Top Crypto Exchange Launches Binance Pay for Swift Cryptocurrency Payments

Top Crypto Exchange Launches Binance Pay for Swift Cryptocurrency Payments

  • Binance CEO, Changpeng Zhao, says the company launched a payment service “quietly” over the weekend.
  • The service hopes to rival PayPal in the growing crypto payments industry.

Binance is forging ahead in its plan to have more people use crypto. To get this mission onboard, the world’s largest crypto exchange by trading volume launched a new payment service over the weekend.

Binance Pay Makes A “Quiet” Entrance

Binance boss, Changpeng “CZ” Zhao, has revealed Binance Pay, the exchange’s latest crypto-based payment app. He made the revelation at the annual Binance Blockchain Week.

An explainer on Binance’s website describes Binance Pay as a way to send and receive crypto payments. A sort of crypto version of PayPal, if you will. The website explains,

“Binance Pay is a contactless, borderless and secure cryptocurrency payment technology designed by Binance.”

Binance users can access Binance Pay from their wallets. Binance Pay integrates directly with the Binance VISA card. It can also be refilled from the spot wallet balances on the main Binance platform. Binance Pay is currently in beta.

At the conference, Zhao said that Binance was dabbling into the payment space because it noticed a need for a better, more innovative payment service. The CEO explained that many merchants still don’t trust crypto assets in their payment systems, as they prefer credit cards and cash. Once customers make payments with crypto, the merchant receives a stablecoin that can be converted to fiat easily.

The PayPal Slayer?

Binance Pay will support six currencies; BNB (Binance’s native token), BUSD (Binance’s stablecoin), Bitcoin (BTC), SXP, ETH, and the Euro. Discussing why fiat was included at all in the lineup of currencies, Zhao said that this was to boost merchants’ confidence and avoid cryptocurrencies’ volatility risks.

Binance Pay is now live for customers. However, anyone looking to access the offering will need to register for it from their Binance wallets. They will then need to complete a quick three-step process, including setting a nickname, a PIN, and a password. Users also get to select and arrange the currencies they want to send and receive payments out of the six listed. Transactions with the app will be done through QR codes.

Paypal has been around long enough to gather a large share of the retail payment market. With 60 million merchants worldwide preferring to use the payment giant’s services, Binance has a lot of work cut out for it.

Asides from Binance Pay, Zhao also mentioned a more simplified version of the Binance app that will be released soon. The Binance Lite, according to Zhao, was created as a response to their customer’s request for a more intuitive dashboard. Zhao pointed out that many users have complained about the app’s seemingly busy appearance and confusing user interface. Binance Lite was created to address this issue, displaying only important and relevant data.

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Author: Jimmy Aki

Nexus Mutual Now Covers Binance, Coinbase, Gemini & Kraken Users Against Security Breaches

Nexus Mutual’s Insurance Now Covers Binance, Coinbase, Gemini & Kraken Users Against Security Breaches

Decentralized finance insurance protocol Nexus Mutual has updated the list of cryptocurrency exchanges that are eligible for incidence protection. The company’s services will now include customers of centralized exchanges like Coinbase, Binance, Gemini, and Kraken.

More Custodians Welcome

The update, which was announced on Monday, will allow these exchanges’ customers to purchase protection against certain hacks or asset withdrawal issues.

It’s part of the Custody Cover initiative, and it provides compensation for users who lose over ten percent of their funds in the event of a security breach on any of the supported exchanges. Users can also claim cover if an exchange suspends withdrawals for over 90 days.

Nexus Mutual launched Custody Cover in December 2020 to provide insurance cover for centralized crypto. At the time, the company explained that it was branching out of DeFi to build its insurance marketplace. The company’s long term goal is to use blockchain to provide cover for companies and individuals within and outside the crypto space.

“We’re focused on the longevity of Nexus Mutual and want to become a marketplace that covers diverse risks both in and outside of the crypto space. We want to use the benefits of blockchain to protect all underserved communities and this is our first step in that direction.”

Custody Cover launched with support for six custodians – Celsius, BlockFi, Hodlnaut, Nexo, inLock, and Ledn.

With Custody Cover, Nexus Mutual is looking to solve the issue of overly high insurance coverage prices in the crypto space. While premiums for insurance vary based on the platform, numbers appear to be too high for everyday customers and traders.

A Spotlight on Custody

Nexus Mutual’s branching out into the centralized space is coming amid significant growth in the crypto custody space. In response to increased institutional crypto demand, custody providers have also done their bit to improve security.

Recently, Bank of America-Merrill Lynch conducted a survey showing increased Bitcoin activity from Wall Street players. The survey interviewed fund managers with $534 billion in assets under management. They found that institutions were increasingly trading in Bitcoin. Only the dollar and tech stocks saw more trades.

report from Fidelity Investments also revealed that a third of institutional investors now own crypto assets. This increased enthusiasm from investors means asset custodians need to ramp up their security infrastructure to protect against hacks and other mishaps. In a report, auditing giant KPMG explained that custodians’ top action will be to enable next-generation compliance and security measures.

The company recommends incorporating leading cryptographic techniques like sharding, multi-signature wallets, and multi-party computation. Essentially, cryptocurrency security will require input from both hardware and software solutions.

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Author: Jimmy Aki

Celo Goes Vertical with Crypto Exchange Binance Listing Against BTC & USDT

Celo Goes Vertical with Crypto Exchange Binance Listing Against BTC & USDT

The leading spot cryptocurrency exchange Binance has listed a new token Celo (CELO).

The trading for two pairs CELO/BTC and CELO/USDT will be opened on Jan. 5, at 8:30 AM (UTC).

In response to the news, the digital asset went vertical.

With more than 185% gains following the listing, Celo went on to see $4.18. As of writing, CELO was trading at $2.78 CELO 82.43% Celo / USD CELOUSD $ 2.73
$2.25 82.43%
Volume 190.92 m Change $2.25 Open $2.73 Circulating 124.45 m Market Cap 339.95 m
8 h Celo Goes Vertical with Crypto Exchange Binance Listing Against BTC & USDT
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The cryptocurrency has a market cap of $317 million and traded $68.97 million in ‘real’ volume in the last 24 hours.

The open source platform supports the development of decentralized applications and smart contracts and further aims to address the barrier to digital assets adoption by using email addresses and phone numbers as public keys.

The project has released Celo Wallet, a social-payments system centered around mobile phones.

Besides its native governance token CELO that is used to pay for on-chain transactions, it has also launched the stablecoin Celo Dollars (cUSD).

Celo is now planning to support multiple stable assets starting with cEUR, an addition which it says “is the first step towards an ecosystem on CeloOrg that hosts a family of stabilized value assets.”

“We’re building a more inclusive financial system, where value can be transferred in faster, more secure and at a lower cost manner, and requires fewer intermediaries than traditional bank wires,” said the team recently on the occasion of the inaugural review of the World Economic Forum’s (WEF) crypto working group that listed Celo besides Bitcoin (BTC), Ethereum (ETH), XRP, Tezos (XTZ), Zcash (ZEC), Filecoin (FIL), and Arweave (AR).

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Author: AnTy

1inch Airdrops its Tokens on Christmas; Price Soars 1,445% After Binance Listing

1inch Airdrops its Tokens on Christmas; Price Soars 1,445% After Binance Listing

DEX aggregator 1inch Network launched its token on Christmas and nearly 58 million 1INCH tokens have been claimed already.

Decentralized exchange (DEX) aggregator 1inch celebrated Christmas by launching its token and airdropping it to all of its users.

The network will now be governed by a DAO 1inch Foundation that released the governance and utility token.

Back in September, DEX Uniswap also airdropped UNI tokens to each of its users. Much like it, 1inch tokens were airdropped to all the wallets that interacted with the platform until December 24.

The current total supply of the token is 1.5 billion, out of which 30% is allocated to community incentives which will be distributed over the next four years. 14.5% of the supply, unlocked over a 4-year period goes to the protocol growth and development fund.

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You are qualified to receive 1inch tokens if you had at least one trade before Sept. 15 or at least 4 trades in total, or for a total of at least $20.

Liquidity providers will also receive their free tokens based on the liquidity mining program. During the first two weeks of the current incentive program, liquidity providers will receive 0.5% of the 1INCH token’s total supply.

Additionally, if you provided liquidity to any of these six pools, 1INCH-ETH, 1INCH-DAI, 1INCH-WBTC, 1INCH-USDC, 1INCH-USDT, and 1INCH-YFI, you are also eligible for free tokens.

As of now, 57,894,541 1INCH tokens have been claimed by 16,652 wallets, as per Dune Analytics.

With this step towards a more decentralized network, 1inch Network has taken the approach of “instant governance” where the community can participate, benefit, and vote for specific protocol settings.

The token will be used in all current and future protocols within the network. It starts with Aggregation Protocol governance which enables the token stakers to vote on Spread Surplus settings. As for Liquidity Protocol Governance, its key feature is the price impact fee which grows with price slippage.

“All voting will be done with the 1INCH token, which has no financial value,” states the 1inch team in the official announcement.

However, the token is currently worth $2.78, as per Coingecko.

1inch token recorded a jump of 1,445% in its price to climb above $3 after the leading spot exchange Binance announced its listing today against BTC and USDT.

Not only Binance listed the token in its Innovation Zone but it also announced a perpetual contract for 1INCH with 20% leverage. OKEx is also supported trading for the 1inch token.

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Author: AnTy

CME, Binance, and Bybit Captures BitMEX’s 24% Drop in Bitcoin Futures Market Share

CME, Binance, and Bybit Captures BitMEX’s 24% Drop in Bitcoin Futures Market Share

Last week was a historical one for Bitcoin as the world’s largest digital asset smashed through $20k and hit a new all-time high above $24,000. Currently, in its price discovery mode, all the pullback BTC is seeing hasn’t taken us to even $21k.

This price action, the largest weekly percentage gain of 22% since April 2019, has pushed the volume on spot exchanges to over $10 billion for the first time in history.

Over $1 billion worth of short positions got liquidated in the futures market over just two days last week. Leveraged traders have also been upping their risk profiles while the premiums to spot continues to decline.

This week, another burst of volatility can be seen in the market as Bitcoin futures contracts for December expire on Friday. Interestingly, the

Bitcoin futures market had some significant changes this year. The popular derivatives platform BitMEX, which commanded 34% of the market share at the beginning of this year, is the biggest loser of 2020. Currently, BitMEX occupies just 10% of the Bitcoin futures market, as per Arcane Research.

This 24% loss in the market share has resulted from the U.S. Commodity Futures Trading Commission (CFTC) and Department of Justice (DOJ) charging the exchange and its founders in October with illegally operating a crypto derivatives trading platform. These civil and criminal charges resulted in the exchange losing its edge in the market.

Open interest on BitMEX is currently around $720 million compared to more than $1 billion on OKEx, CME, Binance, and Huobi. BitMEX’s loss resulted in Binance, CME, and Bybit’s gain as all three of them strengthened their position in the market this year.

The biggest gainer is Binance, which recorded an increase of 12% in its market share. With a 9% jump, CME comes behind the leading spot exchange, but this regulated platform has more OI at $1.43 billion compared to Binance $1.38 billion. CME mainly sees increased traction thanks to all the institutional attention towards BTC.

Bybit’s OI is hovering just under the $1 billion mark; the platform now captures 11% of bitcoin futures market share, up from only 6% at the beginning of this year.

Among the losers, Huobi lost 4% of its market share while OKEx’s dropped 8%, although the latter has the highest OI at $1.53 billion, as per data provider Skew.

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Author: AnTy

Binance Exchange Rolls Out Visa Crypto Reward Cards to European Customers

The world’s largest cryptocurrency exchange has started to ship its physical Binance Visa cards to customers within the European Economic Area. The exchange is now urging customers within the European Economic Area to order Binance Visa cards or finish up their previous delivery process.

In an announcement made on Dec. 14, the exchange firm said that customers within the EEA region who applied for Binance Visa cards would soon receive them.

According to the announcement, the physical Binance Visa card will allow users to spend up to 8,700 euros equivalent to $10,600, and they can withdraw up to 290 euros or $350 from ATMs. The cards will also attract zero fees up to 2021 and features up to 8% cashback.

Binance also announced that it was adding support for Ether (ETH) in its Binance Visa cards to give customers more options to use cryptocurrency in their daily lives. The announcement stated,

“Rather pay with your Ethereum profits? From now on, you can buy the things you love with Ethereum. Transfer Ethereum to your Card wallet and drag it above the other coins to make it the preferred payment asset.”

Binance officially debuted its Binance crypto debit card within the EEA region in July this year. The exchange has been offering digital Binance Visa Cards. The exchange clarified at the time that physical cards would be processed in the coming months. It seems the exchange is now ready to issue the physical Visa cards.

To boost its reach in Europe and worldwide, Binance acquired a multi-currency virtual wallet, also a Visa debit card platform, Swipe, in July.

Since Binance revealed plans for a Binance Visa Card back in April this year, it has been actively marketing the new product creating awareness among crypto enthusiasts. After Binance introduced the card within the EEA region, the firm revealed its plans to expand in other regions worldwide. Plans are underway to roll out the card in Russia.

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Author: Joseph Kibe

Binance Halts Filecoin (FIL) Withdrawals Over the Weekend

Over the weekend, leading spot crypto exchange Binance stopped the withdrawal of the Filecoin (FIL) without any announcement.

Even after 24 hours, it continued to show, “The current currency is not open for withdrawal.”

The exchange finally told its customers that it was due to the sudden failure of the wallet. The weekend was to blame, and Binance has to do internal technical repairs to restore the FIL network mainnet.

“The industry suspects that a large amount of FIL has been lent from Binance before,” tweeted Colin Wu of Chinese publication Wu Blockchain

“Binance Filecoin inventory has been drained it seems like, withdrawal of FIL has been paused for over 24hr now Lots Chinese FIL miners rekt badly and the rough total investment into FIL mining is way over its circulating market cap,” also noted Dovey Wan, the founding partner of Primitive Crypto.

“As total Filecoin investments number floating is over 10b RMB (adding up sales number from all rigs manufactures and sales channel) ~1.5B in USD,” she added.

FIL is the 21st largest cryptocurrency with a $1.34 billion market cap while trading around $30.

The price of the token started uptrending in June this year, when it was trading under $7 only to climb above $56, on the anticipation of its mainnet going live in mid-October.

It was during this time, Coinbase Custody announced support for the cryptocurrency. Last week, Filecoin was also tradeable at Coinbase.com and on the San Francisco-based cryptocurrency exchange’s Android and iOS apps.

Last week, Coinbase also allowed people to earn up to $6 in FIL tokens through its Earn program.

Filecoin is a decentralized peer-to-peer file storage network that was initially released more than six years back. The project aims to let anyone store, retrieve, and host information, and for this service, FIL tokens are used as payment.

In other news, YUANLIQU, one of China’s largest Filecoin companies, has been reportedly frequently attacked by investors to defend its rights in its Shanghai office because “too many Filecoin mining machines are sold, but the profit design is confusing. The police have stepped in.”

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Author: AnTy

Binance Backed Layer-2 DEX, Injective Protocol, Launches Solstice Testnet

Injective Protocol, the Binance backed cross-chain DeFi derivatives trading platform, is launching its testnet according to a publication on TechCrunch yesterday. This milestone comes as a significant step in the DeFi derivative market where action has been picking up in recent months; Injective Protocol plans to bridge the existing gap between chains so that derivative traders can operate freely across multiple decentralized exchanges.

This initiative allows DeFi derivative traders to operate on Ethereum and Cosmos blockchain networks’ likes without being limited to a particular chain. Injective Protocol leverages the Tendermint-based Proof-of-Stake (PoS) consensus to power an ecosystem where traders can engage in cross-chain derivatives trading. The project enjoys a $3 million funding from Binance and other prominent crypto investors, who include Pantera Capital & Hashed.

Pantera Capital has successfully existed in crypto, having invested in heavyweights like Bitstamp, Kik, and Blockfolio. A partner at the firm, Paul Veradittakit, praised the Injective Protocol cross-chain DEX derivatives exchange model;

“Injective’s Solstice testnet trades and feels like a state of the art derivatives exchange, but it’s actually entirely supported by a fully decentralized infrastructure.”

Notably, this project has been under the wraps for around two years as the team validated it with sizeable institutional traders, market makers, and funds. The co-founder and CEO, Eric Chen, previously worked in a blockchain-oriented fund where his role spun around cryptographic research. So far, Injective Protocol has already established partnerships with leading blockchain firms like Frontier, Ramp DeFi, and Elrond.

Meanwhile, DeFi operations continue to experience the increased activity as more participants join the nascent crypto niche. DEX volumes went up by almost 70% during the summer DeFi craze, a trend that is unlikely to reverse in favor of centralized crypto exchanges. DeFi innovations like Injective Protocol tout solutions to the underlying CeFi challenges include exchange hacks, exit scams, and front running.

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Author: Edwin Munyui

Binance ETH 2.0 Staking Rewards Goes Live; Early Users to Receive ‘Double Rewards’

  • Binance goes live with Ethereum 2.0 staking.
  • The exchange is offering double rewards for early staking users on the platform.

Binance, the world’s largest cryptocurrency exchange, announced that it is supporting the ETH 2.0 staking program starting today on Tuesday. In its press release, Binance also promised early ETH 2.0 staking users would receive extra rewards in its native BNB token.

According to the post, the crypto exchange will reward participants in ETH 2.0 staking with BETH tokens, which are redeemable for ETH at a ratio of 1:1 once ETH 2.0 Phase 1 launch.

“Binance has launched an ETH 2.0 Staking service starting from 2020/12/02 0:00 AM (UTC),” the post reads. “Users that participate in ETH 2.0 staking will receive BETH* at a ratio of 1 ETH = 1 BETH.”

The ETH 2.0 staking rewards will be paid out to users daily in BETH, with the reward period starting immediately after launch (already launched).

Eth 2.0 launched Phase 0, or the Beacon Chain, on Tuesday, starting a multistage process towards a full proof-of-stake (PoS) system from the proof-of-work (PoW) consensus mechanism.

The minimum threshold to stake ETH 2.0 on Binance is 0.0001 ETH with a staking APY of 5% to 20% offered based on the actual on-chain APY at any given time. Once ETH 2.0 Phase 1 goes live, expected in two years, BETH holders will be able to redeem their tokens to ETH at 1:1. The statement further reads,

“In the future, if BETH is made available for trading, users will be able to trade between ETH and BETH freely.”

Staking on Binance is set to reduce the hustle of participating on-chain to receive rewards, cover all validator operating expenses, and bears the risk of on-chain penalties on behalf of the user.

Double rewards for early ETH 2.0 staking

Notwithstanding, Binance is also running a double staking reward program that sees the early staking users receive both BETH token rewards and Binance’s native token, BNB. All KYC-verified ETH 2.0 staking users will receive an additional reward in BNB to the equivalent of their BETH rewards.

The rate will be calculated at the current BNB/ETH rate with the rewards distributed in two rounds – on Dec. 11. And Dec. 16.

Also Read: Coinbase Supports Staking & Trading of ETH 2.0

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Author: Lujan Odera

Binance Sends Final Warning to US Customers; 14 Days to Withdraw Funds

  • Binance continues its efforts to get rid of U.S customers on its platform.
  • Users should withdraw all their funds from the platform in the next two weeks.

The largest cryptocurrency exchange in trading volume, Binance, is hastening its efforts to sweep off every U.S. based customer off its global trading platform, Binance.com. According to a Decrypt report, the exchange is giving every U.S. registered customer 14 days to “close their positions and withdraw their funds” or risk having their funds locked.

Binance is imposing these stricter measures to comply with KYC/AML compliance regulations. It has previously been reported that the exchange warned users geo-tracked using their IP addresses to withdraw their funds from the platform in 90 days.

This followed a warning by CEO of Binance, Changpeng ‘CZ’ Zhao, back in July 2019 when announcing a partnership with BAM Trading to launch its U.S. trading platform, Binance US. At the time, CZ confirmed that a “few restrictions would be accompanying the new partnership,” with U.S. customers having access to fewer tokens and features.

However, the latest warning sent via email to U.S. registered users is the most serious yet from the exchange. An email shared by one of our followers said,

“Dear user, as we constantly perform periodic sweeps of our existing controls, we noted that you are trying to access Binance while having identified yourself as a US person,” concerning the U.S registered customers using the platform.

The users have been given two weeks – ending December 8 – to clear their trading positions and withdraw funds from Binance.

“Please note that as per our terms of use, we are unable to service US persons. You have 14 days to close all active positions on your account and withdraw all your funds, failing which your account will be locked.”

The latest warning comes at the back of Binance US, adding Alabama to the states available for customers – with only eleven more states remain outside of the regional exchange’s network.

While the exchange does say the account will be locked, not all hope is lost for withdrawing user funds. It says users can contact customer support to try and get it temporarily unlocked.

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Author: Lujan Odera