Binance Rolls Out $100M Fund to Bring DeFi Developers to its Smart Chain (BSC) Platform

  • The world’s largest cryptocurrency exchange, Binance, is entering the raging decentralized finance (DeFi) ecosystem aiming to take over the market.
  • The centralized exchange will control the listings and governance of the platform – a case of CeFi taking on DeFi.

Binance announced a $100 million development grant in a bid to entice DeFi developers to build on its newly-launched smart contract platform, Binance Smart Chain (BSC). CEO Changpeng ‘CZ’ Zhao made the announcement during the company’s World DeFi Summit this Thursday, stating the platform will provide ‘a bridge’ between the centralized and decentralized worlds of crypto.

The platform will provide a direct link between Binance.com exchange and the Binance Smart Chain allowing users to access DeFi products without leaving the exchange directly. Binance Coin (BNB) holders will also be able to participate and have more rights in the governance of BSC by staking on the chain.

The Binance community members will be in charge of distributing the funds with a maximum of $100,000 offered to each team.

The team will use their IEO criteria used on platforms such as Binance Launchpad and Binance X to select promising projects. The centralization aspect of the new platform has irked parts of the crypto community but has also received its fair share of praise – majorly due to Ethereum’s high gas fees.

A New Centralized DeFi platform

According to CZ’s explanation posted in a short thread on Twitter, the new-look centralized DeFi will offer users a couple of advantages over sticking to DeFi.

First, the exchange will vet the tokens that will trade and transact on the BSC, managing the risks involved in scams. However, he maintains the vetting may not prove sufficient “and sometimes may even be negative (depending on the CEX), he stated. “But a reputable CEX is financially incentivized to maintain it.”

Finally, users who stake BNB on Binance will be able to earn different yields on multiple projects simultaneously. This is different from DeFi whereby you need to stake on different protocols to earn their yields.

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Author: Lujan Odera

XRP-Focused Exchange Bitrue is Launching Low-Interest Crypto Lending Platform

Singapore-based cryptocurrency exchange Bitrue is now entering into the lending market.

The exchange is focused on serving the XRP community, given the fact that it supports more than 50 XRP pairs. Its goal has been to onboard all XRP pairs and becoming an xRapid partner.

Bitrue is now launching a low-interest crypto lending platform that will go live on Sept. 30. It will loan BTC, ETH, XRP, and USDT at 0.04 percent daily interest rate. The exchange said it will add support for more altcoins in the future.

Users will be able to pledge existing Bitcoin-held crypto as collateral, with no limit to the repayment period of the collateral.

“Bitrue’s goal from the beginning was always to bridge the emerging crypto markets with the traditional financial services sector,”

CEO Curis Wang said.

“It’s a perfect time for us to launch the first of our initiatives,”

he added.

Bitrue will also use the revenue generated from these loans to support its “power piggy” crypto holding rewards program that provides users with a

“risk free method of generating up to 10.3% yearly interest on the coins they invest.”

The new product launch came only three months after Bitrue suffered a hack, losing about $4.3 million in XRP and Cardano (ADA). At that time, company representatives said the funds were insured and

“100% of lost funds will be returned to users.”

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Author: AnTy

Vexa Global: Legit Cryptocurrency Trading and Investment Opportunity?

Vexa-Global-Legit-Cryptocurrency-Trading-and-Investment-Opportunity

Vexa Global is a new company entering the cryptocurrency industry, describing themselves as a “team of technology and finance hotheads.” The company ultimately believes in the power of cryptocurrency to change the financial world, which it easily is already adapting to the use of cryptocurrency. However, this company is looking to change the way that this industry works, rather than just joining the current market. Presently, the main goal of Vexa Global is to

“start manipulating the cryptocurrency market with the help of fintech services, IT products that have no analogues in the industry.”

What Are Vexa Global’s Benefits?

There are a few areas of interest that Vexa Global names as their advantages that keep them ahead of the game. For instance, the leaders involved with this brand already have experience internationally with the promotion of new products, as well as experience with the launch of ICOs and IPOs. They’ve secured Global Partner LLC in their brand already, which is an investment and management company.

While there are many companies that approach investments in a way that experienced traders do, this platform is much more user-friendly. It is made to help investors that are new to the industry or that don’t actually invest on a regular basis.

For consumers that want to know more information about the company, it prides itself on offering transparency, offering client information as often or as intricate as they need. At any time, the company can provide their full portfolio, as well as attribution reports. Investment managers can be available on an as-needed basis.

Products

Vexa Global has a few products already planned, which include:

  • A cryptocurrency ATM
  • An exchange
  • A token
  • A bot
  • A payment system

The cryptocurrency ATM allows consumers to use their cash or debit card to purchase cryptocurrency. There are some ATMs that allow both the sale of crypto and the purchase of crypto, though there are some situations that require the users to have an account already for these transactions.

Each stage of the roadmap describes when these launches should take place, starting with the launch of the platform.

The Roadmap of Vexa Global

As this company progresses, there’s already a roadmap in place that shows where the company is planning to be through January 2020. Presently, the roadmap covers a few events that have already passed, including the platform launch in April and the launch of the crypto ATM in May.

Still to come, the company has planned:

  • The cryptocurrency exchange launch, which is scheduled in July
  • The release of the token, which is scheduled in September
  • The launch of the trading bot, which is scheduled in November.

Vexa Global doesn’t plan to launch the Vexa payment system until January 2020.

The Global Partner LLC was originally founded in July 2015, entering the blockchain technology industry by 2016, which was a big year for this sector. By 2017, the company invested in cryptocurrencies, seeing the big changes in the industry. The next year, the company was taking a greater stand by supporting startup, seeking out opportunities that would provide them with a big return on investments.

Now, with the opening of the Vexa global platform, the company believes that their experience in the market and the knowledge that they’ve gained is enough to make themselves successful as well.

Contacting Vexa Global

Even with the information on the official website, some potential investors could have additional questions. While there is an entire FAQ section, consumers can get in touch directly with a representative by sending an email to [email protected].

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Author: Krystle M

Altcoins Entering Accumulation Period, Alt-Season to Take Off in 2020

Altcoins Entering Accumulation Period, Alt-Season to Take Off in 2020
  • Bitcoin/USD price chart and altcoins market cap similarities say alts are now entering accumulation phase
  • Alt season is scheduled for early to mid-2020

Altcoins like Chainlink (LINK) with 1,025% gains, Binance Coin (BNB) with 463%, Litecoin (LTC) with 293%, and Tezos (XTZ) with 163% gains till date in 2019 are a few ones that enjoyed good returns this year.

Others like Stellar (XLM) down by 6.50%, XRP up by 13%, IOTA (MIOTA) by 12%, and Lisk (LSK) by 32% till date in 2019 are the ones that have barely seen the greens.

Despite cryptocurrencies seeing over 100 percent gains YTD, not just the top cryptos like Ethereum, XRP, Bitcoin Cash, Tron, Cardano, Stellar, Monero, Zcash, Dash, VeChain, and NEO but also small-cap coins like Aelf, Waltonchain, Verge, Ziliqa, ICON, Augur, Nano, 0x, and Lisk among others are down 80 to 95 percent from their all-time highs (ATH).

Alt Season Scheduled for Early to Mid-2020

While altcoins are suffering, the crypto king is enjoying an increase of over 200% in its price in 2019. BTC dominance has also risen to over 62%. Alt season is nowhere in sight as they perform badly against BTC. But, a reprieve might be coming soon. Crypto trader Moon Overlord, says altcoin season will take off in 2020.

Sharing the charts of altcoin market cap from 2016-2019 and Bitcoin/USD from 2012-2015 cycle, he points out how both have eerie similarities.

After the historic rise, Bitcoin price and altcoin market cap went into a consolidation period that became key support. On the basis of this, altcoins are currently in the large correction phase which will soon hit the bottom and then we will enter the accumulation period. From here, it’s a ride to the moon.

“We’re now entering the accumulation period for ALTS, it will likely last until 2020,”

Moon Overlord said.

Analyst CryptoCoyote also states that alt season is scheduled for early to mid-2020.

The analyst presents three options, the first one being more drop followed by an uptrend in 2020. The second one he says could be the previous resistance being the current support, solely based on the rapid number of coins being added. But this isn’t “really a blessing for individual alt prices.”

The third option, he points out is crashing to the bottom, in which case,

“better go trade forex or get a regular job.”

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Author: AnTy