blockchain

Binance Custody Launched Binance Mirror for Cold Custody

Did you hear? Binance will now let institutions store crypto with cold custody without having to post collateral directly on the exchange. Here’s everything you need to know about it!

Cointelegraph reported that cryptocurrency exchange Binance has begun to improve its institutional trading services by utilizing cold-custody chances.

According to Cointelegraph, Binance will launch its Binance Mirror, an off-exchange settlement solution for institutional investors employing cold custody, on January 16, 2023. The Mirror service is thought to have been inspired by Binance Custody, a regulated institutional digital asset custodian. Furthermore, the capability involves mirroring cold-storage assets with 1:1 collateral held on the Binance account.

What’s More? 

For the duration of the open mirror position on the Binance Exchange, which can be settled at any time, Binance has assured customers that their cold storage assets will be safe. According to the firm, “more than 60% of all assets secured on Binance Custody” are kept on Binance Mirror. Athene Yu, vice president of Binance Custody, said that institutional investors can use the mirror service to gain access to “institutional VIP Loans” and a wide range of items on the Binance exchange. As Yu put it, “the deep liquidity that the Binance Exchange offers” is a big draw for institutions, but top-notch security is also important in light of recent market developments.

More About Binance Custody:

Binance Custody is a custodian platform that was introduced in 2021. It has its own cold storage solutions and protects protected assets against physical loss, damage, theft, and internal collusion.

Binance Custody is a bank-grade custody service that was developed exclusively for institutions to use for the storage and management of their digital assets. The service is independent, compliant, insured, and audited. Access robust security and liquidity venues from anywhere in the world with the Binance Custody app, which supports more than ten different blockchains and more than five hundred different assets. 

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Top 17 Hot Altcoin Events of December 2022

Many fascinating and large-scale events dedicated to FinTech, artificial intelligence, Web3 — blockchain technology, NFT, etc., will delight the cryptocurrency community in December. 

This post has compiled the most current crypto happenings by the first half of December 2022. Keep Reading!

  1. Social media users are spreading rumors that Twitter might make its currency called “Twitter Coin,” which could be used to pay for things and give tips on the network. Fans found a hidden ” Coins ” section on “Tips” on Twitter.
  2. The United Kingdom is now ready to set rules for cryptocurrencies.
  3. Sam Bankman-Fried was called “one of the worst thieves in history” by the CEO of Binance, Changpeng “CZ” Zhao after his FTX cryptocurrency exchange went bankrupt and left more than a million people out of pocket. “He’s also a master at using the media and influential people to get what he wants,” CZ said
  4. The Securities and Exchange Commission (SEC) has created new rules for companies that make financial disclosures in response to recent market turmoil. These rules require companies to give a complete record of their ties to the crypto industry.
  5. Users who don’t have a SIM card can still sign up for Telegram and log in with anonymous numbers powered by blockchain and available on the Fragment platform.
  6. Binance is talking about buying the cryptocurrency exchange Tokocrypto, based in Indonesia.
  7. Sam Bankman-Fried, who ran Alameda Research, gave secret help to the crypto media site “The Block” and its CEO. However, when the loans were made public, CEO Michael McCaffrey quit.
  8. Nexo will stop selling its Earn product in several states in the US.
  9. Federal prosecutors in the United States are investigating whether the founder of FTX, SBF, messed with the market.
  10. Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, has said he is willing to talk to the House Financial Services Committee.
  11. OpenSea has announced that animated NFTs are coming out.
  12. After losing $94.7 million in the third quarter and letting go of employees in its digital assets section, GameStop said it would no longer focus on cryptocurrencies.
  13. Goldman Sachs plans to spend tens of millions to buy or invest in crypto firms. This is because the collapse of the FTX exchange caused prices to drop and investors to lose interest.
  14. ConsenSys clarified to address the growing concerns about user data privacy. Furthermore, the company plans to get sensitive user data and store it for seven days.
  15. Coinbase allowed users to choose the reliable stablecoin USDC and didn’t charge a fee to convert USDT to USDC.
  16. The company that makes stablecoins, Tether, has said that Tether Gold (XAU) and Euro Tether (EUR) will be available on the cryptocurrency market Huobi Global. Tether has put its Chinese Yuan (CNH), held outside of China, on the Tron blockchain.
  17. Genesis Creditor Groups have given out loans worth a total of $1.8 billion, which is still growing.

So which of the above news updates were you awaiting?

Will Twitter Release Its Own Crypto Wallet For Users?

Leading tech blogger Jane Manchun Wong revealed to her Twitter followers that the social media behemoth is developing a prototype wallet for cryptocurrency deposits and withdrawals. 

According to Wong, the social media site plans to launch a cryptocurrency wallet, and it is currently developing a “wallet prototype” to handle “crypto deposit and withdrawal.”

Now the ability to tip content creators in cryptocurrencies like Bitcoin and Ethereum has been one of the many crypto-positive features that Twitter has been steadily rolling out. But what is ahead of this new take towards the Web3 world by Twitter?

Twitter’s Growth In the Past Year:

Twitter has rapidly adopted a pro-crypto stance over the past year and included features like tipping. Tips could be paid in cryptocurrency to any account on the social media platform using the option, which came into action in September of last year. This functionality was accessible through Cash App and other applications. In November, the platform also started the process of integrating Web3 apps.

Under the leadership of Tess Rinearson, a member of the council of the Interchain Foundation, a group has been assembled to collaborate and conduct research on crypto-related developments, blockchain technology, and decentralized applications. Their primary focus will be on blockchain and cryptocurrency research for the social networking website.

The Chief Executive Officer of Tesla, Elon Musk, is now in the midst of a contentious negotiation to purchase the microblogging site. The assistance of the largest cryptocurrency exchange in the world, Binance, and Sequoia Capital, an American venture capital firm, is being provided to the millionaire by these entities.

According to the sources who are acquainted with the subject, Binance intends to contribute a total of $500 million to the transaction, while the venture capital firm would spend approximately $800 million.

So Is It Really Happening? 

The well-known tech blogger Jane Manchun Wong recently revealed to her 139,900 cryptocurrency followers that Twitter is developing a prototype of a digital wallet that “will make it possible to deposit and withdraw cryptocurrencies.” The massive social media platform introduced a function in September 2021 that enables users to tip content creators with Bitcoin. 

Two years later, in February 2022, Ethereum was also a part of this rollout. Early in 2022, support for NFTs was added to Twitter, allowing users to replace the profile picture they had previously used with a piece of digital art.

It has yet to be officially confirmed whether or not Twitter will provide a cryptocurrency wallet. With this update, the microblogging and content creation platform might turn into a full-fledged web3 product if the new feature is implemented.

Wong is considered a reputable source because she claims that most of the information she uses is acquired in code that is freely accessible to the public. It is still being determined where Wong received the information. Twitter has not made a public announcement on a crypto wallet or an update to a feature, and the company has not commented on the matter.

What are your thoughts on this?

Binance has Received the MVP License from Dubai’s VARA – Here’s What You Should Know About It!

Because many users can access the Binance platform, its immense popularity is not surprising. Today, this cryptocurrency trading platform handles the most volume of transactions around the globe.

Following the issuance of its provisional license earlier in March, the global blockchain services provider Binance has earned a minimal viable product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).

What Does This Permit Entail, Exactly?

Within Dubai’s internationally benchmarked legislative framework for virtual asset service providers, Binance is now authorized to deliver an approved range of virtual asset-related services to appropriately qualified retail and institutional investors, thanks to the MVP license.

Simply put, Binance is dedicated to upholding rigorous investor and market protection principles, and the exchange will only work with customers who have been pre-screened and approved by VARA. These customers will now be able to take advantage of the local banking channels made available due to the industry’s first regulatory license of its kind.

Here are some key takeaway points of this transition:

  • Trading on a regulated platform under the supervision of VARA in Dubai will result in higher consumer protection levels for the platform users.
  • The license will be a significant achievement after several registrations for Binance’s local organizations in the Middle East and North Africa region and throughout Europe in Italy, France, and Spain.
  • Lastly, this transition allows Binance to open a client money account with a domestic bank, which will provide various services to qualified customers. These services will include virtual asset exchange, transfer, virtual asset and fiat currency conversion, custody and management of virtual assets, virtual token and trading services, and payment through virtual assets and remittance services.

What to Expect Post the Ethereum Merge?

The Cryptocurrency industry has witnessed 2022 to be quite an eventful year. We are unquestionably in a bear market, with prices dropping by nearly a trillion dollars and fluctuating wildly.

But the year is far from over still. There is likely more in store for the Cryptocurrency industry. The Ethereum Merge, for example, is promising news that might be seen as a way out of the darkness.

What is the Ethereum Merge?

As the digital and blockchain worlds rapidly develop, thousands of firms and projects in the cutting-edge field of decentralized finance are moving to Ethereum for lending, borrowing, and other complex investment alternatives. In addition, Ethereum is also used as the foundation for a large number of digital valuables like nonfungible tokens, NFTs, etc.

Amongst all this, the Ethereum merge is an advanced approach to changing how Ethereum verifies its transactions. In this Eth Ethereum Merge, the Beacon Chain is Ethereum’s next proof-of-stake consensus layer and aims to integrate with Ethereum’s existing execution layer. With the help of this mage, staking ETH instead of mining for network security reduces energy consumption. As a result, this hugely promising development expects more scalability, security, and longevity in the Ethereum network.

How Will This Bring a Positive Change in the Cryptocurrency Industry?

According to Ethereum, the promising development that the Ethereum merge will introduce is a roadway to significant benefits for projects and investors involved in the cryptocurrency industry.

Some benefits that we can expect post the Ethereum merge are:

  • Adoption of Proof of Stake: Proof of Stake is a more efficient consensus technique regarding the network’s logic. It is obvious how Ethereum’s shift from Proof of Work to Proof of Stake will be a massive benefiting factor for everyone involved in the Ethereum ecosystem.
  • Reduced Energy Consumption: Another noteworthy benefit that can be expected post the Ethereum merge is the reduction of Ethereum’s energy consumption by 99.95%. This reduced energy consumption will also be achievable through the transition of Ethereum from Proof of Work to Proof of Stake – shaping into one of the most revolutionary changes in the cryptocurrency industry.
  • Future Scaling Upgrades: With sharding and other future scaling upgrades laying the groundwork for improvements, the Ethereum ecosystem will be better able to prepare and advance itself for the future. Besides, with the cryptocurrency market expanding and evolving, efficient changes and improvements will be the need of the hour for the Ethereum ecosystem.
  • Functioning Transformation: Another positive trait that Ethereum merge will bring along is the fundamental transformation of the functioning of Ethereum’s system. As a result, this transformation will serve as a gateway for extensive potential use cases and successful cryptocurrency investment stories. 

 Conclusion:

While the Ethereum Merge is much-awaited news in 2022, it’s still unclear if its applications will extend beyond the cryptocurrency industry. So let’s wait and see!