Binance coin [BNB] to move from Ethereum blockchain to its own blockchain, says CZ

Binance’s CEO Changpeng Zhao aka CZ gave insights on the Binance’s new decentralized exchange, Binance DEX, which would operate on the Binance chain with native currency as Binance Coin [BNB] in a Cointelegraph interview.
CZ also said that the new decentralized exchange was similar to Ethereum’s ERC20 tokens but it additionally allows you to trade between tokens like the Binance Coin. He said that cryptocurrencies’ main aim was to be fast and drop the middle man which effectively reduced the fees, but even now, Bitcoin network takes a lot of time for transacting on-chain and also has huge fees.
Changpeng Zhao added:
“The Binance DEX also lives on the Binance chain that allows you to trade in a decentralized manner… Cryptocurrency is supposed to be cheaper to transfer as supposed to be instantaneous, I think initially it did that but… I think the current decentralized exchanges are either slow or have relatively difficult to use UI.”
Furthermore, CZ said that with DEX they aim to make the UI simple and easy to use and also improve “latency and the user experience”.
CZ announced the news on Twitter giving out more details about the DEX.

According to CZ, Ethereum’s smart contract based options are too slow to be adopted by the masses and that they want to change this with their new exchange, scheduled for launch in early 2019.
Binance’s official Medium blog stated:
“Have your DEX funds secured through decentralized wallet applications like Trust Wallet, which will store private keys only on your device, so traders can retain full control over their funds and private keys.”
CZ said that BNB will swap from the Ethereum blockchain and move to their main net after the DEX  launches in early 2019.
A user Damilola Akinleye Tweeted out asking if the old binance will remain the same, to which CZ replied:
“Binance.com will continue to run. Just like Google doesn’t shutdown their search engine when they launch Gmail.”
Another user, Shavneet Singh commented:
“So in future bnb won’t be erc20 ?”
CZ replied:
“BNB will swap to our own mainnet.”
A Twitterati, CryptoVast asked:
“Will it support integration with @LedgerHQ and @Trezor ?”
To the above question, CZ replied:
“those are being worked on, but may not be done on day 1 of testnet launch.”
The post Binance coin [BNB] to move from Ethereum blockchain to its own blockchain, says CZ appeared first on AMBCrypto.
Source: AMB Crypto

Binance Rolls Out New Features for Institutional Investors

CoinSpeaker

Binance Rolls Out New Features for Institutional Investors

Crypto exchange Binance is launching a new sub-account feature for institutional traders to let them create multiple accounts under one profile.

Binance Rolls Out New Features for Institutional Investors

Continue reading at Coinspeaker
Source: CoinSpeaker

Binance Posts Video Demo of Its Decentralized Exchange Featuring Binance Chain

Binance, the biggest crypto exchange by volume, yesterday released a new video demonstration of its decentralized exchange ahead of its launch in Q1 2019.
The broadcast exhibited the trading interface of Binance DEX – as the platform is called – along with its web crypto wallet feature and Binance Chain, Binance’s native public blockchain explorer which, according to the company, will be available on a testnet soon.
Source: Binance YouTube
The video tour revealed that Binance DEX would resemble the original web trading platform, especially when it comes to interface. However, there were some notable differences such as a feature that would allow users to generate a 24-word mnemonic seed phrase for private keys. Binance DEX also possesses a “balance tab,” a feature that would enable users to access the status of their accounts, and a “user icon” that would show individual wallet addresses.
With Binance Chain, individuals will be able to extract information related to blocks, transactions, wallet addresses, and order IDs, the demonstration explained.
Source: Binance YouTube
Binance Chain will empower the record keeping infrastructure of the DEX. According to the statement made during its introduction in March, the public chain also expects to offer “low latency, high throughput trading, as well as decentralized custody of funds” to mitigate single points of failures.
The block explorer would also list a feature that would list details about all the coins listed on the Binance DEX.
Binance also cleared that their DEX would not hold users’ private keys, which means they will not be able to move users’ funds as centralized exchanges do. Instead, their platform will integrate decentralized wallet applications like Trust Wallet, known for their server-free infrastructure. They would enable users to keep their wallets’ private keys in their devices than with a third-party. It means that only private key holders would have access to the funds.
Related Reading: Zhao: Binance Chain to Be Ready in “Months,” Enabling Projects to Issue Tokens
Price Surges After Announcement
The video demo release met with a positive response from the Binance trading community.
The BNB price against the U.S. Dollar jumped as much as 6.2% since it opened the day at $5.99. On a 24-hour period, according to CoinMarketCap, BNB established circa 15% gains while the rest of the top crypto assets remained red.
Source: CoinMarketCap.com
Nevertheless, as evident with the way the crypto market behaves, BNB is likely to correct lower in the near term, having been outreached its upside targets. The coin’s long-term aspects are fundamentally bullish, especially because Binance Chain would function no less than Ethereum. The chain would allow new blockchain projects to digitize and launch their assets – all backed by the BNB token.
BNB will migrate from ERC20 standard to its Binance Chain upon the mainnet launch.
The BNB/USD pair is trading at $6.34 at the time of this writing.
Featured image from Shutterstock.
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Cryptocurrency Market Update: Binance Coin (BNB) Climbing as EOS Gets Crushed

FOMO Moments
Markets recouping daily losses, Binance Coin and Nem are in the green, EOS is getting hammered.
The downward motion on crypto markets has continued today as digital currencies slid further back before making a recovery. Monday’s declines have carried on into Tuesday during the Asian trading session but total market capitalization has managed to recoup to similar levels below $130 billion a couple of hours ago.
Bitcoin bulls have failed to keep the digital currency above $4,000 causing it to drop into dangerous territory.  A 5% dump saw BTC fall to an intraday low of $3,840 a couple of hours ago before it managed to bounce back. At the time of writing Bitcoin had pulled back to just above $4k again.
Ethereum has fallen back to $112 and does not look like making any discernible recovery anytime soon. Altcoins are all still red at the moment with some getting more punishment than others. In the top ten EOS is getting pounded with a 10% dive to $2.55 as more centralization woes plague the project. As has been the case for a few weeks now Bitcoin Cash is collapsing, it was the worst performing crypto in November and has lost another 6% today.

There is only one winner in the top twenty at the moment and that is Binance Coin climbing 9% on the day. BNB has reached $5.60 as it partners with Decentraland with a MANA competition and crypto Airbnb platform Tripio. Nem and Dogecoin are also gaining a little but the rest are falling, Ethereum Classic and Bitcoin Gold by the most at 6%.
Pump of the day goes to Factom again adding 27%, ODEM and Pundi X are also performing strongly at the moment with double figure gains. As predicted, yesterday’s fomo altcoins are dumping today, namely Centrality, Mithril and MobileGo, all dropping double digits along with EOS.
Total crypto market capitalization has managed to bounce back to yesterday’s levels after hitting a low of $124 billion a couple of hours ago. At the time of writing it is around $129 billion which is no gain over Monday. Since last Tuesday markets have gained 4% but since the same time last month they have been smashed 38%.
FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.
The post Cryptocurrency Market Update: Binance Coin (BNB) Climbing as EOS Gets Crushed appeared first on NewsBTC.
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5 Coins Coinbase Likely to Add Next

CoinSpeaker

5 Coins Coinbase Likely to Add Next

At the advent of an excessive Coinbase expansion, Coinspeaker worked out the list of digital coins that are expected to broaden the exchange’s offering next.

5 Coins Coinbase Likely to Add Next

Continue reading at Coinspeaker
Source: CoinSpeaker

Singapore Launches ‘Token Day’ to Bring Crypto to The Masses

Yesterday, October 31st, cryptocurrency Bitcoin (BTC) celebrated its tenth birthday. As part of the celebration, a company called Bizkey has decided to start a new campaign called “Token Day” in Singapore.
Token Day is a campaign that is supposed to allow the public to get more familiar and better acquainted with cryptocurrencies according to reports. Not exactly a day as it will be held from October 31st to November 18th. During this period, every cryptocurrency holder in Singapore will have the opportunity to get to Singapore’s Chinatown, where 30 retailers are offering various goods in exchange for crypto.
Those willing to spend their digital coins will need Bizkey’s intelligent blockchain POS (Point-of-Sale) device. Numerous cryptocurrencies can be used, including Binance Coin, Ethereum, Zilliqa coin, Aelf coin, and others.
Bringing Crypto Adoption to the Next Level
Despite the fact that Singapore is among the most crypto-friendly places in the world, adopting cryptocurrencies as an accepted payment method is something that has yet to take place. This is why the event was created, and Bizkey hopes that the Token Day will “break the ice” and encourage other businesses to introduce crypto payments as well.
About a year ago, in November 2017, Singapore’s Monetary Authority (MAS) decided to bring new guidelines, and establish a firm difference between security tokens and utility tokens. Since then, Singapore saw over 56 ICOs in only the first five months of 2018. As a comparison, there were only 35 ICOs throughout the entire 2017. To a lot of people, this was a sign that proper regulations can go a long way when it comes to developing new businesses and technologies.
Since then, many have started seeing cryptocurrencies as a method of solving issues that have been troubling retail sector for a long time. Things including payment fraud, logistics, delays of money transfers, accounting, and similar complications were all quickly eliminated by those who accepted cryptocurrency payments.
Bizkey’s CEO and co-founder, Ken Huang, commented on the event by saying that, even in Singapore, only a few people have the opportunity to actually use cryptos for buying products and services. Now, Token Day will demonstrate that using cryptocurrencies is easy and that there is more than enough customers that are interested in paying via crypto.
In fact, Huang stated that there are between 10,000 and 15,000 crypto holders in Singapore. Estimates also say that most of them are between the ages of 20 and 50 and that they likely include tech-savvy males. Huang also expressed hope that these individuals will be among the pioneering crypto spenders during the 18 days of the event.
As for the event itself, it will have around 30 retailers participating, including Hotel 1887, SK Jewellery, Koryo Mart, 18 Hours, Steamov, and others. The move aligns with Bizkey’s goal, which is to introduce new people to the crypto world and make sure that they have a device that can accept and make all types of crypto and fiat payments. In a way, their device acts as a crypto wallet with an additional purpose, and many view it as a first step into the real digital era.
 
Image from Shutterstock
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Binance Coin [BNB] moves to 14th position pushing Neo to 15th in terms of market cap

The industry is flooded with crypto coins and tokens and many of them are gung-ho on their future. But not all cryptocurrency has been able to find a use case. That’s what makes Binance coin different from others as the coin had a use case from the day one it entered the market in July 2017. Since then, the coin has been rewarded well by the investors and today it has moved to the number 14 position in terms of market cap.
Binance Coin and its varied use cases
Binance Coin an ERC 20 token issued by Binance exchange, and trades with the BNB symbol. The coin was launched in 2017 with a definite use case, to reduce the brokerage of traders who used this coin to pay their trading fees. As the coin developed and gained importance, its use case of BNB also stated expanding. According to the recent post put up by Binance, the exchange has listed down some uses cases. They are

Paying for cryptocurrency trading fees on Binance (with discount perks)
Spending on goods and services across many establishments

 

Just one of the interesting things @cz_binance told me this week at @lcx event: 90% of binance employees choose to receive their salary in BNB tokens. Smart people.
— Michael Arrington (@arrington) August 18, 2018

Thanks @TravelbyBit for increasing #BNB adoption. @binance pic.twitter.com/KfGWk2cDEO
— CZ Binance (@cz_binance) September 11, 2018

Securing money in times of need
Having fun with Binance Coins on social media services
Earning a salary

 

Storing on various wallets
Trading as an altcoin
HODLing for later use on Binance Decentralized Cryptocurrency Exchange (DEX) and Binance Chain (or on any random date you prefer)
Using on blockchains integrated with Binance Coins

While Binance has been growing in size the investors too have been rewarding it as the continue to infuse money into the coin released by the exchange.
Binance Coin is Now the Only Top 50 Crypto with Positive Returns for 2018
In late August this year, Binance CEO Changpeng Zhao – better known by his acronym CZ –tweeted saying that he was “honoured” as he replied to a tweet sent out by one Twitter user who has calculated that BNB is now the only top 50 cryptocurrency whose performance in calendar year 2018 to date has been positive.
 

wow, honored. Don’t worry, I think the cycle should be complete soon, given the mainstream news coverage of events. Understand blockchain and crypto is not going away, other than the non-believer speculators that was shaken out (they will come back), adoption is increasing. https://t.co/lI3BkMRbt9
— CZ Binance (@cz_binance) August 23, 2018

The Twitter user, named Cryptokita,  who had done the calculations had graphically captured the carnage that cryptocurrencies had gone through since they hit the record high of January 7th 2018. Since then the combined market cap of all crypto assets – as defined by CoinMarketCap – has fallen from approximately $820bn to a little over $218bn at the time of writing, a fall close to 75%.   
The statistic has come as particularly good news for Binance employees, 90% of whom – astonishingly – have chosen to accept salary payments in the platform’s native BNB coin. Binance’s business model incorporates a buy-back mechanism in which 20% of the platform’s profits are used to purchase and then subsequently burn BNB token at the end of each quarter, meaning that its supply has continued to dwindle since the platform first went live in July 2017.
The post Binance Coin [BNB] moves to 14th position pushing Neo to 15th in terms of market cap appeared first on Coingape.
Source: CoinGape

Binance Coin (BNB) Holds Ground As Market Sell Off Continues

Binance Coin (BNB) has held its ground even as market selloff continues. Bitcoin (BTC) has exhibited similar behavior but the rest of the market plunged further into the red when Ethereum (ETH) showed signs of weakness. However, these temporary movements are not to be confused as what follows next. There are a lot of solid indicators in the market that tell us that deep down, most investors know that the market is going to reverse at some point.
Continue reading Binance Coin (BNB) Holds Ground As Market Sell Off Continues at Crypto Daily™.
Source: Crypto Daily

Bitcoin Struggling, Altcoins Recovering while Studies Reveal Bullish Crypto Data

Bitcoin is struggling around $6,300 level while altcoins have started making recovery except for a few. Meanwhile, studies are revealing a bullish scenario as more than 70% people are aware of and interested in increasing their cryptocurrencies.
Bitcoin price down 14% as bears make a hattrick
It’s been three days that bitcoin has been clashing with bears and coming out defeated. On September 5, Bitcoin has been sitting at $7,380 when bulls first attacked the market. This took the leading cryptocurrency on a downward spiral, having lost over 14% since then. Today, Bitcoin started its day at $6,516 only to drop down to the $6,322 level.
Source: Tradingview.com
With a market cap of $111 billion, BTC dominance is still doing good at 54.9%. Also, the daily trading volume of Bitcoin is at $4.9 billion. BitMEX accounts for the largest crypto trading volume of Bitcoin in terms of derivatives, no wonders there, given the fact that Bitcoin shorts are spiking.
BitForex comes at the second position with spot trading and then Binance, OKEx, Bithumb, and over 390 other markets as per Coinmarketcap.
Altcoins in green making recovery
A majority of the altcoins are registering small for a decent amount of gains. Among the top cryptocurrencies, Ethereum (ETH) and Cardano (ADA) are the only ones in the red by 2.53% at $220 and 0.75% at $0.083 respectively.
The top gainers among the top cryptocurrencies are:

Ontology (ONT) is spiking by 7% at $1.98, Dogecoin (DOGE) is up by 5% at $$0.0052 and IOTA (MIOTA) rising by 3% at $0.563
Stellar (XLM), Dash, NEO, Ethereum Classic (ETC), Binance Coin (BNB), and NEM (XEM) are the 2% gainers

The biggest gainer of today at the moment is Dentacoin (DCN) with 10.90% at $0.000309 while the biggest loser has been Bitcoin Diamond (BCD) with 15.43% at $2.02.
Also, read: Bitcoin is Tanking But So are Stocks, Fiats & Indexes, It’s Just a Normal Cycle
79% of Americans aware of Bitcoin: Study
According to a recent study by YouGov Omnibus, a research firm that conducts nationwide surveys online revealed that majority i.e. 79% of the Americans are familiar with at least one kind of crypto, primarily Bitcoin.

Out of people who have heard of Bitcoin, 49% are not interested while 15% wish they have bought it earlier as it’s too late now. One-third of these people believe cryptos will be widely accepted in the future. Millennials are the most interested and have faith in cryptocurrencies.
72% consumers & 59% of investors planning to increase holdings: Survey
In a separate survey by SharesPost, despite crypto prices going through difficult times, 72% of the consumers and 59% of the investors are planning to increase their holdings over the next year. People are expecting the crypto valuations to grow as 66% of consumers ad 57% of investors are expecting a hike in crypto valuations over the next year.

The key points have been:

Bitcoin is the most popular crypto holding followed by Ethereum, XRP, and Litecoin
Growing number of companies are implementing Blockchain technology
Cryptocurrencies and Blockchain technology just might take a little longer to go mainstream
Volatility and security are key concerns for Crypto ownership while lack of education and commercial use pose key challenges to Blockchain adoption

The market is still slow moving and on the edge of a precipice. However, as awareness and adoption rise, it talks good things for the future of the crypto market.
The post Bitcoin Struggling, Altcoins Recovering while Studies Reveal Bullish Crypto Data appeared first on Coingape.
Source: CoinGape

Binance CEO Confirms Fourth Quarterly Binance Coin Burn

The CEO of the world’s foremost cryptocurrency exchange, Binance, has just confirmed that it will be going forward with an upcoming BNB token burn.

Binance’s Fourth Token Burn

Binance has become well-known for offering so-called ‘token/coin burns’, buying back and destroying its native cryptocurrency (BNB) every fiscal quarter. The burn has become so popular that users eagerly await the announcement, buying BNB in anticipation for the eventual burn.

As per the CEO of Binance’s tweet, the Binance team is getting prepared for the fourth quarterly burn, as Binance has recently reached the ripe age of one-year-old. Changpang Zhao, who goes by the nickname ‘CZ’ in the cryptocurrency community, wrote:

“Binance is doing a final tally on the numbers, and will announce our 4th quarterly burn in the next day or so, and finish the burn within a couple days after that. Thank you for your patience and support!”

Binance’s last token burn was completed just three months ago on April 15th, with the exchange burning just over two million BNB, or approximately 1% of the Binance Coin’s total supply.

In an announcement, the exchange wrote:

“In accordance with our whitepaper, we have now completed the burn of 2,220,314 BNB (roughly $30MM USD equivalent) for our 3rd quarter.”

According to the exchange’s whitepaper, every quarter, Binance will use 20% of its profits to buy back BNB at market value and ‘burn’ them, removing said tokens from the overall circulating supply. This process will continue until 50% of all BNB are burned, or approximately 100 million tokens.

Binance Sees Profits Reach New Highs, How Will This Affect the Token Buyback?

Despite seeing declining prices over the past six months in the cryptocurrency market, Binance’s profits have reached all-time highs, as its user base grows rapidly. In an interview with Bloomberg, Zhao revealed that Binance has raked in nearly $300 million in the first six months of 2018. Additionally, the CEO noted that the user base of the exchange has grown by five-fold, from two million to 10 million, not looking anything like Bitcoin’s price chart.

With the aforementioned figures in mind, it has become apparent that this token burn has the potential to be much more substantial than the rest.

Doing some quick calculations, taking into account Binance’s reported profits and the dollar value of the tokens burned last quarter, Binance will most likely spend a similar amount on the burn for this quarter. Additionally, it is likely that Binance will burn nearly the same amount of tokens as last quarter, if not even more.

Binance Coin Outperforms Bitcoin, Sees Outstanding Year

Binance’s in-house cryptocurrency has performed extremely well over the past year, seeing 100 times gains over its 10-cent ICO price. The 17th largest cryptocurrency by market capitalization currently sits at a cool $13.31, up 8% on the day.

BNB has seen a fantastic year, tripling in value while relatively compared with Bitcoin, as it moved from 0.0006 to 0.0019 Bitcoin per token.

It is likely that price action following the burn will be moving upwards, rather than downwards, as the coin burns have historically been bullish for the Binance Coin.

Featured image from Shutterstock.

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