Changpeng “CZ” Zhao, the CEO of Binance, the largest crypto exchange in the world, has tweeted yesterday, February 10, that he advocated for Elon Musk, the founder of Tesla, to be the next participant of a Lightning Network initiative named the Bitcoin Lightning Torch.
The project, which had begun as a way publicity stunt in order to bring awareness to he Lightning Network, has seen massive adoption so far and the CEO and founder of Twiter, Jack Dorsey, was one of the latest celebrities to join the project. Dorsey himself appointed the founder of Tesla as a potential follow-on for the project, but it looks like Elon Musk has decided to remain silent ever since.
Who Will Get The Bitcoin Lightning Torch?
The Bitcoin Lightning Torch, which is somewhat like the Olympics Torch, just digital and based on the Lightning network, is currently being held by Changpeng Zhao. He has talked about it on Twitter and made several tweets to commemorate the occasion.
After inviting Elon Musk to light the torch, he was called by Charlie Lee, the founder of the Litecoin Foundation, but he has turned him down by saying that “he will get it soon enough” and that he wanted to “harass brother Elon Musk a bit more” before parting with the digital torch.
The Bitcoin Lightning Torch Is A Very Successful Marketing Campaign
In fact, this has been a very successful marketing campaign for the Lightning Network, an off-chain Bitcoin solution that was created in order to make payments faster.
This initiative has only existed for about three weeks so far and several high-profile people have already been a part of it. The idea is that Bitcoin transactions are being made by the users and passed on the next, just like an Olympic Torch.
In part, this marketing display is being made to raise awareness but also to commemorate that more and more people are interested in using this off-chain solution now.
At the moment, according to 1ML.com, which monitors blockchains, there are 6124 nodes on the Lightning network and over 24 thousand open channels, which have a capacity for 655 BTC (around $2.35 million USD).
Binance now lets users purchase crypto with credit card through Binance app
Binance has announced the ability for users to purchase cryptocurrencies through the Binance mobile application.
Not only is it possible to purchase cryptocurrencies with a credit card through the Binance exchange, it is now also possible to purchase cryptocurrencies through the Binance application.
Binance announced in a recent tweet that users can now make use of the application to purchase cryptos including BTC, ETH,XRP ,LTC and BCHABC are now possible through the Binance Android app.
— Binance (@binance) April 25, 2019
The new addition comes just months after the exchange added the ability to buy cryptos on the Binance website. In an attempt to make widespread adoption easier, Binance believes giving users the opportunity to buy directly from the exchange will help expand user growth.
Binance unveils new crypto exchange in Singapore, features limited
After much anticipation and months of waiting, the Binance Singapore crypto exchange is now live, but lacks a lot of features compared to the company’s main exchange, as first reported byTechCrunch.
Currently the Singapore exchange only offers the purchase of Bitcoin using Singapore dollars, a trading pair that limits the exchange greatly. The Binance Singapore website states that in order to buy this trading pair you must link your Xfers account, which is a Singaporean approved crypto wallet. Once you do this, the site claims that you’ll be able to buy and sell Bitcoin as much as you wish.
A spokesperson for Binance spoke to TechCrunch regarding the launch of Binance Singapore:
“Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.”
Binance Singapore exchange allegedly only has one trading pair
Binance, one of the largest cryptocurrency platforms in the world, recently put out a crypto exchange in Singapore.
Moving out into the world
This news comes to us via TechCrunch, who also revealed that the platform only trades Bitcoin (BTC) as of now. Slightly odd considering how many assets the traditional Binance exchange trades.
Also, it was reported that for a short time after launch, nobody could pull out their assets. That issue appears to be gone now, however.
The Singaporean effort is thanks to Vertex, a venture capital firm that put money into the expansion. Since then, Binance has been testing the exchange in a beta format.
Fortunately, the platform has also been looking into fiat trading pairs. This is fantastic for accessibility and ensures more users will get participate in the market. Also, CEO Changpeng Zhao believes this is a great way to bring in “institutional money,” reports the publication.
Follow the leader
Singapore is Binance’s third expansion. The previous ones are in Uganda and Jersey, though one is set to launch in Lichenstein as well.
It’s quite surprising, however, to see this exchange launch with so few assets. Especially when you consider just how big Binance is and the fact that they’ve done this before.
Moreover, TechCrunch notes that Binance Singapore was due to a partnership with the Xfers cryptocurrency startup. With a base in Southeast Asia, this space previously worked with Coinbase to do the same thing. However, Coinbase split from their partnership as Xfers wasn’t “suitable in its current form to handle the growth.”
A representative from Binance spoke on the matter with a comment that TechCrunch revised:
“Binance is excited to bring world-class blockchain technology to Singapore and we look forward to showcasing Binance’s tier one safety and security measures to the world. BTC/SGD is the initial pair Binance Singapore is offering with the soft launch and there may be more pairs added as regulations allow.
Binance Singapore has full deposit/withdrawal functionality. For any functionality issues that may be user-specific, we encourage them to contact customer service for support.
With regard to Xfers’ prior partnership with Coinbase, Xfers is now able to handle volumes large enough to support Binance Singapore. In partnership with Xfers, we will work together to build a key fiat gateway that will grow the industry.”
Decentralization is key
Binance also put out a decentralized exchange, though it doesn’t offer much at the time. Moreover, the group has a blockchain as well that helps users create their own assets. This is a new space that will help users trade Bitcoin.