BLOCKCHAIN

Binance Partners with Paxos to Launch USD-Backed Stablecoin ‘BUSD’

Cryptocurrency exchange Binance has partnered with Paxos Trust Company to launch a USD-denominated stablecoin, Binance USD (BUSD), which has received approval from the New York State Department of Financial Services (NYDFS).

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Rich Teo
Rich Teo

“NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets,” said Rich Teo, Paxos Co-Founder and CEO Asia.

“We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners.”

Later this month, BUSD will be available on the Paxos platform for direct purchase and redemption 1:1 for U.S. dollars and available on Binance.com for trading initially against BTC, BNB and XRP.

Paxos will serve as the USD custodian and issuer of BUSD.

Changpeng Zhao, CEO of Binance

“Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin,” said CZ (Changpeng Zhao), Binance CEO.

“We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.”

Additional details regarding this partnership will be revealed on-stage at Invest: Asia 2019 where Paxos’ Rich Teo and Binance’s CFO Wei Zhou will discuss it live on September 12, 2019, at 4:20 pm local time.

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BITCOIN, BLOCKCHAIN

Van Eck, SolidX Begin Bitcoin ETF-Like Product to Institutional Investors

Van Eck Securities Corp. and SolidX Management LLC will begin selling shares in a limited version of a bitcoin exchange-traded fund (ETF).

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The latest move is an attempt to mature and regulate the cryptocurrency sector to attract mainstream investors.

The companies will implement a rule exempting the shares from securities registration but will allow investors to sell their shares to certain institutional buyers.

The Securities and Exchange Commission (SEC) has so far rejected every attempt to sell a bitcoin ETF.

The SEC believes the cryptocurrency markets do not have enough protections against fraud and market manipulations.

The new limited shares will be sold under the SEC’s Rule 144A, allowing the sales of privately placed securities to “qualified institutional buyers.”

Van Eck and SolidX applied for a bitcoin ETF in 2018 and expects an eventual approval.

The company hopes this limited version will prove to the SEC that a bitcoin ETF can work.

According to research firm XTF, ETF’s have grown into a $3.9 trillion market.

Most in the crypto community believe an approved ETF would make it easier for mainstream investors to buy cryptocurrencies.

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BLOCKCHAIN

Cryptocurrency Courses at Top Colleges, Universities is Increasing

Driven by rising awareness of cryptocurrencies and increasing demand from students, colleges and universities around the world are increasing the number of blockchain- and cryptocurrency-related courses they offer, according to the 2nd Annual Coinbase Report on Higher Education, released today.

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  • 56 percent of the world’s top 50 universities now offer at least one course on crypto or blockchain—up from 42 percent in 2018
  • Twice as many students report having taken a crypto or blockchain course than they did in 2018
  • Nearly 70 percent of crypto and blockchain classes are in departments outside of computer science, including law, the humanities, and economics
  • Cornell University tops the Coinbase 2019 Leaders in Crypto Education list
  • Original Coinbase research includes a Qriously survey of 735 U.S. students age 16 and older, a comprehensive review of courses at 50 international universities, analysis of research citations and non-coursework offerings, and interviews with professors and students
Coinbase Top 10 Leaders in Crypto Education
Nina Willdorf
Nina Willdorf

“The increasing interest in studying crypto at colleges and universities speaks volumes about the future of money,” said Nina Willdorf, Director of Content and Editorial for Coinbase.

“What’s most exciting about these findings is that they show interest far beyond computer science and programming to law, economics, finance, and social sciences. As students from a wider and wider cross-section of majors express interest in learning about the burgeoning field of cryptocurrency, some of the world’s best universities are exploring how they can meet surging demand to sate curiosity about the technology and set their graduates up for success.”

More crypto classes in 2019. Universities offering at least one cource on crypto or blockchain. 2018, 42 percent. 2019 56 percent.

Computer science classes still are the most common classes offered, accounting for 32.2 percent. But finance, business, and economics classes collectively tally 19.8 percent, and law-school classes add another 10.7 percent.

However, classes only tell part of the story of a university’s commitment to the field, so Coinbase analyzed non-coursework offerings like official research initiatives and student-run crypto clubs, and tracked blockchain-related research citations from all 50 schools, leveraging data from Google Scholar attributions.

Incorporating these supporting factors brought us to the list of 2019 Leaders in Crypto Education.

View the full report at https://blog.coinbase.com. Coinbase publishes a series of annual reports that survey the landscape of cryptocurrency awareness, adoption, and how crypto is being used around the world. Past reports include Women & Crypto and The United States of Crypto.

For more information, visit www.coinbase.com.

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BLOCKCHAIN

Facebook’s Libra Offering $10,000 in Bug Bounty Project

Facebook is offering up to $10,000 for any bugs found in their cryptocurrency project Libra.

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Facebook Libra Logo“There’s a variable amount of rewards based on bugs,” said Diogo Monica, Anchorage cofounder and Libra Association member.

“This is great for the community; this is consistent with the values of the community in general.”

The nonprofit Libra Association, backed by an alliance of companies, including PayPal and Visa, stated their interest in supporting Facebook’s blockchain network, announcing plans for the new bug bounty project.

On Sunday, Rep. Maxine Waters (D-Calif.), head of the House Financial Services Committee, released a statement repeating her apprehensions regarding “allowing a large tech company to create a privately controlled, alternative global currency.”

The Libra association is increasing their beta program with 50 third-party researchers waiting for public comment on vulnerabilities in the code.

This is being facilitated through a partnership with the HackerOne bug bounty platform.

“We hope that developers will bring a diversity of perspectives and expertise to this initiative while holding the Libra Blockchain to the highest security standard,” Aanchal Gupta, security director at Facebook subsidiary Calibra, said in a statement.

Bounty programs like this are commonplace within the cybersecurity sector and allows growth of both public trust and insights.

“Some of the initiatives that Libra Association is doing is very forward-thinking,” stated Jesse Spiro, head of policy at the blockchain analytics firm Chainalysis.

“Having problems that are already beginning to be identified, by being very proactive and strategic, is a good thing.”

Several developers have been experimenting with the Libra testnet, including the dozens of teams working on the Libracamp program based in Israel.

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BLOCKCHAIN

Binance Launches Cryptocurrency Lending Products

Binance has launched a new service called Binance Lending, allowing customers to utilize the crypto they hold for lending.

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Binance Logo“At Binance, we constantly find ways for you to get opportunities to earn beyond trading and the newest addition to this slate of opportunities is Binance Lending,” the company stated.

How Binance Lending Works

With Binance Lending, storing, holding, and earning crypto at the same time is possible, with just a few clicks.

The company is launching Binance Lending with products for Binance Coin (BNB) and stablecoin Tether (USDT), with support for more tokens in the future.

Customers can also borrow funds from Binance Margin to subscribe to Binance Lending.

Upon launch, Binance Lending users will be able to subscribe to a lending product on a first-come, first-served basis. Users will decide the amount of tokens they want to lend at the time of subscription.

The designated hard cap is 500 BNB per account for BNB-denominated lending products. Meanwhile, the hard cap for USDT will be 1,000,000.

Once subscribed, the funds are stored on a time deposit with a 14-day period for the initial products.

During this time, users will not be allowed to withdraw the funds they put into the lending product.

The company also stated other upcoming lending products may offer other lending periods.

For the first few lending products, the allowance, or the maximum amount of funds to be enrolled within each product, will be 200,000 BNB and 10,000,000 USDT.

What Do I Get From Binance Lending

“The main benefit of using Binance Lending is the opportunity for passive gains with your crypto,” stated Binance.

“Whether you’re a crypto HODLer trying to maximize gains or a frequent trader who wants to take a break from the action, Binance’s Lending products allow you to accrue interest and increase your token balance regardless of how the market moves.”

The annualized interest rate for the initial BNB lending product, which has an initial 14-day period, is set at 15 percent.

This means if you store 500 BNB for a year on the lending product, your BNB balance would grow 15 percent, or by 75 BNB, on a yearly basis.

This translates to a gain of 2.875 BNB after just 14 days.

The BNB you put into Binance Lending products will also be counted under the daily calculation of BNB balances. This is particularly useful for participating in promos and Binance Launchpad token sales.

If you have 0 BNB in your spot account but subscribed to a Binance Lending product using 100 BNB, the BNB you have in the lending product will be counted within your daily BNB calculation.

If you intend to participate in Binance Launchpad and meet all other requirements, you will still be entitled to 2 lottery tickets based on the most recent lottery rules.

What’s Next for Binance Lending

We intend to continue enhancing and introducing new products to Binance Lending soon after launch. We will add more to the list of cryptocurrencies eligible for lending.

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