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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ALTCOIN, BITCOIN, BLOCKCHAIN

Binance Enables Debit and Credit Card Payments

Binance, the leading crypto-to-crypto exchange, today announced a partnership with leading payment processing company Simplex, enabling users to buy cryptocurrencies with their credit cards directly on Binance.com.

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By accepting credit card payments for crypto, Binance is supporting broader use and accessibility of cryptocurrency worldwide.

Changpeng Zhao, CEO of Binance

“We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible,” said Changpeng “CZ” Zhao, CEO of Binance.

“Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.”

Capable of processing more than 1.4 million orders per second, Binance is the largest crypto exchange by trade volume and one of the fastest in the world, as well as one of the major platforms where Bitcoin price action happens.

Through Simplex, users on Binance can now use Visa and MasterCard to buy BTC, ETH, and LTC cryptocurrencies. Users can then trade between more than 150 different tokens and coins on Binance.com.

“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience,” said Nimrod Lehavi, Co-Founder and CEO of Simplex.

In the past four months, Binance has launched two fiat-to-crypto exchanges, with Binance.je supporting the trading of Euros and British Pounds with crypto, and Binance Uganda supporting Ugandan Shillings.

With the new Simplex partnership, Binance is further expanding to global markets.

“The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users,” said CZ.

For more information on paying for cryptocurrency with a credit card on Binance, visit: https://www.binance.com/en/creditcard/

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ALTCOIN, BLOCKCHAIN

BitTorrent Token Sells Out in First 20 Minutes on Binance Launchpad

A public sale of BitTorrent Tokens (BTT) sold out in the first 20 minutes.

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TRON CEO Justin Sun, left, and Binance CEO Changpeng Zhao, right, during a recent visit to the UN.

59.8 billion BTT was sold, worth roughly $7.2 million.

BTT utilizes the Tron blockchain and was valued at $0.00012.

Binance users were able to purchase the token with both TRON (TRX) and Binance’s native exchange token, BNB.

A minimum purchase amount was set to 100,000 BTT.

This is BitTorrent’s first token in their 17-year history.

The file-sharing company was acquired by Tron last summer and a white paper for the new project was released earlier this month.

Binance founder Changpeng Zhao stated the sale of BTT would of ended in just seconds if not for a technical issue.

ALTCOIN, BLOCKCHAIN

BitTorrent Unveils New TRON-Based Token

BitTorrent Inc., a leader in peer-to-peer protocols and products, today announced a token that aims to expand upon its vision of a decentralized internet.

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Justin Sun
Justin Sun, Founder of TRON (TRX)

“BitTorrent token is the first in a series of steps to support a decentralized internet,” said Justin Sun, founder of TRON and CEO of BitTorrent.

“In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”

The new token, also called BitTorrent (BTT), will be issued by BitTorrent Foundation, established in Singapore and will enable users to exchange tokens to improve network speed.

By providing users with the ability to use BTT tokens for faster downloads, the company aims to accelerate the overall speed of torrents.

BitTorrent token, which features native TRC-10 compatibility, will be exclusively available to non-U.S. accounts on Binance Launchpad, the token sale platform by leading cryptocurrency exchange Binance.

Changpeng Zhao, CEO of Binance

“We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry,” said Changpeng Zhao (‘CZ’), Binance CEO and Founder.

“BitTorrent is a decentralized project by nature, with a large user base, that is now adding a new token economy to their use case. Through Launchpad, BitTorrent will have greater access to resources across the Binance ecosystem. This will be a case study for existing projects.”

Launchpad helps transformative blockchain startups raise funds needed to develop their products and provides them with Binance’s advisory resources and access to its ecosystem as part of the company’s larger mission in aiding cryptocurrency adoption.

BitTorrent token will first be implemented into the Windows-based µTorrent Classic client, BitTorrent, Inc.’s most popular application.

BitTorrent token-enabled µTorrent Classic clients will be 100% compatible with other clients that support the BitTorrent protocol, and users who wish to opt out will be able to do so in the product’s settings.

More information about the token mechanism can be found on the official white papers.

TRON and BitTorrent plan to provide more details about BitTorrent token and Project Atlas products at niTROn Summit on January 17-18 in San Francisco.

Founded with a leading peer-to-peer sharing technology standard in 2004, BitTorrent, Inc. is a consumer software company based in San Francisco.

Its protocol is the largest decentralized P2P network in the world, driving 22% of upstream and 3% of downstream traffic globally.

Its flagship desktop and mobile products, BitTorrent and µTorrent, enable users to send large files over the internet, connecting legitimate third-party content providers with users.

With over 100 million active users, BitTorrent products have been installed on over 1 billion devices in over 138 countries worldwide.

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BLOCKCHAIN

Binance Backs First Decentralized Blockchain Bank In Malta

Binance, the world’s second largest cryptocurrency exchange by traded volume, has announced plans to create the first blockchain bank, which will be located on the island of Malta, according to Bloomberg.

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Silvio Schembri
Silvio Schembri

“We are honored to be chosen as the location of the first global community-owned bank,” said Silvio Schembri, junior minister for financial services, digital economy and innovation within the Office of the Prime Minister of Malta.

Binance has stated the goal of the project is to build the first decentralized, community-owned bank in the world.

Changpeng Zhao

Changpeng Zhao, CEO of Binance, expects his platform to profit from $500 million to $1 billion in 2018.

The pro-cryptocurrency island of Malta will be home of the future Founders Bank who will have a 5 percent stake together with other investors at a $155 million pre-money valuation, according to Bloomberg.

“This is fascinating, as a concept,” said Marc Ostwald, global strategist at ADM Investor Services International in London.

“Obviously, they’ll have to meet anti-money-laundering regulators. The question will be, how do regulators view this?”

Binance stated the equity-token sale would be conducted under German regulations in collaboration with one of Europe’s major stock exchanges later this year.

In June, Malta passed three laws encouraging blockchain-related companies to move to the Mediterranean island nation, just off the coast of Italy.

The bills “created a fertile environment for blockchain companies and cleared the uncertainties surrounding the market for decentralized assets,” according to an official statement from Binance.

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