The decentralized exchange of the biggest cryptocurrency exchange Binance is soon going to hit the public testing phase.
Binance CEO, Changpeng Zhao took to Twitter to share the announcement of Binance Chain’s public testing on February 20.
Recently, Zhao had shared that the decentralized exchange would be not so decentralized in the beginning and Binance would have much influence on it. He had also shared that they would be charging a hefty amount that is $100k as a listing fee for new coins.
Though it will be adjusted over time, it is a deliberate move on the company’s part in order to tackle the scam projects. According to the latest Diar research,
“The $100K listing fee, however, might be a drop in the bucket after seeing BitTorrent raise in excess of $7Mn in a bear market and selling out in minutes on Binance who hosted the Initial Coin Offerings (ICO) just weeks ago.”
Betting on Initial Coin Offerings Second Coming
The Diar research further states, with its upcoming DEX that has an “inbuilt initial coin offering mechanism” it would raise the demand for its native coin Binance Coin (BNB).
“With less than 1% of Binance volume trading into pairs with the exchange’s coin, BNB, the popular trading venue has announced the imminent release of their Decentralized platform that would by design amp up demand for their native coin. And with an inbuilt Initial Coin Offering mechanism raising capital in the exchange’s native currency, Binance could be aiming to see liquidity shift over to their Decentralized Exchange should traders wish access to early investment opportunities.”
After forking the Cosmos Tendermint blockchain, Binance sacrificed the smart contracts in order to offer seamless and high frequency trading. The research notes that the choice to not built on Ethereum is the second major crypto operation after Aragon in recent weeks.
Binance has addressed the main concerns plaguing the current DEX adoption through a well integrated user experience and tackling speed with blocks being confirmed ever second. However, it points out, making people shift to DEX is certainly a big concern as more than 80 percent of transaction flow to third-party custodians that highlights, “not your keys, not your Bitcoin.”
Currently, the native coin BNB is accounting for only 0.8 percent of the total traded volume from pairs.
Last year, Zhao has stated, “BNB will be native gas,” on the Binance DEX. Moreover, it is going in the opposite direction of Security Token Offerings (STO), by “making it ever-so-simple to quickly create tokens and raise funds in the exchanges native coin,” that will make BNB far more
Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don't control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!
— CZ Binance (@cz_binance) September 29, 2018
Diar concludes the research with the fact that though Binance is one of the selective exchanges when it comes to listing tokens, it is ultimately the traders who hold the bags and “for Binance, whether markets up or down, it’s business as usual.”
Binance now takes the 12th place in the updated CryptoCompare rating
- CryptoCompare kicks Binance from the top-ten.
- The company says that trading volumes are often manipulated.
The analytical service CryptoCompare has updated its rating of exchanges and moved Binance from the top-ten.
Binance is the largest cryptocurrency exchange by trading volume, but it is only 1st in the updated rating from CryptoCompare.
The top ten includes the trading platforms Gemini, itBit, Coinbase, Kraken, Bitstamp, Liquid, OKEx, Poloniex, bitFlyer and Bitfinex.
The assessment system takes into account legal aspects, data transparency, security, the presence of negative reviews about the platform, the effectiveness of monitoring trading activity, etc. д. However, the CryptoCompare rating does not include metrics related to trading volumes as these figures are often manipulated.
In the previous version of the rating, Binance took the 8th place. “Our new benchmark includes a category that takes into account recent hacker attacks. Since Binance was recently hacked, this affected the security component,” the head of CryptoCompare, Charles Hayter explained in the interview with the Block.
Representatives of the company emphasized that only 8% of exchanges use custody solutions for reliable storage of assets and only 4% of exchanges ensure funds in case of hacking. In this context, Bitstamp, itBit, Coinone and Gemini have competitive advantages.
Earlier, CryptoCompare analysts came to the conclusion that most of the trading volume falls on bitcoin exchanges with a low reliability rating.
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Binance.US solely focused on U.S expansion for now: CEO Coley
stablecoins seem to be recording a surge in adoption after several mainstream companies steered towards the same by launching their own. While some believe that stablecoins might be beneficial to the crypto-space as they eliminate the fear of volatility, a few others [mostly financial watchdogs] believe that stablecoins could have a negative effect on financial stability. However, Catherine Coley, CEO of Binance.US, agrees with the former.
During a recent Ask Me Anything [AMA] session, Coley, while addressing the several developments pertaining to the Binance.US platform, tumbled upon the question of stablecoins. Coley went on to highlight the flexibility of stablecoins, and claimed that they let holders engage in the cryptocurrency community when they want to. Stablecoins also give holders the leverage of sitting on the sidelines and speculating on when they wish to interact with the market.
“Stablecoins provide an ability to still stay engaged [with the crypto industry] without being fully binary, like completely in the system or out of the system.”
Coley also suggested that stablecoins are very important to people who learn to build the position that they are comfortable in.
Binance USD [BUSD], Binance’s stablecoin pegged to the U.S. dollar, was built on the Ethereum blockchain and Maker’s stablecoin, DAI, has been in the news lately following the launch of a Multi-Collateral Dai. Recently, Ethereum’s Co-founder Joseph Lubin had pointed out that stablecoins were extremely valuable to the emerging digital economy.
Earlier today, Binance also added support for altcoins Stellar [XLM] and Cardano [ADA], against its native stablecoin, BUSD.
It should be noted here that Binance.US came about following several regulatory concerns that arose in the United States. Despite rolling out an entirely new platform to comply with U.S regulations, not everyone can avail the services of Binance.US as around 13 states are yet to get Binance.US. Coley revealed that the platform’s expansion plan to other states is still in the application process. Coley also discounted any expansion plans to Canada in the near-term, stating that her priority is on securing a launch across the United States.
Binance Partners With Papara Wallet to Launch TRY Fiat-to-crypto Gateway
Taking pride in being one of the world’s leading cryptocurrency trading platform, Binance has surprised its customers with the addition of yet another revolutionary feature to its network.
During a keynote at the Turkish Capital Markets Summit, the honorable CEO of Binance, Changpeng Zhao, introduced the world to a new gateway named TRY that would allow the investors to indulge in the purchasing of Bitcoin and other reputed cryptocurrencies using the Turkish Lira. Binance has joined hands with Papara, a regulated and secure payments facilitator native to Turkey, to give shape to its new gateway project.
TRY gateway will allow the users to buy digital currencies with Turkey’s local currency directly through the Buy and Sell crypto platform. The collaboration between Binance and Papara will facilitate the exchange customers to deposit TRY via Papara after the completion of the KYC process to purchase digital assets instantly via their TRY balance from the exchange in the latter part of the week. Sell functions, along with other lucrative features and attributes will be declared in the future.
The deposit fee to Binance is being fixed at 1% of the deposit amount with the maximum fee bar set for 100 TRY.
Changpeng Zhao, during his keynote speech, bragged about Turkey’s excellence and potential in evolving as a fast-growing economy in the crypto space. He added that the country had adopted crypto in an efficient manner even after facing the recent economic uncertainties.
The reputed Chairman of Papara wallet, Ahmed Karslı, shared his views about the partnership stating that,
“The impressive rate of cryptocurrency and blockchain adoption in Turkey reflects the young and dynamic population of the country. We’ve been serving the Turkish cryptocurrency community since 2017 and we’re proud to continue to do so by enabling Turkish Lira deposits and withdrawals on Binance.”
By integrating Papara wallet in its ecosystem, Binance has strengthened its partner’s list, which is growing leaps and bounds. The platform aims to offer convenient access and lucrative digital options in every part of the world thereby allowing purchase and sale of cryptocurrencies using fiat in a fast and reliable mechanism.