Connect with us

Crypto Exchange

Visa CEO Says Crypto Could Become “Extremely Popular” In Five Years

Published

on

Despite being only a little over a decade old, Crypto has gained tremendous popularity in its short time being in the public purview. Cryptos have collectively grown to over a $2 trillion valuation, beating out big companies like Apple and Microsoft. Adoption has followed the same trend in recent years. The current count for people investing in crypto has put the number as a little under 10% of the world being invested in crypto.

Comparisons to the growth of revolutionary technologies like the internet have shown that crypto is headed for mainstream adoption in the next five years. Given this, payments companies like Visa, PayPal, and MasterCard have all developed crypto strategies to put them at the forefront of this new mode of payment. The giants no doubt believe in the future of cryptocurrencies. Giving them reasons to all build out their platforms to support these new currencies.

Visa has been making strategic steps towards total crypto and blockchain support in recent years. According to Visa’s CEO Alfred Kelly, Visa is making sure that if cryptocurrencies get as big as everyone expects, then they want to be in the middle of it.

Advertisement

Crypto Could Be Mainstream In Five Years

CEO Alfred Kelly was on the “Leadership Next” podcast with CEO of Fortune Alan Murray to talk about the future of cryptocurrencies. Kelly expressed his thoughts on where cryptocurrencies could be in the next five years. According to the CEO, crypto could become “extremely popular.”

On the flip side of this, Kelly opined that just as much as crypto could be very successful, it could also end up flopping. Kelly explained that even though crypto may not going anywhere, Visa wanted to be ahead of it. “What I like most about our business, Alan, is that we don’t pick winners and losers,” Kelly told Murray.

Explaining what may happen with crypto in the next five years, “I don’t know how far the cryptocurrencies are going to take off,” said Kelly. “Let’s say in five years, it was a fad and no big deal or will it be extremely popular? I’m not smart enough to know, but what I’m smart enough to do is make sure our company is in the middle of it today,” Kelly added.

Advertisement

Visa Wants To Be Prepared

CEO Alfred Kelly said that bitcoin is seen as the digital successor to gold. Thus, the company was working towards enabling the purchase and conversion of cryptocurrencies. Visa plans to enable its customers to seamlessly convert their cryptocurrencies into fiat currency. With Kelly explaining that the company was also focusing on using crypto to move cash and not just being used as payments.

“If it takes off and we get our fair share or more of the volume because we anticipate that it could possibly take off and become a big business, we certainly want to be prepared for that, and I think we’ve got off to a great start,” Kelly stated.

Visa has long implemented solutions to bring blockchain and crypto services to its customers. The payments giant also boasts various partnerships with crypto companies that have seen them implement crypto debit cards for customers to spend their crypto. The company is also integrating blockchain solutions to enable faster and more efficient transactions on its platform.

Advertisement
Crypto total market cap chart from TradingView.com
Total crypto market cap maintains position above $2 trillion | Crypto Total Market Cap on TradingView.com
News Source

Binance

Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance

Published

on

A small-cap altcoin is shooting into the stratosphere after earning support from the global crypto exchange Binance.

The governance token Tranchess (CHESS) officially began trading today.

News of the coin’s listing triggered a 185% rise in the price of the asset – from $2.77 to $7.91. Its value has since settled to $5.09 at time of publishing.

Advertisement

CHESS is listed in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.

According to Binance Research,

“Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS. 

Advertisement

The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.”

Tranchess recently raised $1.5 million from Binance Labs, Three Arrows Capital, and other crypto venture firms.

News Source

Advertisement
Continue Reading

Binance

Binance proposes a real-time token burning mechanism to boost BNB value

Published

on

  • Binance has proposed the BEP-95 aimed to burn a percentage of transaction fees as a deflationary measure.
  • BEP-95 will occur alongside the quarterly token burn and well after the 100 million token supply is achieved.

Binance Smart Chain (BSC) is taking further steps to incorporate an additional deflationary mechanism to increase token valuation. As announced today, Binance (BNB) is introducing a new Binance Evolution Protocol (BEP) known as BEP-95. The BEP stands out from the network’s occasional token burns since it introduced a real-time burning mechanism.

According to Binance, a fixed portion of gas fees collected by validators in each block will be sent to the burn address. The ratio initially set at 10 percent, is adjustable according to changes proposed by the Binance community. BSC validators get to vote on community proposals, where voting power is based on staked BNB.

For a proposal to be reviewed by the validators, it has to receive a minimum deposit of 2,000 BNB (mainnet). All BNB is returned to holders after the finalization of the voting process. A proposal that wins is that which gathers 50 percent of the total voting power on the mainnet. Binance notes that voted-upon parameters are implemented immediately.

Details of Binance BEP-95 token burning mechanism

BEP-95 became relevant as it speeds up the BNB token burn, and makes the network increasingly decentralized. The BNB supply cap is about 168 million tokens and Binance intends to burn until 100 million tokens remain in circulation. This will take about 5-8 years to complete, according to Binance. The network’s most recent quarterly burn wiped out over 1 million tokens, worth about $639 million, from circulation.

Advertisement

However, the latest update from its blog now says the BEP-95 burn “will continue functioning” even after the above target is attained. With the burn, Binance expects the intrinsic value of the BNB token to increase in tandem with demand. The network notes that validators and delegators may receive fewer tokens from staking, but the “fiat-denominated value of their rewards may increase.” Moreover, BNB has multiple use cases that benefit all holders of the token.

Currently, BEP-95 is in the draft stage and the network is yet to give a specific date for its implementation.

Several blockchains use the crypto-burning mechanism to create token scarcity and a subsequent increase in token value. Ethereum, for instance, uses the EIP-1559 for this purpose. 

Advertisement

BNB price action

BNB, the fourth-largest cryptocurrency by market cap, was trading at $494 at press time, according to our data. The token has gained 0.8 percent in the day, and 4.8 percent week-over-week. Similar to other digital assets, BNB has rallied fueled by the Bitcoin-led gains. Crypto investor and YouTuber Lark Davis expects “good things” for the BNB price following its launch of a $1B growth fund.

News Source

Advertisement
Continue Reading

Crypto Exchange

Google warns crypto investors of Youtube scams amidst high hacking

Published

on

  • Google warn crypto investors to be weary of Youtbe scams.
  • Google says hackers impersonate crypto influencers to run scams on YouTube.
  • YouTube, a hotbed for crypto scams.

Google’s Threat Analysis Group has warned crypto investors to beware of cryptocurrency scams on Youtube as phishing and impersonation on the video-sharing platform surges.

The Google group noted that a group of hackers is taking over Youtube, rebranding popular Youtube channels of well-known crypto or tech companies. “The channel name, profile picture, and content are all replaced with cryptocurrency branding to impersonate large tech or cryptocurrency exchange firms,” the group said, adding that hackers would live stream videos promising crypto giveaways in exchange for “initial contributions.”

According to the Google group, if these hackers don’t rebrand, they sell pages to the highest bidder depending on how many subscribers the channel has. They note that fake Youtube pages sell anywhere from $3 to $4,000.

The Google group notes that a group of hackers recruited in a Russian-speaking forum are actors behind the campaign.

Advertisement

Crypto investors should be warned as YouTube remains a hotbed for crypto scams

The video-sharing platform so many times has been used as a tool to dupe unsuspecting crypto investors. In December, American crypto exchange Gemini exposed two fake YouTube channels that were pretending to be from the exchange.

“These scam accounts are not our company. We have reported these accounts to YouTube,” Gemini tweeted.

Funny enough, it was not the first time Gemini was being impersonated on Youtube.

Advertisement

Crypto scams have been well perpetrated on the platform that the video giants ban crypto content on its platform. Authorities in the UK also warned young crypto investors with campaigns on Youtube and TikTok against being victims of crypto scams.

The cycle of crypto scams across all platforms is one that may never end. As much as crypto exists, crypto scams would remain a thing. The rise in crypto scams recently has been attributed to the surge in price and adoption of cryptos globally. It is safe to say that with crypto prices going up and more people, corporate organizations adopting cryptos, more scammers will be threatening the burgeoning space.

News Source

Advertisement
Continue Reading