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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/

Heiko Closhen, Entrepreneur

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

Heiko Closhen, Entrepreneur

Binance New Up amp Down Tokens Spark Controversy

 

Binance New Up & Down Tokens Spark Controversy

 

Binance’s latest addition, Binance Leveraged Tokens (BLVT), announced via a blog post on May 13, has met with some criticism from the cryptocommunity. The new tokens, Binance says, eased liquidation risk and the “nitty-gritty of managing a leveraged position.

However, it notes that leveraged tokens “have a poor track record of generating long-term returns when compared to traditional margin-leveraged products” – but that Binance’s new leveraged tokens address the issues related to other leveraged tokens. An example is that, instead of constant leverage, the token uses a variable target leverage with a range between 1.5x to 3x.

It comes in two forms: BTCUP and BTCDOWN, which allows you to generate leveraged gains when Bitcoin (BTC) goes up or down, respectively.

Binance lists a few different reasons as to why its leveraged tokens are better than others. Besides the variable leverage rate, it also cites rebalancing, liquidity and fees as showing that BLVTs are better. With respect ot rebalancing, Binance says that it will only do so when required,

BLVTs will only rebalance the positions as needed to maximize profitability on upswings, and minimize losses to avoid liquidation. This means that ‘normal’ fluctuations in the market will not cause rebalances, and the token value will maintain its correlation with the value of its underlying asset.

As for the fees, Binance has focused on attracting users by offering minimal rates – a daily management fee of 0.01%, with an annualized rate of only 3.5%, whereas the daily management fee of other existing tokens is as high as 0.03%.

Community Unhappy

The cryptocommunity, however, has taken quite an unwelcoming view of the new tokens, alluding to an earlier decision by Binance to delist leveraged tokens called BULL and BEAR. The tokens were delisted because it was deemed too much of a risk for investors, who were often uninformed. CEO Changpeng Zhao said the decision had to be made even though it was bad for business.

The community largely seems to agree with the fact that leveraged trading is fraught with risk which users don’t understand, though they don’t seem to take a very positive view of the BLVTs. Users seem to think that the BLVTs are just as risky as previous leveraged tokens, perhaps even more so with the variable leveraged rate. They contend that this would just lead to Binance profiting, while doing little to reduce liquidation. Others state that this is a comparatively trivial development.

The criticism has also recalled Binance's decision to delist FTX's leverage tokens, BULL and BEAR, and some have pointed out an element of hypocrisy.

The criticism has not stopped Binance's growth. The exchange seems to be doing all it can to tighten its grip on the market, with a slew of features released in the past year have asserted its position as one of the top exchanges globally.

 

Binance blocks Ethereum from Upbit hackers, CZ says they have to fight bad actors

 

Binance , the largest cryptocurrency exchange in terms of transaction volumes, froze 137 ETH ($ 27,164) sent by Upbit hackers. 

Changpeng Zhao, CEO of Binance , quickly responded to a tweet from the latest batch of stolen funds from Twitter from Whale Alert. 

Binance to investigate the transfer 

According to CZ, they are currently working with Upbit and law enforcement to verify the malicious nature of the transaction. Binance will

investigate how to return the stolen crypto to Upbit. As reported by PassionCrypto , the main South Korean stock exchange suffered an Ethereum hack of $ 51.7 million in November 2019.  Since then, hackers have regularly mixed their ill-gotten coins, the transfer of Binance being the latest example .   

Heiko Closhen, Entrepreneur

Binance Bounty is live New Airdrop from Binance TRX Holders Attention

 

Binance Bounty is live

 

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About:

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services.

They are exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

 

Binance Bounty is worth of 12.5 BTC reward pool

 

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Task:

1.Register for the website Binance, by creating an account.

2.Opened a Binance Futures account

3.Purchase of any amount using of Binance’s fiat (either Buy Crypto or Trade on P2P )

4.Complete 500 USD or more equivalent trading volume in BTC spot trading pairs

5.Complete 1,000 USDT or more in trading volume in the BTC/USDT Binance Futures perpetual contract during the activity period

6.Refer your friend and have them successfully open a Binance Futures account

7.For more information see this Binance announcement.

 

Rewards:

Complete any 2 out of 4 tasks to equally split a prize pool of 2.5 BTC.

Complete any 3 out of 4 tasks to equally split a prize pool of 4 BTC.

Complete all 4 tasks to equally split a prize pool of 6 BTC.

Video:

 

 

 

 

New Airdrop from Binance! TRX Holders Attention!

 

New Airdrop from Binance! TRX Holders Attention!  

According to the announcement, Binance will perform an airdrop for Just (JST) token.

 

Only users holding TRX can benefit from the airdrop.  On May 20, screenshots of Tron (TRX) wallets will be taken and an airdrop will take place. The total amount of JST to be distributed by airdrop is 217,800,000 units.

​

Stating that JST Token will also support the monthly airdrop program, Binance will continue to deploy tokens by taking screenshots of TRX balances every month.

 

 With the Airdrop news, TRX fist increased by more than 5 percent.

How to Earn Interest with Binance Savings

 

Binance Savings allows you to earn some sweet interest on various crypto-currencies. This is a great way to earn something when you wish to park your coins for a period of time.  Interest paid varies according to the period of the time of your choosing.  It is also worth to mention that interest rates do fluctuate as well.  Two options are offered to you: Flexible and Locked Savings.    

Flexible Savings

Flexible Savings allows you to redeem your coins at any time.  The redemption process is actually instant and your coins are available to trade/withdraw right away.  The downside with Flexible Savings is that the interest rate is less than what you would receive using Locked Savings.  At time of writing, the top five annualized interest rates were as follows:

BUSD (Binance USD): 2.97%

USDT (Tether): 2.71%

ATOM (Cosmos): 2.29%

DASH: 1.97%

TRX (Tron): 2.00%

Other coins are offered (BTC, XLM, etc.) but the interest rates offered were very low compared to the list above, still it is better to earn something than nothing. 

Binance Flexible Savings

Locked Savings

Locked Savings come with much better interest rates but are only offered on a handful of coins (BUSD, EOS and USDT).  For this option, you can select periods of 7 days, 14 days, 30 days and even 90 days.  The longer the term you select, the higher the interest rate you would earn.  At time of writing, annualized interest rates were as follows on BUSD (Binance USD):

7 Days: 6.71%

14 Days: 6.89%

30 Days: 7.06%

90 Days: 7.24%

Binance Locked Savings

At the end of the term, you can select that your coins be automatically placed on Flexible Savings. 

From time to time, Binance will also offer a promotion to reward you with higher interest rates on your coins.  The conditions, such as term and interest rate, will vary according to the promotion.  There will also be a cap of the total number of coins that can be pledged so it is on the basis of first come, first serve (see example below for previous promotions). 

Binance Promo Locked Savings

If you would like to register for Binance, you can use this link to receive a 10% Commission Kickback: Binance Savings

Thanks for reading, liking and tipping this post! 

————————————————————————————-

Other free Promo Links that may be of interest to you.  

Join Coinbase & receive $10 USD: Coinbase

If you're already on Coinbase, you can still earn using Coinbase Earn, several modules are available using the following links:

Coinbase Earn (Orchid)

Coinbase Earn (EOS)

Coinbase Earn (Stellar)

 

 

 

  

Heiko Closhen, Entrepreneur

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/&

Heiko Closhen, Entrepreneur

Performance of Binance’s Last 5 Launchpad Projects Future News Blockchain

Performance of Binance's Last 5 Launchpad Projects

Performance of Binance's Last 5 Launchpad Projects

 

What is Binance Launchpad Platform?

 

Binance Launchpad platform is the token sales platform of Binance Ecosystem, where Binance users have the opportunity to be an early investor in new projects with the Binance Coin (BNB) they hold in their accounts, and aims to ensure that project owners can continue their work by funding their projects with the investments of Binance users.

With Binance Launchpad Event, projects where users can be early investors are listed in Binance in a very short time and are opened to the trade of all Binance users.

Let's take a closer look at the performance of Binance's last 5 Launchpad Events.

 

CARTESI

Cartesi is building an operating system for dApps. The project enables complex and intensive computations run in a Linux environment, outside the blockchain, without compromising decentralization. Cartesi aims to make dApps significantly more powerful, cost-effective, easier to develop, and portable. The goal is to bring mainstream productivity to developers and a satisfying experience for users.  

Cartesi Binance

 

Binance exchange recorded BNB balances of BNB holders for 7 days.  

ticket

The number of tickets won in the lottery was 4.82% of the total number of tickets. Due to this rate, Binance users who did not have a winning ticket criticized the lottery system.

Cartesi token was sold for $ 0.015 at the Binance Launchpad event.

ctsi

When Cartesi was opened for trading on the Binance exchange, it was the highest value of $ 0.098.

The Cartesi project made a huge profit for users who had a winning ticket at the Binance Launcpad events. However, it is not possible to say the same for Binance users who buy Cartesi at $ 0.098 level. 

As I write the article, Cartesi is traded at $ 0.03439 on the Binance exchange.  

WAZÄ°RX 

WazirX is a cryptocurrency exchange with an advanced trading interface. WazirX’s aim is to bridge the global fiat-cryptocurrency gap with the world’s first auto-matching P2P engine – WazirX Peer-to-Peer. 

WazirX’s native token, WRX, is the utility token forming the backbone of the WazirX ecosystem. The WRX token is built on Binance chain with future use cases including: trading fee discounts, WRX trade mining (unlock and earn WRX tokens by performing trades), paying for margin fees, and more.

The WazirX Exchange, bought by Binance in 2019, began operations in 2020, when the Indian Supreme Court lifted the ban on crypto in India. With Binance's funding of $ 50 million to the Wazirx Exchange,WazirX Exchange had the chance to expand its operations in India.

 

wazirx  lottery

 

Binance exchange recorded BNB balances of BNB holders for 30 days. 

wazirx ticket

WazirX token was sold for $ 0.02 at the Binance Launchpad event.

 

wazirx

 

WazirX increased from $ 0.02 to $ 0.075 on the first day it started trading on Binance. WazirX, which had fluctuated performance for a few days, reached its highest value at $ 0.22989 on 2020.03.07.

WazirX made a great profit to ticket holders in the sale of Binance Launchpad and to those who invested in tokens after opening to trade.

WazirX was affected by the loss in the crypto market after Covid-19, and its value fell to $ 0.05167. As Bitcoin tested the $ 3750 level and started to rise again, it started to gain value in WazirX.

As I write the article, WazirX is traded at $ 0.13562 on the Binance exchange.  

TROY

Troy Trade is a global main broker specializing in crypto trading and asset management. It offers crypto brokerage services for revolutionary products including spot and margin trading, derivatives, data, custody, lending, and stacking in a single account for corporate customers and professional traders. TROY Token is the main instrument of the Troy ecosystem.

troy ticket

 

Binance exchange recorded BNB balances of BNB holders for 30 days. 

 

troy lottery

The winning ticket rate is 22% according to the ticket rate distributed at the Troy Launchpad event. According to the WazirX and Cartesi Launcpad events held after Troy, the winning ticket rate is extremely high.

TROY token was sold for $ 0.05 at the Binance Launchpad event.

 

troy

 

Troy increased from $ 0.005 to $ 0.012 on the first day it started trading on Binance. Troy could not show the same perfomrans in the following days and started to lose value. Affected by the loss in the crypto market after Covid-19, Troy fell to $ 0.00126.

In the Troy Launchpad Event, investors with winning tickets made a profit.However, after Troy was opened to trading, the vast majority of investors who bought Troy suffered serious losses.

As I write the article, Troy is traded at $ 0.0026470 on the Binance exchange.

 

KAVA

Kava is a cross-chain DeFi platform offering collateralized loans and stablecoins to users of major crypto assets (BTC XRP BNB ATOM etc.). It is supported by over 100+ business entities around the world including prominent crypto funds and major crypto projects like Ripple and Cosmos. The platform features two tokens:KAVA a governance and staking token responsible for securing the network and voting on key parameters; and USDX an algorithmically maintained stablecoin backed by crypto asset collateral.

kava lottery

 

Binance exchange recorded BNB balances of BNB holders for 30 days. 

kava ticket

The number of tickets won in the lottery was 9.01% of the total number of tickets and was far from meeting the demand of the majority of Binance users.

 

kava

 

Kava increased from $ 0.46 to $ 1.644 on the first day it started trading on Binance. Kava managed to hold above $ 1 in the following days. Before Covid-19 hit the crypto markets, Kava's value had risen to $ 1.4. On the night when Bitcoin was experiencing great depreciation, Kava's value dropped to its lowest level of $ 0.24. Even though Kava begins to recover after the great depreciation, it seems to be far from the level that its investors will laugh at.  

Despite the negative situation, Kava also has some advantages.

Kava's efforts to develop its own ecosystem and increased collaboration with Binance may make Kava investors smile in the future. Kava's initiation of BNB locking operations will also contribute to the increase in BNB's value. Also, the Kava Stake Event is continuing at the Binance Exchange. In this event, the Kava stake reward rate ranges from 14% to 16% annually.

As I write the article, Kava is traded at $ 0.5155 on the Binance exchange.

BAND PROTOCOL

Band Protocol – Secure and scalable decentralized oracle for Web3.0

Band Protocol is a secure and scalable decentralized oracle serving as a layer-2 protocol on public blockchains. It allows dApps to leverage existing data on the internet without trusted intermediaries bridging the use cases between Web 2.0 and 3.0. Band’s unique multi-token model and staking mechanism ensure that data is free from manipulation. By making data readily available and reusable on-chain Band Protocol offers a cheaper and faster solution compared with alternatives all without compromising security. Developers using Band Protocol will be able to build a wider range of dApps with integration to off-chain financial data reputation scores identity management systems and much more bringing blockchain closer to mass adoption.

band

 

Binance exchange recorded BNB balances of BNB holders for 30 days.

band lottery

The number of tickets won at the lottery was 9.43% of the total number of tickets, and Binance users, of course, were not satisfied.

 

band

 

Band increased from $ 0.473 to $ 2.365 on the first day it started trading on Binance. After the summit on the first day, Band quickly began to depreciate, 2 months later the Band fell to $ 0.1965. T

he Band, which gained value until the Covid-19 crisis and reached $ 0.75, decreased to the lowest value in history after the Covid-19 crisis, to $ 0.1923.

Investors with a winning ticket at the Band Launchpad event made huge gains. Investors who took the Band after Band was listed in Binance may have suffered greatly. Investors who buy and hold the group may still be waiting.

As I write the article, Troy is traded at $ 1.0761 on the Binance exchange.

 

ANALYSIS OF THE LAST 5 LAUNCHPAD ACTIVITIES OF BINANCE

  • Investors with a winning ticket in the last 5 Launchpad events of Binanace seem generally profitable.
  • While Cartesi, Troy, Kava and Band tokens reached their highest values on the first day they were listed, WazirX reached its historical ATH value later.
  • On the first day when Cartesi, Troy, Kava and Band tokens are listed, traders who buy tokens at high value and do not sell these tokens seem to have made a bad investment and lost money. Investors who buy WazirX tokens seem to have a chance to make a profit in every period.
  • In Cartesi, WazirX, Kava and Band Launchpad Events, the ratio of winning tickets to the total number of tickets was below 10%.
  • In Binance Launchpad Events, the BNB balances in the Cartesi project are calculated according to the average of 1 week, while in other projects, the balances are calculated according to the average of 30 days.
  • Although Binance Launchpad Events are criticized by users, the participation rate in the events seems to be extremely high.
  • In Binance's last 4 Launchpad Events, the value of 1 ticket is $ 200. Only in Band Launchpad event, the value of 1 ticket is $ 300.
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Heiko Closhen, Entrepreneur

Can Warren Buffett Buy All Bitcoin BTC in Circulation? Binance CEO Shares His Take

Can Warren Buffett Buy All Bitcoin (BTC) in Circulation? Binance CEO Shares His Take

Berkshire Hathaway CEO Warren Buffett, the fourth richest person on the globe, is currently sitting on a $137 bln pile of cash, which means that he can gobble up Bitcoin’s entire circulating supply.

On the off chance that “the Oracle of Omaha” does decide to go all-in on crypto, Binance CEO Changpend Zhao says that he is unlikely to succeed.     

Cash can’t buy you everything
CZ explains that the 89-year-old billionaire would need all holders to sell him their existing coins at current prices. This seems extremely far-fetched since most of them expect significant price appreciation in the long-term.

Hence, Buffett will have to be content with a very small portion of BTC that he will manage to buy “at very high prices.”

CZ, whose net worth is estimated to be at $2.6 bln, claims that he only holds a minuscule amount of fiat, and he doesn’t plan to sell his crypto riches.

 

BRAVE BROWSER INTEGRATES XRP , ETHEREUM, BITCOIN, BCH, TRX, NANO, DASH... WITH ITS BINANCE WIDGET

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Good day everybody,

you have noticed something interesting probably (or not). Here is my new analyze about the Integration of Ethereum, Ripple XRP and Bitcoin, Nano, Dash, Nano, BCH, TRX and others into the Binance Widget into Brave Browser.

Here are the facts :

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Click here to Register on BINANCE and benefit from discounts of 20 to 50% on transaction costs
 

 

  

Heiko Closhen, Entrepreneur

Introducing Binance Pool an Inclusive Crypto Mining Platform That Empowers Miners

Introducing Binance Pool, an Inclusive Crypto Mining Platform That Empowers Miners

 

At Binance, we are building a full suite of crypto-powered financial services that will allow you to make the most out of crypto. Today, we’re introducing the latest addition to our product suite: Binance Pool, a cryptocurrency mining platform dedicated to empowering miners and the global crypto mining industry. 

With Binance Pool, we aim to establish a comprehensive platform for miners that will bring more possibilities to the mining industry by bridging traditional mining and financial services. By leveraging the benefits of an exchange platform, Binance Pool offers users lower fees and more comprehensive services to increase opportunities and enable miners to earn more. Binance Pool connects miners to Binance’s suite of financial products, including Binance Futures, Spot & Margin trading, Binance Lending, and Binance Staking.

Binance Pool will support both PoW (proof-of-work) and PoS (proof-of-stake) mechanisms for mining, made possible by Binance’s technology and computing power. The platform is first launching with a bitcoin mining service, with support for more cryptocurrencies and more customized services to come.

Binance Pool offers the following benefits:

 

  • Lowest fees in the market. Exchange-powered mining pools offer lower fees in general. With Binance Pool, we are driving expenses lower to offer the most attractive service in the market.

  • Global tech expertise. Right from its launch, Binance Pool is led by the team of seasoned professionals, with top-notch operating expertise and know-how of the latest mining technologies and equipment.

  • More decentralized mining field. The launch of Binance Pool represents the entry of one more competitor to the hashing power of Bitcoin and other cryptocurrencies.

  • More secure blockchain networks. The further decentralization of Bitcoin mining also results in more difficulty when it comes to attacking the Bitcoin network.

  • Comprehensive financial services. Now, you can connect crypto mining to the most wide-reaching product suite of crypto financial services in the market.

  • Better services for miners. Binance is synonymous with constant enhancement, and our dedicated team of mining pool experts will deliver various updates on Binance Pool to turn it into the most rewarding mining pool in the market.

  • Protection to miners regardless of the market. We are committed to fully leveraging the global influence of Binance to connect the mining ecosystem to industrial resources and provide miners with financial services such as low fees and lending services with low loan-to-value ratios.

  • Support for both proof-of-work and proof-of-stake mining mechanisms. Binance Pool will begin with a Bitcoin mining service, and we will expand into more cryptocurrencies soon.

Binance Pool is launching with a bitcoin mining solution plus a special offer of zero-fee starting rate for Bitcoin miners for our first month. Sign up here to avail of this promo. All new and existing Binance users can access Binance Pool directly from Binance.com, with fee rates under 2.5%.

An Overview of the Crypto Mining Industry and Where Binance Pool Fits

Cryptocurrency mining is the process in which transactions between users are verified and added into the blockchain public ledger. Over time, mining pools were formed where miners could combine their resources, share their processing power over a network, then split the reward equally among everyone in proportion to their contribution to the process.

In general, there are two types of mining pools: traditional and exchange, which are pools created by crypto exchanges like Binance. While the process of combining network power is similar for the two types, for traditional crypto mining pools, rewards are sent to blockchain addresses of each participating miner, whereas for exchange pools, rewards go directly to the participants’ exchange accounts.

As an exchange-based mining pool, Binance Pool offers a unique opportunity for miners to participate in a more globally-dispersed network corresponding with our user base. We are combining the usual benefits of a mining pool, plus a few enhancements of our own like promotions and competitive fees, with the most comprehensive crypto-financial product suite available in the market today. 

With functions such as buying, trading, staking, saving, earning, borrowing, and now mining under one roof, we offer unparalleled convenience. 

Opportunities and Challenges Ahead for the Crypto Mining Industry

The launch of Binance Pool coincides with major shifts in the crypto industry. The most anticipated of these changes is the impending Bitcoin halving event in May. The previous two halving events were linked to rapid changes in the entire cryptocurrency industry, and the third halving event for Bitcoin will bring its own set of opportunities and challenges. Meanwhile, major changes in other major cryptocurrencies are on the horizon, such as Ethereum’s impending shift to proof-of-stake consensus.

With Binance Pool’s launch, we are contributing to the changes that will take place in the crypto mining industry. In itself, the launch of Binance Pool adds another player into the world of crypto mining and makes BTC hash power more decentralized. We also offer the Binance brand of execution and continuous improvement in crypto mining, with upcoming customized services and support for more cryptocurrencies lined up soon.

 

Binance Pool and the Binance Ecosystem

Binance Pool will be integrated into the Binance ecosystem as the newest addition to our suite of financial crypto platforms. At the moment, here’s how our comprehensive suite of crypto services will complement one another:

  • Buy crypto on Binance.com via debit or credit cards and trusted third-party payment partners, as well as through Binance P2P (peer-to-peer fiat-to-crypto buying) and Binance Widget (interface for buying crypto on several websites and platforms.

  • Trade crypto on several markets: Binance Spot for spot prices on 200+ cryptocurrencies, Binance Margin for leveraged trading on spot prices, Binance Futures for leveraged derivatives trading on 24 major cryptocurrencies, and the newly-launched Binance Options for call and put options on major cryptocurrencies.

  • Grow your crypto through our crypto finance services such as Binance Savings (set aside crypto funds to earn interest) and Binance Staking (store proof-of-stake cryptocurrencies on your Binance account to earn staking rewards automatica telly.)

  • Borrow crypto that you need through Binance Loans to obtain the USDT or BUSD you need at the moment.

  • Transact large amounts of crypto through Binance OTC services, for trading large volumes without moving markets.

For more information, visit the Binance Pool website today!

 

  

  

Heiko Closhen, Entrepreneur

Class Action Lawsuits Lodged against Binance BitMex Tron and More UPDATED

Class Action Lawsuits Lodged against Binance, BitMex, Tron and More (UPDATED)

Class Action Lawsuits Lodged against Binance, BitMex, Tron and More (UPDATED) 101

An American law firm has filed a series of ambitious class action lawsuits against some of the biggest crypto exchanges and token issuers in the world, accusing them of selling unlicensed securities without brokerage or dealer licensing certification and market manipulation. (Updated at 17:36 UTC: updates in bold).

In a press release, legal firm Roche Freedman named crypto heavyweights such as BinanceKuCoin and BitMEX, as well as its operator HDR Global Trading. It also named exchange BiBox and the Tron Foundation, in addition to Block.oneQuantstampKayDexCivicBProtocol and Status.

Binance CEO Changpeng Zhao, EOS and Block.one’s Dan Larimer and Brendan Blumer and Civic CEO Vinny Lingham are named in the legal firm’s documentation.

The lawyers singled out BitMEX in particular, claiming that the exchange was guilty of “manipulating prices to force investors to liquidate their portfolios.”

The law firm has plenty of previous experience in the world of cryptocurrency litigation – as it is also currently representing the estate of Dave Kleiman, the now-deceased business partner of the man who claims he founded Bitcoin (BTC), Craig Wright.

The firm also stated that the suits contained evidence of “misconduct by exchanges and issuers” that “yielded billions in profits for wrongdoers through a basic betrayal of public trust.”

One of the partners stated,

“The lawsuits we filed seek to restore integrity and transparency to these new financial markets.”

 

"The class action lawsuits will play out in one of two ways: One way is that since the cases will be determined by US courts, it will force precedence on what constitutes as a securities offering, who is responsible for it, and under what jurisdiction," Alexander S. Blum, COO of Two Prime, a fintech company focused on the financial applications of crypto, said in an emailed statement.

However, some companies may want to settle out of court and there may not be any legal decision, he added, noting that it’ll be interesting to see whether the US courts will be able to enforce their decisions on international groups with no legal entities in the US, such as Tron or KuCoin.

 

Also, it remains to be seen if and when the defendants will appear in court to face the firm’s charges, with travel restrictions and coronavirus pandemic-related lockdowns in place in most parts of the world.

Heiko Closhen, Entrepreneur

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/

Heiko Closhen, Entrepreneur