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May 2017

Binance to Introduce Own USD Stablecoin with Paxos

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Binance

Binance

Binance is the world’s biggest crypto exchange, and it made a massive announcement yesterday. The world of cryptocurrencies has come a long way since the days when there used to be a handful of tokens and investors generally switched from one token to another. However, over the past few years, a wide range of tokens have come into existence, and perhaps the most interesting ones have been the stablecoins.

Key Development

These coins are backed by the United States dollar and are hence far more stable than traditional crypto tokens. Plenty of organizations have come up with their own stablecoins over the past few years, and now, Binance has decided to join them as well.

The name of the stablecoin in question is Binance USD, and it is going to be backed by the United States dollar at a ratio of 1:1. The announcement was made by the company on Thursday, and it is a significant development considering the fact that Binance remains one of the most popular exchanges worldwide. The token will be known as the BUSD, and the company stated that the token is going to be mined on the Ethereum blockchain. That being said, the company did not rule out the possibility of migration to the Binance Chain at some point in the future.

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However, it is important to note that the whole thing is not being built by Binance alone. The crypto exchange has collaborated with Paxos, the stablecoin issuer, for this project. More importantly, Paxos will also serve as the keeper of the fiat reserves that are essential for running any stablecoin project. The Chief Executive Officer of Binance, Changpend Zhao, stated that Paxos is one of the leading service providers in this particular space, and the company is pleased to work with Paxos on this project. Later on, in September, customers will be able to buy the stablecoin directly from Paxos and start trading on Binance.

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Bitfinex and OKEx Hit by DDoS Attacks

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Bitfinex

Bitfinex

Crypto exchanges have made it easier for millions of people to trade in cryptos, but they have also been found to be vulnerable to attacks, and today, two crypto exchanges, Bitfinex and OKEx, reported Distributed Denial-of-Service (DDoS) attacks.

OKEx stated that the exchange suffered the attack last night, but none of its users were actually affected by it. Bitfinex appears to have been the subject of a similar attack today, and the extent of the attack is not yet known. The company took to Twitter and stated that the matter is currently being investigated.

Key Details

It goes without saying that this is not the first time that exchanges have been subjected to such attacks. A spokesperson for OKEx stated that that the company’s servers were flooded with internet traffic in a malicious attempt to disrupt its functioning. The Chief Executive Officer of the company, Jay Hao, stated that the large-scale attack was orchestrated by competitors.

Users of Bitfinex will be waiting to hear about the source of the DDoS attack and whether any accounts have been affected by the attack or not.

Bitfinex stated that normal activity has been resumed on the exchange after it put in place a “stricter protection level.” The Chief Technology Officer of the exchange, Paulo Ardoini, stated that although the exchange has advanced DDoS prevention mechanisms in place, the latest attack came about from a large number of different IP addresses. This means the system was crippled.

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OKEx spokespersons stated that the company has around-the-clock monitoring and technical support in place, which is why the company was able to repel the attack within a short span of time. While this was a bit of a setback for the exchanges, crypto enthusiasts would hope that OKEx and Bitfinex are not afflicted by it in the future.

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The Growth of Cryptocurrency Investments in Singapore

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Singapore

Singapore

Cryptocurrency is one of the major topics that analysts and investors have been talking about for the last few years. In the last 5–6 years, the rise of cryptocurrencies has been dramatic, with lots of ups and downs that even experts were not expecting. Singapore is one of the major nations outside the US that has incorporated virtual currencies for payment or transaction purposes. Crypto investing is so huge in Singapore that the IRAS had to regulate and build a separate set of tax guidelines for the businesses using cryptocurrencies for transaction and investment purposes.

Things to Know About these Digital Currencies

Bitcoin is the most popular name in this world of cryptocurrencies, but there are similar currencies that investors are buying, trading, and using. If you look at a graph of the rise and fall of Bitcoin price, you may regret not having invested five years ago. It has grown from $0.05 to current selling prices of around $9,000 in only seven years, but the market is volatile. For example, it can rise 500% in two days and drop down by 1000% in the next three days; it is that unstable. But the good news is Singapore has adapted to this volatility, and there are major financial institutes and investors that are investing, buying, and storing these currencies and reaping huge profits.

Virtual currencies, cryptocurrencies, and digital currencies are referred to as the same by many people, but in reality, there are differences between these three. If you are interested in investing in these currencies in Singapore, you need to understand the differences.

While virtual currencies are unregulated and mostly controlled by their developers, digital currencies are created using blockchain technology, a digital ledger, if you will. Digital currencies are similar to traditional currencies but not recognized as legal tender. Cryptocurrencies are subsets of digital currencies that use, for security reasons, cryptography. Though these are not issued by any central authority, it is highly difficult to counterfeit these coins.

In Singapore, Bitcoin is the dominant player in this world of digital currencies, and as it is a global one, it is accepted by most businesses. The second most accepted in Singapore is Litecoin, which is also a globally used crypto.

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Currency Regulation in Singapore

In the year 2014, the Monetary Authority of Singapore (MAS) started working on the management of these currencies to reduce the risks of money laundering and financing of terrorist activities. Singapore is the first country in the world to regulate these currencies without putting any barrier in its growth.

In Singapore, the virtual currency exchanges are not authorized as they don’t need any license to execute their operation in the country; however, GST is applied to the transactions done with these currencies. It is in Singapore, which got the first ATM for Bitcoin, where one can change Bitcoin for real coins and cash.

Though there are various cases of theft and money laundering with these coins, with proper regulation, Singapore has become one of the most sought out places for investing and dealing in virtual currencies. With sound knowledge and analytical skills, investing in these currencies can be a worthwhile pursuit, provided you can manage your investments properly.

This article was curated through CryptoCurrencyNews’ Contributor Program. If you would like to write for us, send us your submission!

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Over $650K Worth of Tezos Moved to Binance

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Tezos

Tezos

Over the years, the crypto space has seen plenty of remarkable rallies, and one of the more noteworthy ones in recent times has been that of Tezos (XTZ). The token has rallied by as much as 400% over the past six months, and when an altcoin rallies so strongly over a sustained period of time, people are bound to take notice.

Key Details

Despite the strong move in the cryptocurrency over the past few days, it should be noted that a large number of XTZ tokens were recently moved to Binance. XTZ tokens worth as much as $650,000 were moved to Binance, and such a move generally comes from a big player in the market known as a whale. Additionally, such moves often prove to be a sale signal, so investors should keep an eye on Tezos over the coming hours.

Since January, XTZ has soared by as much as 225% and has continued to extend its gains progressively. At this point in time, there is no indication that the Tezos rally is going to slow down any time soon. It is now being speculated that the current rally in XTZ could have been triggered by the marketing efforts of Coinbase. More often than not, such marketing campaigns can create ‘fear of missing out’ among investors and can often lead to sustained rallies in cryptocurrencies.

The whole Tezos project is marketed as a staking platform, and this particular aspect of the project is marketed quite aggressively by Coinbase. It is important to keep in mind that Coinbase is possibly one of the world’s most influential crypto exchanges and boasts of the biggest pool of American customers. It is only natural that it has the ability to make or break cryptocurrencies.

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At this point in time, XTZ has managed to climb to the 10th spot in the market cap rankings of cryptocurrencies. However, with the backing of Coinbase, it could well be a matter of time before the market cap rises further in the coming months.

What do you think?

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