance, tweeted out calling the crypto community to contribute towards this fund. He stated that the exact logistics would be figured out shortly and his team is contacting local authorities to figure out final delivery logistics. “Given the short time, we had to keep this very simple for this time. We will build something more systematic later.” he further stated.

He also mentioned that projects which donated to the cause would get “bonus points for future listing requests” and that they might consider the donation towards the listing fees.

The Ethereum wallet mentioned has received about $90,000 worth of ETH and $1.05 Million worth of ERC-20 tokens as of writing.

Cryptocurrencies have been long used to donate for charitable causes especially due to the transparency of transactions on the public ledger. The Pineapple Fund, run by an anonymous donor, has supported over 60 charities, ranging from clean water initiatives to open source projects, by donating $55 million dollars worth of Bitcoin.

As CCJ reported earlier, Ripple has donated $29 million in XRP to DonorsChoose, a charity which helps public school teachers raise money for educational resources such as books and school supplies. Freedom of the Press Foundation, a non-profit aimed to protect journalists and whistleblowers, has recently started accepting cryptocurrencies for donations and has already recieved half a million dollars in various cryptocurrencies so far.

Binance Backs Malta’s Stock Exchange’s Startup

Binance Supports Malta Stock Exchange’s Startup Accelerator Program

The Malta Stock Exchange (MSE) has announced that digital currency exchange Binance is backing its newly launched program to support fintech and crypto startups, Finance Magnates reported June 18.

According to a tweet by the MSE’s official Twitter account, it will accept up to twelve fintech companies to utilize the facilities proposed within the newly established program:

MSX FinTech Accelerator Programme aims to support and mentor fintech startups and entrepreneurs to become more competitive. Within the program, entities will be offered services such as in-house accounting and payroll, facilities including offices and conference rooms, a training center, and communication services. Thomson Reuters has also reportedly joined the program as a mentor.

Commenting on the accelerator program, the MSE chairman Joseph Portelli said that the exchange will enable both local and foreign organizations to bring their products to the market faster by offering “easy access to a readymade solution.” A Binance spokesperson said:

“We moved our operations to Malta precisely because it has demonstrated its progressive approach to supporting and developing the crypto and blockchain industry. Malta is creating a safe and legislated environment for the industry to become reputable, attracting companies like ours and many others. The Malta Stock Exchange reflects these values, providing the infrastructure for entrepreneurs and start-ups to flourish in what is otherwise a highly competitive industry.”

Binance is one of the largest digital currency exchanges in the world, with a 24 hour trading volume of nearly $1.2 billion at press time. Currently its token Binance Coin is trading at $16.68 with a total market capitalization of $1.9 billion, according to CoinMarketCap. Binance is also working on the launch of a new Malta-based cryptocurrency trading platform which will allow crypto-fiat trading by the end of the year.

Earlier this month, Binance made an undisclosed investment in Malta-based blockchain-powered esports voting platform chiliZ. Binance and chiliZ will reportedly “join forces” to provide the sports industry with a “fan-driven token ecosystem for traditional sports teams.”

In April, Binance partnered with Ugandan blockchain organization Crypto Savannah in order to support economic development of the East African country. The partnership will promote “economic transformation” by generating employment as well as attracting investment to Uganda.

Binance Quadruples User Base – Soon to Launch EUR Pairs

Binance-Quadruples-User-Base-–-Soon-to-Launch-eur-pair

Over the last six months Binance has seen a period of unparalleled growth. The world’s largest cryptocurrency exchange reported that its user base has quadrupled since the beginning of the year. The platform now has over 9 million users which is up more than 2 million from January according to this report from Bloomberg.

The company’s growth however has not been mirrored in its profits. During the bull market back in December, Binance made over $200 million in profit, as compared to the first quarter of 2018 which produced $150 million.

Regardless of these figures, Binance’s trading volume is set to see a significant increase in the near future as the exchange is preparing to roll out its first fiat trading pairs, against the euro. The platform currently offers crypto to crypto trading pairs as well as and Tether. Utilizing the ability to serve as a fiat exchange with euro will make it even more attractive for investors.

In related news, Binance opened their office in Malta along with a new bank account last month. The exchange told Bloomberg that they plan to staff office with 100 employees soon.

Binance Sets Up Bank Account In Malta

Binance-Sets-Up-Bank-Account-in-malta

Binance announced today that the company would be setting up a bank account in Malta, as reported by going Cointelegraph on Wednesday, June 6.

Binance, who currently has a trading volume of over $1.47 billion according to CoinMarketCap brings the exchange one step closer to allowing fiat to cryptocurrency deposits and withdrawals on its platform.

The founder of Binance Changpeng Zhao stated that the new bank account is an extremely significant development ever since the exchange announced that they would be relocating their headquarters in Malta.

The country is quickly establishing itself as the ultimate haven for blockchain and cryptocurrency companies. A few dozen blockchain companies have already established themselves on the island since late March alone.

Binance indicated that they plan to launch their headquarters within the year. Zhao stated that the company’s plans are going well as they are in talks with Malta’s traditional stock exchanges about future collaboration.

In related news, Binance announced that they are going to create a $1 billion cryptocurrency based support fund for new cryptocurrency startups and blockchain companies. Each of the 20 partners for the project is required to have at least $100 million in asset management.

Binance to Launch $1 Billion Fund for Blockchain and Crypto Startups

Binance to Launch $1 Billion Fund for Blockchain and Crypto Startups

The largest cryptocurrency exchange to date, Binance, just announced that they’re launching a $1 billion “Social Impact Fund” to help with the growth of cryptocurrency and blockchain startups.

The head of the exchanges program over at Binance Labs, Ella Zhang stated that the fund will be coming from finances own reserves as to contribute to the industry ecosystem.

The Binance labs division is seeking to invest in 20 startups. Each one must manage $100 million in order to be illegible for this fund. All investments will be made through Binance’s BNB token.

The first project to be funded by Binance Labs is a blockchain powered ride hailing initiative (think Uber with blockchain) which was announced last week by Chen Weixing.

Binance Adds New “Convert to BNB” Feature for Your Crypto Dust

Binance Adds New “Convert to BNB” Feature for Your Crypto Dust

Binance added a feature recently that allows anyone to convert their “crypto dust” to their designated token, Binance Coin (BNB). In turn, this token can be spent to pay for your trading fee trading fees. Fees paid with BNB are at a low 0.05%, while their typical trading fees are still at an industry low of 0.10% (typical industry fees are 0.25%).

This long awaited feature has been requested for many months now by the crypto community and is more than welcome by many crypto trading enthusiasts.

Binance, the world’s largest trading platform by volume, is always looking for new ways to improve their exchange. This is why they continue to dominate the market with their beginner friendly exchange, low trading fees, impressive community, and large trading volume.

What is dust?

dust-from-binance-bnb-coin-cryptoDust (or crypto dust) is a term widely used within the crypto trading community. It refers to the small amounts of cryptocurrency that typically left over from trading altcoins. These small amounts of cryptocurrency cannot be traded or transferred so they simply accumulate… much like dust.

The actual definition is as follows:

“Sending less than 0.01 BTC to any recipient — The network considers these small outputs to be “dust,” and discourages them by requiring a fee. If it was not discouraged, someone could take 1.0 BTC, and create 1,000,000 transactions of 0.000001 BTC each, for free, which would clog the network. So, that’s one definition of dust.”

Dust simply gets left in your Binance wallet to never be touched again. It tends to be forgotten and these small amounts can build up to significant ones.

It’s the equivalent of accumulating pennies; however you can actually spend pennies right? With crypto dust, you can’t until you accumulate a certain amount which is generally the minimum trading amount (typically 0.0005 BTC).

Using the Convert BNB Feature

Binance typically makes things simple for users and the same goes for this new BNB conversion feature. To use it, simply go to the funds tab inside Binance and you’ll see a clear option stating “convert to BNB”.

Next you’ll be shown a list of funds which can be converted to BNB. Note that this can only be applied to cryptocurrency which have a balance under 0.001 BTC. Once the list is displayed you can select the coins you want to be converted.

That’s it! Pretty simple right? Hopefully this feature will cause a domino effect within the crypto exchange industry. I hope to see this feature utilized within all exchanges in the near future.

For a more detailed review on Binance and how to open your own account, click here for our detailed guide.

Binance Seeks To Open New Offices In Malta After Japanese Regulators Issue Warning

Binance Seeks To Open New Offices In Malta After Japanese Regulators Issue Warning

Binance, one of the largest cryptocurrency exchanges by volume currently, has announced that it will be opening an office in Malta with regard to the news yesterday that Japanese regulators have issued a warning to the exchange.

The report stated that the Financial Services Authority (FSA) had ordered to shut down Binance operations in Japan for failing to register. Binance currently disputes these claims.

The Hong Kong-based company will work with local Malta banks regarding deposits and withdrawals, for the fiat to crypto based exchange.

Binance to Launch Decentralized Trading Platform

Binance to Launch Decentralized Trading Platform

 

Binance announced on March 13th that they would be developing a public blockchain to create a new decentralized exchange. They state that “centralized and decentralized exchanges will co-exist in the near future, complementing each other”, which has inspired them to develop Binance Chain.

This new blockchain will be used for transfer and trading of all blockchain assets. They are hoping that this move will help push cryptocurrency exchanges towards a more company to community transformation.
Binance Chain will host Binance Coin, which will inherently become its native coin with its own blockchain main net.

The difference between a decentralized exchange and a centralized exchange is that decentralized exchanges do not rely on third party services to hold customer funds. Users transact with other users without the need for a central authority that possesses order books or custody over the transactions.

Decentralized exchanges tend to provide more anonymity and are touted as being a bit more difficult for hackers, however they can be less intuitive for novice traders and lack features and functionality of standard centralized exchanges.

Binances announcement comes a day after announcing their $250,000 bounty to anyone who can provide information regarding the hackers responsible for the hacking attempts on March 7th.

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