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

XRP, Bitcoin [BTC], Ethereum [ETH], Stellar Lumens [XLM] pairs with TUSD to be added on Binance

Binance, the world’s largest cryptocurrency exchange by volume, has announced the listing of XRP, Bitcoin [BTC], Ethereum [ETH], Stellar Lumens [XLM], EOS, and Binance Coin [BNB] trading pairs against the stablecoin True USD [TUSD].
Binance’s tweet | Source: Twitter
Initially, the official blog stated that the aforementioned trading pairs would be added on December 7, 2018, at 10:00 AM UTC. However, a subsequent tweet from Binance’s official Twitter handle postponed the listing of trading pairs BNB/TUSD, BTC/TUSD, and ETH/TUSD to a “later date”, but the rest of the trading pairs will be listed as planned.
Binance’s tweet stated:
“UPDATE: Due to technical reasons, we will delay the listing of BNB/TUSD, BTC/TUSD, ETH/TUSD trading pairs to a later date. As such, we will keep the TUSD/BNB, TUSD/BTC, TUSD/ETH trading pairs listed until this date.”
To this, Changpeng Zhao, commonly known as CZ and the CEO and founder of the exchange tweeted:
“Apologies, found a minor bug with mixed base currencies in a market. Nothing too serious, but will fix it first.”
The official blog also stated:
“The existing TUSD/BNB, TUSD/BTC, TUSD/ETH trading pairs will be removed and delisted at 2018/12/08 10:00 AM (UTC). All existing orders in each order book will also be canceled at this time.”
TrueUSD is yet another stablecoin in the world of cryptocurrency that was launched by TrustToken asset tokenization platform, which was launched first on Bittrex platform.
The market cap of TUSD is currently holding steady at $202.35 million and ranks 25 on CoinMarketCap and has a total circulating supply of 199.48 million.
A Twitter user XareP tweeted:
“No.2 #XRP #xrpthebase should also be the base. How many times we need to remind you CZ??? Do the right thing man… @cz_binance @binance”
Another Twitter user commented:
“Makes it much easier to trade! Thanks!”
s1lverbox, a Twitter user stated:
“Printer broken? Cannot print enough fake true dollars”
The post XRP, Bitcoin [BTC], Ethereum [ETH], Stellar Lumens [XLM] pairs with TUSD to be added on Binance appeared first on AMBCrypto.
Source: AMB Crypto

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.
Source: New feedNewsBTC.com

Bitcoin [BTC], Tron [TRX] and Binance Coin [BNB] to be used to pay for Pro, ad-free products

BitTorrent Inc., responsible for the development of widely known clients uTorrent and BitTorrent for peer-to-peer file sharing, announced that customers can now pay for Pro and Ads Free products using Bitcoin [BTC], Tron [TRX], and Binance Coin [BNB]. The payments will be using Coinpayments.net, a cloud-based payment solution for numerous cryptocurrencies, as the gateway.
Justin Tron, the founder of Tron and CEO of BitTorrent, said
“BitTorrent joins a growing list of online companies whose products and services accept TRX as payment. With BitTorrent’s over 100 million users, the move helps increase the use of TRX in online marketplaces while giving consumers more options to unlock value from BitTorrent’s premium products.”
The benefits of going Pro include HD playability, file conversion, fast downloads, and PC protection from malware, and, of course, ad-free usage. The blog post has also detailed how to pay for services using TRX or BTC.
BitTorrent, Inc. is a software company based in San Francisco. Founded in 2004, it uses peer-to-peer sharing technology to enable sending large files over the internet and allows content creators to connect with users. In their own words, “BitTorrent introduces decentralized currencies into one of the world’s largest decentralized applications”.
pxlicious, on Twitter, commented on the development:
“Bye Netflix! Next generation of TVs will be BitTorrent certified.”
Cryptoduck’s insight on Twitter:
“There is inherent value to the BitTorrent brand, and TRON should not miss the opportunity to advertise the names side by side.”
It might well help facilitate the wider reach of TRX. There are potentially thousands, if not hundreds of thousands, of BitTorrent users who have either not heard of TRX, or are otherwise unfamiliar with. This move is expected to lift the adoption rates.
The post Bitcoin [BTC], Tron [TRX] and Binance Coin [BNB] to be used to pay for Pro, ad-free products appeared first on AMBCrypto.
Source: AMB Crypto

Binance Native Tokens are Now Used for Hotel Bookings at Xceltrip

Announced on Twitter today, the native token of Binance, BNB will be used for hotel booking. It says that Xceltrip has 500,00 hotels that accept BNB tokens.
The tweet goes as follows;

#Announcements: @xceltrip now accepts @binance (BNB) for hotel bookings at https://t.co/tOTiFxumEc. We have over 500,000 hotels where you can spend with @binance Coin. @BinanceLabs @BinanceResearch @cz_binance @BinanceAcademy @BinanceUpdates @BinanceUG @BinanceHelpdesk pic.twitter.com/KZ2turTZFy
— Hob Khadka (@tweethobkhadka) November 14, 2018

Following the Tweet, Binance CEO appreciates the adoption, stating
XcelTrip is a new travel booking platform, enabling air travel, hotels, and vehicle rental services. However, the platform is also employing a cryptocurrency ecosystem wherein it claims itself as the “World class Decentralized Travel Ecosystem. Consequently, in late July 2018, the firm announced to accept seven different cryptocurrencies which were including Bitcoin, Ethereum, Dash, NEM, SteemSteamSteam, Ripple, and Litecoin.
With the early adoption of cryptocurrency across the tourism sector, XceTrip is more likely to disrupt the travel industry. Based out in Singapore, the platform helps people book hotels using its platform. However, the firm has its own token called (XcelToken – XCEL) which has built on Ethereum ERC 20 platform.
XcelTrip is not alone in a race to accept cryptocurrency as a payment, rather there are international travel platforms that hit cryptocurrency mainstream. Few of those platforms are Travelbybit, AirTreks, airBaltic, ABitSky, CheapAir, Destinia, SurfAir and more.
However, there is no clarity regarding 500,000 hotels accepting BNB tokens on its official website. So what’s your take on BNB acceptance as a payment by new travel platform ExcelTrip? Let us know in comment below
The post Binance Native Tokens are Now Used for Hotel Bookings at Xceltrip appeared first on Coingape.
Source: CoinGape

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

Binance one-year review; birthday bash and new announcements

On 19th July, Binance published its one-year review that includes all the past and upcoming activities of the group. Binance on 14th July celebrated its first birthday. Under 12 months it has achieved the milestone of becoming the largest cryptocurrency trading platform by volume.

On 19th July Binance tweeted:

“#Binance’s First Year in Review”

MyVita, a Twitter user said:

“Congratulations! Incredible achievement, perfect timing in market and job well done. Just wish i would have been in earlier”

George Larkdas, a Twitterati commented:

“A year of maximum manipulation to make maximum gains! Greedy bastards”

Since its genesis, Binance has constantly been among the best digital money trades in the cryptoverse. It entered the 10 crypto-exchanges league within 42 days from the start of its operation and under 6 months it reached the #1 ranking, according to CoinMarketCap.

Binance coin has been consistent in its development since the beginning. This can be attributed to Binance using the token on their exchange platform to diminish exchanging charges, and the quarterly burn of BNB tokens.

BNB’s high valuation is due to its ‘Buyback & Burn’ system. The 20% of Binance’s profits each quarter are dedicated to buying back BNB and destroying them. This buying-destroying process will continue until 50% of all BNB in existence are destroyed. This is to lower the supply of BNB, while the demand increases.

According to Binance’s Medium post, “Further developments are expected for BNB in the next year including the transition to Binance Chain!”

Binance Chain will focus on the transitions and trading of blockchain assets. In addition to this, it will provide new possibilities for the liquidity of blockchain assets.

As per the whitepaper, Binance Coin [BNB] will move to its own blockchain MainNet. The platform also affirms the change from being “a company to a community”.

Since 14th July, Binance ecosystem has been observed to grow into various fields of the cryptocurrency market. The aggregations of Binance in the past year include:

  • Binance Labs
  • Binance Launchpad
  • Binance Info
  • Binance Uganda [Binance’s first ever fiat-to-crypto exchange]
  • Binance Charity Foundation

The upcoming aggregations are:

  • Binance Chain
  • Binance Academy
  • Binance Research

Binance has shown consistency in its growth by introducing new products and platforms. The trading platform has also mentioned the release of its upcoming ‘Binance Info smartphone app’.

On 18th July, Binance set its 4th quarter Coinburn. Binance had decided to burn 2.5 million BNB tokens, valued at $30 million. As mentioned in its whitepaper, it burnt its BNB tokens, after performing a buy-back.

Binance recently supported the rebranding of VeChain [VEN] to VeChainThor [VET] along with the token swap of Tron [TRX].

The exchange has also been mentioned in a few crypto-collaboration projects. On 12th July, Neufund announced that Founders Bank, a Maltese company will be launching its first Equity Token Offering [ETO] on its platform with Binance.

The post Binance one-year review; birthday bash and new announcements appeared first on AMBCrypto.

Source: AMB Crypto

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.

The post Binance CEO Confirms Fourth Quarterly Binance Coin Burn appeared first on NewsBTC.

Source: New feedNewsBTC.com