Binance DEX Adds BNB/BUSD Trading Pair, Burns $36.7 million worth of Binance Coin

The decentralized exchange rolled on by crypto exchange giant Binance earlier this year is now offering it’s clients a new service to purchase and sell Binance’s new USD-pegged stablecoin with BNB.

On Oct 17, on its official Twitter platform, Binance DEX announced a new listing on its platform, BNB/BUSD Trading Pair. the pairing means that traders will now have the option to buy and sell BUSD using the Binance Coin (BNB).

BUSD Gets Regulator’s NOD

In the recent past the crypto space has witnessed a significant growth in the number of stablecoins. These are assets which are pegged or backed by physical or touchable assets and, in most cases, the US dollar, the world’s reserve currency. Some of the most popular ones include Tether (USDT), USD Coin (USDC), Gemini Dollar (GUSD), among others. Recently, Binance joined the fray as one of the coin emitters with its Binance USD (BUSD).

Recently BUSD was approved by the New York State Department Of Financial Services (NYDFS). According to Binance, the launching of BNB/BUSD trading pairs will help in adding liquidity in the market to the advantage of the customers. At the moment BUSD is ranked number 287 among the most popular cryptos in the market.

Binance Burns More BNB

Meanwhile, Binance CEO Chaopeng Zhao popularly known as CZ, has announced that the company has burned 2,061,888 BNB worth about $36.7 million. This is the ninth BNB burn and represents about 1.1% of the total BNB supply.

According to U Today, coin burning can be described as the permanent removal of coins from circulation, thereby reducing the amount of coins in circulation. Binance burns BNB coins on the basis of the volume of trades made within its exchange over the last 3 months. Therefore, in every quarter, the crypto exchange giant burns some BNB coins.

According to CZ, the high amount of BNB burn shows significant growth and he credits it to the launching of fresh services like margin trading and futures trading.

Binance plans to keep on burning BNB within its possession until there are only 100 million left.

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Author: Joseph Kibe

Bitfinex Exchange Launches Affiliate Program Offering Up to Three Referral Levels

BitFinex exchange launches a social media affiliate program that allows customers to earn commission on referrals made to the exchange. The program, ‘BitFinex Affiliate Program’ is a multi-tiered program that offers users the opportunity to earn “unlimited commissions” by referring their friends, family, etc. The official BitFinex Affiliate program welcomes users to join the program as it reads,

“Whether you are a crypto trader or a die-hard crypto fan, you can invite your social network through the BitFinex Affiliate Program and earn unlimited commission.”

Up to Yhree Levels of Connection

In a bid to increase user participation and interaction with the platform, BitFinex launched the Affiliate program, following in the steps of Binance, OKEx and a number of major crypto exchanges. However, the BitFinex Affiliate program differs from the rest as it involves three levels of connection allowing users to earn more commission on their referrals.

The first level of connection disburses 18% in commissions to the referee, 6% for the second level referral and 2% for a third level referral. In other words, if customer A recruits customer B, they earn 18% in fees commissions from trades by customer B. If customer B refers customer C, then customer A will earn 6% commission on fees paid by customer C.

Special Rewards for UNUS LEO Holders

Furthermore, a report from the BitFinex team confirmed special rewards for UNUS LEO token holders. The report read,

“When affiliates and their referrals meet certain requirements, such as verifying an account and/or accumulating holdings of at least 500 Tethers (USDT) worth of UNUS SED LEO tokens, affiliates will also be entitled to multipliers of up to 2.16x on their commission.”

While an efficient and cheap trading platform is the key goal for BitFinex exchange, CTO at the exchange, Paolo Ardoino claims the exchange will work on the project to boost overall user engagement and

“help grow the cryptocurrency community further.”

He also said,

“We strive to provide our clients with the most engaging and social trading experience.”

The exchange recently won a suit in its $900 million USD Tether case allowing the company to halt all collection of documents as asked by the New York Attorney General court.

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Author: Lujan Odera

17 Trillion Reasons to Own Bitcoin, Starting with the Elephant in the Finance Market

According to the Bank for International Settlements report, the growing acceptance of negative interest rates has reached “vaguely troubling” levels.

Investors have been now paying for the privilege of lending, support for which came from the top central banks including the US Federal Reserve, the ECB, and China’s PBOC that has the amount of bonds trading at negative rates reaching a record $17 trillion.

The central bankers’ bank, BIS noted this, equivalent to 20% of the world’s GDP, wouldn’t have been possible even at the depth of the financial crisis.

While yield is sub-zero in the Netherlands and Germany for up to 25 years and recently in Italy as well, most government debts in Japan and Switzerland have dived into negative territory.

“There is something vaguely troubling when the unthinkable becomes routine,”

said the head of the BIS’s Monetary and Economic Department, Claudio Borio.

As such, BIS wants policymakers to use their remaining ammunition with caution as “should a downturn materialize,” they would need a helping hand.

These negative interest rates, however, could be behind the 15% upturn the stock market saw this year, according to Wall Street’s “bond king.”

Bill Gross, the co-founder of bond market behemoth Pimco said,

“Prepare for slow economic growth globally and an end to double-digit market price gains of months and years past.”

In their attempt to ease policy across the world, central banks pushed as much as $17 trillion in bond yields to below zero. This, in turn, boosted stock prices as lower yields on government bonds tend to pump riskier assets’ valuations.

The 10-year Treasury yield has declined from 2.60% at the beginning of this year to 1.696% while S&P 500 is up over 18% this year.

Another risky asset, Bitcoin is meanwhile, up more than 150% in 2019 YTD.

Another factor that would contribute to Bitcoin’s success which is spooking the markets this year is the inversion of the US and other bond yield curves, that historically preceded recessions.

Currently, the leading cryptocurrency is trading at $8,085 with 24 hours gains of 1.35%, as per Coincodex.

BTC bottomed at $3,200 in December 2018 after losing 84% of its value. However, moving in 2019, it went as high as $13,900 before correcting to $8,000.

Currently, the flagship cryptocurrency is getting ready for its upcoming mining reward halving event that historically has been bullish for its price. Even prior to six months to the event, BTC jumped 2.3x in 2012 and 1.7x in 2016, which means before the third halving, we could climb to at least $12,000.

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Author: AnTy

XRP Leading the Top Cryptocurrencies, Altcoins Jump over 10% As The Market Turns Green

  • The cryptocurrency market has turned green today.

Yesterday, Bitcoin dropped below $8,000 to $7,914 level which Jeff Dorma, the chief investment officer of asset manager Arca said has been

“less about the magnitude and more about the correlation and direction.”

But today, with 24 hours gains of 1.52%, the leading cryptocurrency has gone back above $8k, trading at $8,112, as per Coincodex.

Though low, trading volume has also risen to $266 million, this Dorman said means

“shorts are incentivized to keep pushing prices lower until they hit resistance.”

Commentators, however, are expecting BTC to drop to $6,000 level.

Analyst Benjamin Blunts also notes,

“GBTC already broke down on daily yet spot BTC hasn’t. For the last few months, has GBTC also been leading spot price by about 24 hours or so. This doesn’t look good for btc tbh.”

BTC dominance meanwhile, remains below 70% at 68.31% as altcoins record a higher jump than that of Bitcoin.

According to Joshua Frank, co-founder of TheTIE.io, a cryptocurrency analytics platform, since Bitcoin’s bull run this summer,

“a large decline in retail interest in the cryptocurrency,”

has been seen.

Altcoins, however, are enjoying the gains currently.

Among the top cryptocurrencies, XRP is the winner. The digital asset today touched $0.30, hitting a 7-day high after rising almost 7% in the past 24 hours.

XRP is followed by Stellar (6.20%) and Binance Coin (5.21%).

However, the top mover of today’s market is Basic Attention Token which is up by 11.91, trading at $59.19.

Other coins registering a surge of more than 10% are Monero (10.43%), NEM (10.42%), Dogecoin (10.60%), and Siacoin (11.20%).

While Bitcoin has been trading sideways this month, altcoins like XRP and Link recorded gains. Though a few coins like BNB, Matic, and REN among others are up a whopping more than 400 percent, the alt season hasn’t started yet. But with the positive momentum seen in the last few days, we just might see the top altcoins and a few other selective ones move closer to their all-time highs.

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Author: AnTy

$77 Million Worth of Bitcoin Locked in Sidechains, Unavailable for Use

Out of the total circulation supply of around 18 million Bitcoin, around 9661 Bitcoins are stuck in different sidechains, which are not lost but cannot be used either. These bitcoins are stuck in primarily 3 major side chains that include Liquid, Binance Chain and Wrapped Bitcoin (WBTC) sidechains.

Side Chains are just like sister chains to the main network which are built to perform specific tasks. Their primary use is to hold the transaction amount when the user sends the fund to or from the sidechains.

As per the latest data from block explorers, Liquid network contains the smallest amount of Bitcoin stuck in sidechains with 89 BTC, while WBTC contain 571 BTC and Binance Chain has the highest number of Bitcoin stuck with 9001 BTC.

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Author: Hank Klinger

Samsung SDS Tests a New Blockchain Medical Claims Processing System

Samsung SDS, the blockchain wing of Korean electronics giant Samsung, is testing a medical insurance claims processing system that has been developed on a blockchain network. To pilot the new system, Samsung SDS revealed it is working with a bunch of medical providers and insurance companies from around the world to examine the performance as well as the effectiveness of the new system.

As CoinDesk reports, if the system is successful it is expected to be rolled out later this month. Yoon Shim, Samsung SDS vice president, revealed that the firm launched the piloting program in August this year. Shim was speaking during the Blockchain Seoul 2019 event.

According to Shim the aim of the new system is to ease the challenging process that patients have to go through while filing for medical claims or refunds for medical services rendered from the insurance companies. Shim explained that while most people have medical insurance covers and are not supposed to pay most of the medical expenses from their own money, the majority are hesitant to file for claims as the process is very complex. The new system, she said, would help in connecting hospitals, pharmacies, insurers as well as other health-related firms to make the process easier for users.

According to Shim, once the system is up and running, patients will get an instant message via the KakaoTalk messenger once they are treated. They will then be able to send the receipt to their respective insurers using just a single click to file their claims.

The blockchain technology is being utilized to share personal medical data and information among the right companies. According to Shim, the new network will aid in the reduction of the paperwork or workload involved in medical care-based companies, reduce the waiting times involved once a patient has filed for claims as well as lessen the claims’ processing costs by more than 70 percent.

Samsung Hospital, Severance Hospital, and Korea University Medical Centre are among the institutions that Samsung CDS is working with and plans are underway to add extra institutions in the future. The new system has been developed on the Nexledger blockchain network.

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Author: Joseph Kibe

French Finance Minister: Libra Will Take Away State’s Power To Control Currency

French Economy and finance minister Bruno Le Maire attacks Libra again this time claiming that Facebook’s led stablecoin will intrude on one of the most important national government mandates, issuance of currency.

In an op-ed to Financial Times, Le Maire stated if Libra was allowed to take off it will take away the sovereign power of states to issue and control their own currencies which will have unprecedented repercussions to the world’s economy and financial system.

Le Maire’s opinions are similar to his German counterpart, Olaf Scholz who has maintained that Libra should not be allowed in Europe as it will infringe on the sovereignty of the countries.

Le Maire stated that he can’t imagine one of the most powerful tools of a state, monetary control, and policy, being taken over by private companies that are not subjected to any democratic control.

The finance minister explained that after the creation of the euro in 1999, the EU member states gave up some aspects of their sovereignty to a more powerful European project. He pondered whether states are ready to allow Facebook together with other members of the Libra Association to provide private currency and undermine the effort made by EU member states.

Le Maire reiterated his sentiments in a tweet claiming that sovereignty, both political and monetary, can never be shared with private companies.

France has been one of the harshest critics of Libra which is facing intense pressure from policymakers around the globe. Politicians and regulators have been raising concerns with the Libra project fearing that Facebook will have immense power on money issues around the world.

In the past, Le Maire has categorically stated that France will never allow Libra to operate in the country as it is a threat to the EU’s financial systems among other risks.

According to CoinDesk, Le Maire, the EU needs to move faster and come up with innovative cross border payment systems as well as central bank-issued digital money to counter Libra’s threat. He explained that China should not be left to be the only player in the market on the issue.

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Author: Joseph Kibe

US Second Largest Bank, Bank Of America, Secretly Tests Ripple XRP Technology

Recent reports leak that the second-biggest bank in the US, has secretly piloted Ripple’s blockchain technology and is poised to do more with it.

Late last year, during a seminar organized by the International Monetary Fund (IMF), Ripple recognized Warren Buffett-backed Bank of America as one of its customers during its presentation.

Probed about whether the Bank of America was indeed using Ripple’s products, the company’s spokesperson did not confirm nor deny if the bank was one of Ripple’s clients. She however stated that the two firms had done a pilot together. She stated that Bank of America has indeed been part of Ripple’s Global Payment Steering Group and joined in 2016. The spokesperson was adamant to reveal more details about the piloting project and Bank of America also refused to comment on the issue.

A Ripple representative told CoinDesk:

“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016 and we did a pilot with them,”

Although it has been an open secret that Bank of America is a member of the steering committee which offers advice about rules as well as standards for Ripplenet, which is the network used by financial institutions that utilize Ripple products. However, the revelation that the bank has been conducting a pilot is the strongest indication that the two companies are involved in something bigger than friendly advice.

In the past, the bank has been shy of blockchain technology with its chief technology officer, Cathy Bessant, openly saying she was bearish about the technology despite the bank having the most blockchain patents. Bessant explained that the patents were only meant to ensure that the bank was ready to use the technology if need arises.

However, signs points out that the bank is poised to use Ripple technology after it advertised a job opening earlier this month for a product manager who will steer a team for ‘Ripple project’. As per the job advert, the project entails ‘a decentralized ledger technology-based solution to cross border payments marketed to GTS clients’.

The CD report states that the bank appears to have tested xCurrent which is Ripple’s payment system that will allow online global transfers among financial institutions.

Leading Spanish bank Santander, American Express, as well as PNC, are some of the customers of the xCurrent payment service.

Make sure to read “XRP Ready to ‘Swell’ 220% in the Next Three Weeks as Ripple Event Nears” as many Ripplers are excited for the upcoming SWELL event happening Nov 7-8.

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Author: Andrew Tuts

NBA’s Sacramento Kings Launch Non-Fungible Cryptocurrency Tokens to Boost Fan Participation

One of the oldest affiliate teams with cryptocurrency in the NBA, Sacramento Kings, announces the launch of their collectible tokens on October 16.

The National Basketball Association (NBA) is witnessing a growing interest in the cryptocurrency space as multiple teams integrate cryptocurrency products to boost fans’ participation. California based, Sacramento Kings, however, are a leg up in the adoption of cryptocurrencies as the management set up miners in the arena in 2018. The proceeds from the Ethereum miners was then directed to the Black Build Charity through a blockchain-based platform.

The NBA basketball team completes its three-peat in the blockchain industry by partnering with CryptoKaiju introducing cryptocurrency collectibles. The partners will develop a total of 100 non-fungible tokens to be distributed to fans during the upcoming 2019-2020 season. The tokens are unique and will be available at the start of the season.

Speaking on the latest partnership with CryptoKaiju, Sacramento’s CTO, Ryan Montoya, said,

“This partnership with CryptoKaiju is an exciting opportunity to continue to employ technology that delivers innovative products and content to our fans.”

Furthermore, Ryan looks forward to fans interacting with the tokens and receiving rewards using its platform. He said,

“We are thrilled to bring these unique, limited-edition collectibles and immersive experience to our fans. We are always looking for ways to be on the leading-edge of enhancing fan interaction.”

Of the 100 collectibles, 15 cards will come with special prizes for the holders including VIP seats at games, courtside seats and signed Sacramento merchandise by the players.

The team announced the launch of their Kings Token, which users can purchase and store in their REC20 compatible wallets. The token is used to purchase from the club’s online stores and club rewards with the team set to develop more incentives and uses of the coin.

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Author: Lujan Odera

Bermuda Kicks Off Natural Blockchain I.D System Development With Shyft Network

Bermuda’s blockchain identification system recently kicked off. This project is currently under development with the main partners being Perseid and Shyft Networks.

The blockchain i.d ecosystem is set to leverage decentralization in keeping records for the citizens of Bermuda. This small Island nation joins Catalonia who is also creating a digital ledger for i.d record keeping.

Both Shyft and Perseid Networks are experienced with smart contracts and blockchain technology. The two firms will work together in designing efficient e-ID’s which can prove other data requirements as well. According to Shyft Network, the initial phase involves creating the Perseid base layer. This is in turn expected to allow for the deployment of smart contracts such as the Financial Action Task Force designed by Shyft to oversee compliance.

Perseid’s CEO, Bruce Silcoff, noted that the integration of e-ID’s with the smart contract regulatory intelligence would allow for efficiency in data authentication. In addition, data sharing within Bermuda’s ecosystems is expected to grow given the ease of verification. Perseid will oversee the base layers that facilitate integration by external stakeholders to enable Bermuda’s government to get maximum utility from the project.

Shyft, on the other hand, will be handling the blockchain technology designs involved in this project. Joseph Weinberg, the current chair of Shyft, added that his firm will provide its public key infrastructure for identification. Furthermore, the company will also provide other blockchain features to entities and individuals on-boarding the ecosystem once the project is complete.

The Prime Minister of Bermuda, David Burt, said that Perseid’s infrastructure is a good example to highlight the value of blockchain. He noted that modern technology is without a doubt a pacesetter in achieving global compliance standards at ease. This efficiency also reduces the cost of governments and firms incur in implementing compliance standards and procedures.

So far, the island nation has been welcoming to digital currencies with it’s latest being the USD Coin (USDC) in tax payments. A step towards a blockchain pegged nation is, therefore, a strategic move in line with modern Tech payment solutions.

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Author: Lujan Odera