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Binance US to Include NEO and ATOM for Trading

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Binance

Binance

One of the biggest reasons behind the remarkable growth of the cryptocurrency space is due to the establishment of big-ticket exchanges, and in that regard, Binance US could end up becoming one of the most influential. It is the world’s biggest crypto exchange by trading volume, and its entry into the United States is a major event.

Key Details

It emerged that the American arm of Binance is going to add support for both Cosmos (ATOM) and Neo (NEO). The company made the announcement on October 30 and went on to add that users will be able to trade in both those tokens from October 31.

It is a significant step and is certainly going to help Binance US in attracting more customers. Both ATOM and NEO are among the biggest cryptocurrencies in the world at the moment by market capitalization. According to a leading crypto analysis website, both are within the top 20 in the world at this point, and hence, the listing should eventually raise the volume of trading in the platform.

At the end of the day, the United States remains one of the biggest markets for crypto platforms, and the more options the exchange provides, the greater the chance of driving volume.

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Dogecoin Listing

However, the latest update is not all. Binance has been adding new tokens rapidly to its American platform, and last week, it announced the listing of Dogecoin on the platform. Although it is not among the biggest tokens in the crypto space, it should be remembered that it has a great recall value and is well known among crypto traders all across the world as well as in the United States.

Dogecoin enjoys modest volumes, and one crypto analysis firm reported last week that it had a 24-hour volume of $7.85 million on Thursday. That being said, the latest listings by Binance US could have an important effect on the future of the exchange.

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Binance Introduces Crypto Lending Service

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Binance

Binance

When cryptocurrencies came along around a decade ago and even when the industry went on its astonishing bull run back in 2017, the sector was still regarded as a novelty of sorts. The rise of an actual ecosystem with Bitcoin and other cryptocurrencies at the center remained a pipe dream for most. However, things have changed over the past few years, and now there is a real possibility of cryptocurrencies finding mainstream acceptance. In a new development, which should count as another landmark stride for the crypto sphere, Binance has announced that it is going to introduce a lending service.

Crypto Lending: Key Details

Binance is one of the biggest crypto exchanges in the world and attracts a tremendous volume of trade every day. Hence, it goes without saying that it is a service that is being backed by one of the most prominent entities in the crypto world. The service in question is known as Binance Lending, and it is going to go live on August 28. According to reports, the customer will get access to the service on a first-come, first-serve basis and will be able to lend three types of cryptocurrencies. One of them is BNB, which has been developed by Binance, the other is Ethereum Classic, and the third is USDT, which is backed by the US Dollar.

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The customers who use this service will also be able to earn interest at an annualized rate, and the minimum tenure is going to be of 14 days. The rates of interest are also different for different tokens. ETC will fetch an interest of 7%, while the interest for BNB and USDT have been set at 15% and 10% respectively. It goes without saying that the service is a revolutionary new offering and one that could end up being a highly useful one. However, it remains to be seen whether Binance will expand crypto lending to other cryptocurrencies.

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Binance Launches Tezos (XTZ) Margin Trading

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Binance

Binance

The crypto market might be going through a massive slump at this point in time, but that has not stopped the biggest crypto exchanges from introducing new products. In a new development that will come as a further boost to crypto traders, Binance Binance has decided to launch margin trading in Tezos (XTZ) on its platform.

Important News for Tezos

Considering the fact that Binance is the biggest crypto exchange in the world in terms of trading volumes, this is good news for the crypto community and also for Tezos. Despite the current troubles in the crypto market, Tezos enjoyed a rally on the back of the news and hit $1.24 per token.

Tezos has generally been behind many other cryptocurrencies in the recent months, but it should be noted that for crypto traders, Binance has become one of the most important marketplaces for the token. Moreover, the listing on Coinbase has further helped matters for Tezos, since traders in the United States can now get involved as well. That being said, it is also true that margin trading can often prove to be risky and especially in cryptocurrencies with a small market cap.

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In this regard, it is important to keep in mind that there has been a clear rise in liquidity in Tezos over the recent weeks, and that is directly responsible for this decision from Binance. The introduction of margin trading should come as a boost for Tezos since it will now allow traders to bet on the price of the token. In addition to that, an onset of positive news has also been a blessing for the cryptocurrency, and the market expects it to have success in the upcoming quarter.

Binance has again proven that it is one of the best exchanges with regards to crypto margin trading at this point. The exchange offers margin trading in as many as 27 cryptocurrencies at this point.

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Binance Launching Venus Blockchain Project: Challenging Facebook’s Libra?

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Venus blockchain project

Venus blockchain project

One of the largest cryptocurrency exchanges in the world is taking on social media behemoth Facebook (NASDAQ:FB). Well, sort of. On Monday, August 19, Binance announced it will be launching the Venus blockchain project.

Here’s what we know and why Binance is challenging Mark Zuckerberg’s billion-dollar company by doing so.

Binance Launching Venus Blockchain Project

This morning, news broke that Binance is launching the Venus blockchain project; the initiative is an attempt to create localized stablecoins as well as digital assets. According to the announcement, the Venus blockchain project will leverage the crypto exchange’s infrastructure. It will do the same with its extensive user base and established compliance measures. Many think Binance is now challenging Facebook’s Libra, as the Venus initiative has been defined as a “regional version of Libra.”

“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy,” explained Binance co-founder He Yi. “Libras are growing at an exponential rate and will reshape the world financial system, bringing changes more than the internet. Instead of resisting change and losing the opportunity, it is better to embrace the change.”

Moving forward, Binance has said that it welcomes anyone with an influence on a global scale to work with them on the Venus blockchain project. “We encourage like-minded people and organizations to contact us and discuss the infinite possibilities of the digital world together,” the announcement read.

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Takeaway

Blockchain is a technology trend that is likely going to be around for years, with its capabilities endless. And this recent move by Binance shows that. But what do you think? Do you think Binance should launch the Venus blockchain project? Do you think it will give Facebook’s Libra a run for its money? Let us know your thoughts in the comments below. And don’t forget to follow along with this story in the weeks to come.

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Binance to Support Upgraded Ethereum Network Muir Glacier

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Binance

Binance

When it comes to the crypto space, it should be noted that much of the progress that has been seen is primarily due to the existence of crypto exchanges, and perhaps the most influential among those is Binance. In a new development, the exchange has announced that Ethereum withdrawals and deposits are going to be suspended in order to complete an upgrade on the ETH network.

Key Details

The Ethereum network recently announced that there is going to be a Muir Glacier upgrade, and owing to that, Binance will update accordingly. The announcement was made in a blog post today.

That being said, it should be noted that those who are going to trade the ETH token have nothing to worry about as the upgrade is not going to affect normal trading activities in any way. However, Binance has not revealed when deposits and withdrawals are going to be reopened.

The exchange has stated that it will be back to normal if the exchange believes that the network is in a stable state. In the blog post in question, the exchange has asked its users to leave sufficient time so that any deposits can be processed.

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In the blog post, the exchange further added, “We will handle all technical requirements involved for all users holding ETH in their Binance accounts.” These are interesting times for the Ethereum network since the upgrade comes close on the heels of another seminal event less than a month ago.

Less than a month ago, the network had its Istanbul hard fork, and the effects of the new network upgrade are also going to be closely watched by market participants. It has been revealed that the Muir Glacier upgrade has become necessary due to the Istanbul hard fork. That being said, crypto traders on Binance will be able to continue trading despite the slight disruption.

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Binance.US iOS App Opens Beta Testing to Public

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Binance

Binance

Binance.US, the United States-based branch of crypto exchange Binance, has opened beta testing of its iOS app to all users following a successful private trial in December.

Binance announced the open beta test in a tweet on December 30, giving clients a chance to trial the new platform as well as providing the exchange with an opportunity to address and resolve potential flaws before the app is fully launched. Following the successful iOS beta test, Binance.US also made the app available for beta testing on Android devices, again urging the public to help identify possible issues that can be rectified before the app’s launch for a wider audience.

The open beta test is a further advancement for Binance’s platform after it was announced that it would begin accepting payments directly from Visa cards for the purchase of four cryptocurrencies—Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), and Ripple (XRP). However, at present, the service only supports Visa credit and debit cards issued within the European Economic Area. The exchange plans to add support for Mastercard and more digital currencies in the near future.

Binance has been hard at work increasing accessibility to its platform in recent months. In December, the exchange announced that it was partnering with peer-to-peer crypto marketplace Paxful to integrate its “Virtual Bitcoin Kiosk,” which will allow customers to buy crypto with over 167 fiat currencies. This move has the potential to provide access to crypto trading for millions of customers, with some of the supported currencies including the British pound, Mexican peso, Canadian dollar, Euro, and Argentine peso.

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However, it’s not all good news for crypto platforms in pursuit of bringing their services to mobile devices. Last week, it was reported that Apple may force Coinbase to remove its decentralized application browser from its crypto wallet iOS application after Google forced Ethereum-based dApp browser MetaMask from the Play Store.

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Binance Adds Fiat Payment Options With Paxful Partnership

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Binance

Binance

Binance has partnered with peer-to-peer crypto marketplace Paxful to integrate it’s “Virtual Bitcoin Kiosk,” which will allow customers to buy crypto with over 167 fiat currencies.

Binance Adds Support for 167 Fiat Currencies

The addition of Paxful to Binance’s platform should open the crypto market to millions of customers, with some of the fiat currencies supported by the service including the Russian ruble, Vietnamese dong, Indonesian rupiah, Nigerian naira, Colombian peso, British pound, Mexican peso, Canadian dollar, Euro, and Argentine peso. Paxful and founder Ray Yousseff said that his company had offers from some of the top 10 crypto exchanges, but will only be exclusively available on Binance.

“Paxful is proud to be partnering with Binance in our joint efforts to bring bitcoin to the masses. They share our passion and vision for the global crypto economy and we’re excited to see how this union will spur more financial access, and, consequently, opportunities, for people everywhere,” said Youseff. Paxful was founded in South Dakota in 2015 and has since grown to be a pillar of the crypto community, employing over 200 people and trading approximately $25 million USD worth of Bitcoin every week.

Further Partnerships

This partnership is just one in a series of alliances that Binance has made in recent weeks. Earlier this month, the exchange announced that it had acquired DappReview, which offers data-driven research and advertising services to blockchain-based decentralized applications (dapps). This deal should help Binance develop a range of exciting dapps and create new uses for blockchain technology. The company also said that it will begin supporting Tezos, the 12th largest cryptocurrency at present.

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However, it hasn’t been all plain sailing for Binance as of late. With the Chinese government cracking down on crypto firms operating in the country, the exchange has closed its Shanghai office after it was reportedly raided by police. Binance denied that the office was raided, but Chinese authorities had recently issued a notice instructing the public to report businesses engaged in virtual asset trading to the country’s central bank.

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Binance Acquires Crypto Derivatives Platform JEX

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Binance

Binance

Even a couple of years ago, the crypto derivatives market was regarded as some form of novelty by most people across the world, except those who were actually involved in it. However, things have changed dramatically since that time as Bitcoin went on its remarkable run back in 2017 and many other developments made it abundantly clear that the crypto space was here to stay.

Key Acquisition for Binance

In a new development, crypto exchange giant Binance has announced that it has decided to acquire crypto derivatives platform JEX. Since 2017, several cryptocurrency exchanges have sprung up, and a range of new investments instruments have also been introduced so that investors have lots of options.

Crypto derivatives are gaining in popularity in the crypto space, and now there are companies that offer it. JEX offers crypto derivates like perpetual contracts, options, and futures, and this signifies a major coup for Binance. In order to integrate JEX with the wider Binance ecosystem, it is going to be rebranded as JEX Binance and customers will soon be allowed to trade on the platform. According to Binance’s press release, the customer will get to trade crypto derivatives on JEX within a few weeks.

That being said, it is also important to keep in mind that Binance has been working on its own products as well, and hence, this acquisition could be a way of speeding up the entire process. The company will eventually choose between the JEX platform and its own platform in the end. A spokesperson for Binance spoke about the way in which the company is going to go about choosing the platform.

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He said, “We think open competition is a great way to test out the products’ usability. Through the competition, we hope to fully review the two products in terms of market feedback, scalability, and liquidation model design.” The entire JEX team working in crypto derivatives will be absorbed by Binance, and the JEX token is also going to come into its control.

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Binance in Discussions with Facebook Over Libra Coin

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Libra Coin

Libra Coin

According to CoinTelegraph, one of the world’s largest crypto exchanges, Binance, is in “official” talks with Facebook regarding the latter’s new Libra coin.

The exchange’s strategy officer, Gin Chao, told BlockTV yesterday that the company is “very excited” about the Libra project.

What we know so far, according to Chao, is that the talks “have largely focused on dealing with infrastructure.”

Binance and Libra Coin

While the pair’s discussions are in the early stages, it seems Binance is not holding back its desire to work with Libra “as much as [it] can.”

Chao continued:

“I think the potential that libra can have, not just on mass adoption but what it means to payments and forcing regulators’ hands to catch up a bit, is all good news.”

In a separate interview, the strategist gave more details on the likelihood of Facebook’s Libra listing on Binance:

“It wouldn’t just be in [Facebook’s] interest to list their coin on our exchange. It would also be in their interest to list on other exchanges as well and that’s probably going to happen. So if they decide to go on a public chain, and they get the sort of adoption that they could get, we would probably want to list them.”

And further, he said that Binance would be enthusiastic about becoming a validator node on the Libra network.

Facebook’s Libra Coin

Facebook announced its new cryptocurrency called Libra last week. Rumors about its existence were rife for over a year, however.

According to the Whitepaper, the objective of the coin is simple; users can send money via the internet all over the world faster and with lower fees than standard banking. It also aims to incorporate the 1.7 billion people around the world who don’t have a bank account or a line of credit.

Libra differs in several ways to traditional cryptocurrencies. One of the most interesting facts of Facebook’s currency is that it is more “stable” than regular cryptos. Facebook sought to create a coin that could facilitate every-day online consumer transactions and has done this by “backing all its issued digital currency by a reserve.”

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According to Digitaltrends:

“Founding Members are required to pool money into the reserve, with the prospect of a return on their investment via dividends from low-yield investment of the reserve’s assets.”

With Libra coin only announced, it’s official launch is not expected until sometime in the first half of 2020.

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