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Binance Launches Lending Service Fully Subscribed by Over $15m In Less Than 10 Minutes

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The Binance Lending Service received full subscription in less than 10 minutes after it was launched today the 28th August, 2019. In its first phase which kicked off today, the Binance Coin BNB, ETC and USDT Lending Products received full subscription.

Binance had earlier announced the launch of its lending service – the Binance Lending Service which is a service that lets Binance users earn from their idle crypto balances on the exchange. This allows users with no trading knowledge and skills to earn passive revenue from their crypto holdings.

Speaking on the use of the Funds from the product, According to CZ, CEO of Binance, the funds from the lending service will be utilized by traders on the Binance Margin Trading platform with the interest accruing to Lenders coming from fees paid by traders on the Margin Trading platform.

Revealing details of the success of the first phase, three Lending Products were made available. These are the BNB, ETC and the USDT lending products. With 502 participants totally 200,000 BNB, the Binance Coin received full subscription under 16 seconds. This is expected to generate a 15% interest rate for lenders. At current price, total funds into the BNB Lending Product amounted to over $5 million

ETC Lending Product with 7% annualized interest rate attracted 124 participants in 9 minutes 48 seconds. Total number of subscribed funds was 20,000. At current price, total funds into the ETC Lending Product amounted to over $136,000.

Stablecoin USDT Lending Product received 10,000,000 USDT in 3 minutes, 25 seconds from 306 participants. This will give lenders a 10% annualized interest. At the price of $, total funds into the USDT Lending Product was $10,000,000.

This put the total funds into the first phase of the Binance Lending Service at  about $15,136,600

According to Binance, more lending products will be released soon. The first phase is expected to carry 14-Day maturity date.

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BitFXT Exchange Has Been Listed on Coinmarketcap 

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Nigerian own cryptocurrency exchange BitFXT.com has been listed on popular cryptocurrency market data aggregator, Coinmarketcap.

Announced on the exchange’s blog, the firm said customers can now view all the statistics from the exchange on the aggregator, including trade volumes and listings.

According to Bitfxt, “With this you can join the league of thousands of individuals worldwide who utilize Bitfxt Exchange on a regular basis.”

The exchange platform allows customers to easily trade cryptocurrencies against several trading pairs. Customers can also trade most cryptocurrencies on the Bitfxt Exchange with an Atomic Swap feature allowing quick swaps between crypto-crypto and crypto-fiat in less than no time.

The move according to the firm is towards bringing its customers the best services in an innovative blockchain and cryptocurrency ecosystem with a global perspective.

Giving assurance of the future, Bitfxt said it will continue to bring up global standard innovations as you continue to partner with us to make Bitfxt the World best exchange.

Just a few weeks back, the exchange’s token, the BXT was listed on coinmarketcap. The firm released a statement saying it’s constanting working to live up to its promise of providing its customers the best trading experience.

According to the statement, BitFXT said “as a vetted and veritable company, we seek to ensure that your interest in our project yield bountiful gains.”

In August, BitFXT also unveiled its cryptocurrency ATM card at the Steemit in Nigeria Conference which held in Akwa-Ibom.

Despite its excitement at the achievement, it also warned customers to do due diligence on their own when making investment decisions.

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The Inside Story of Binance Meteoric Rise to Global Relevance

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Binance few months ago celebrated its second year anniversary. Over its short time existing, Binance led by the charismatic Changpeng Zhao has grown to be a leading stakeholder in cryptocurrency exchange business in the world.

How did it come about? A report by Decrypt examines the rise in the global cryptocurrency exchange giant. A report which CZ acknowledged and said “This is probably the most detailed narrative of the #binance story so far. Very impressive piecing so much together from an external viewpoint.”

The report examined the life of CZ, CEO of Binance before he ventured into cryptocurrency business. According to the report, CZ heard of bitcoin in 2013 from Ron Cao and bought bitcoin for $600 per coin after selling his house for $1 million after he was advised by Bobby Lee who said “You should put 10 percent of your net worth into it. If it goes to zero, you lose 10 percent. There is a higher chance it will go 10X, and you double your net worth.”

Haven started out in matching trade orders on the Tokyo Stock Exchange, CZ worked in Bloomberg futures trading offering after moving to New York. After this CZ went back to China where he started his own company building high-performance trading software for global banks. CZ also worked in Blockchain and OKex exchange.

His experience in both non-crypto and crypto firms will help him to build Binance after the successful launch of an Initial Coin Offering.

Binance was built on the second company founded by CZ, a cloud based exchange software provider –

Despite several challenges along the way such as hacks, government issues with cryptocurrency exchanges both in China and Japan, which ultimately necessitated it to migrate to Malta, mass in-rush of users due to the explosive interest in cryptocurrency in 2017, Binance has continued to grow increasing at an unprecedented rate.

Over time, it has added powerful features to the platform such that Tushar Jain, said “Binance is strategically building something much bigger than a crypto exchange: They are building the future of finance.”.

However the success story of Binance today, it’s earlier days weren’t such all glorious. Notwithstanding, Binance has launched products such as Futures, Margins, Lending, DEX, Binance Chain, Launchpad etc.

Haven achieved all these within the space of a couple of years, CZ hopes to someday become irrelevant. According to the report, CZ decreed “I do want to help Binance to become a company that will last 50, or 100 years, or even more,” he said. “But at the same time, I do hope I can make myself irrelevant.”

The future of finance is set, crypto is that future, maybe Binance will ultimately transcend its current state to help people to achieve freedom of money as it exchanges the world.

Read full report here

Image Source: oracletimes

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LocalBitcoins Has Been Registered As Official Virtual Currency Provider in Finland. 

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Peer-to-peer cryptocurrency Exchange LocalBitcoins has been registered as an official virtual currency provider in Finland.

The registration which was done by the Finnish Financial Supervisory Authority FIN-FSA allows LocalBitcoins starting from November to operate in the Finnish country.

According to LocalBitcoins, the FIN-FSA considers the exchange has suitable procedures in place to prevent money laundering and terrorist financing. It also considered that LocalBitcoins’ customer assets or funds are adequately held and safeguarded against cyber breaches or any other mishap.

The registration process assessed and found that LocalBitcoin management of the exchange and its key personnel are seen to fulfill fitness and propriety criteria.

LocalBitcoin emphasized that registration as an official virtual currency provider is part of its longer evolution in which it has invested in its transparency, reliability and accountability.

The CEO of LocalBitcoin, Sebastian Sonntag, commenting on the registration said “Finland is a well-functioning society, which holds trust and confidence at high levels. At the same time, the controls in the financial sector are of particularly high quality and the position of the clients is well protected. These themes are also at the heart of LocalBitcoins’ operations.”

Future

The future holds promise for the Exchange as it intends to continue developing its operations with a focus on customer service and on issues relating to the FIN-FSA such as money laundering prevention.

Operating as an official virtual currency provider strengthens our position and enables us to continue to operate responsibly and reliably. At the same time, it opens up new business opportunities for us. Our goal is to create a truly global marketplace where everyone, regardless of their starting point, can participate in the virtual economy,” Sebastian Sonntag concluded.

About

Founded in 2012 and operating in over 7500 cities across more than 200 countries in the world, LocalBitcoins.com is a person-to-person bitcoin trading site with the mission of connecting everybody to Internet economy.

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CI CryptoSolutions Offers Crypto Trading Module to Help Train Crypto Traders

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CICryptosolutions offers a cryptocurrency trading competition module that allows anyone to learn how to trade cryptocurrencies.

The module which is based on the cryptocurrency exchange platform owned by CICryptosolutions – Naijacrypto.com allows anyone which wishes to learn how to trade cryptocurrency to trade over 30 cryptocurrencies with ‘demo money’.

According to CICryptoSolution, for the emerging market for exchanginga cryptocurrency in Nigeria, it built and launched the web and app based cryptocurrency exchange platform naijacrypto.com to make it easier for those who which to buy and sell cryptocurrencies, ever since then, a lot of people have been gathering information about cryptocurrencies espacially Bitcoin and they are aware of the opportunities in the space of learing about cryptocurrency trading but yet still don’t know how to trade.

This Competition module is for them as it will train them in all trading scenarios and also test their trading skills wihtout pressure of using real money.

This will be the first of its kind platform in Nigeria. The module offers several features which includes the ability for traders to trade upto 30 cryptocurrenceies including Bitcoin, Ethereum and Monero. Traders also will not trade with real money but at the end of the competition, they are able to claim rewards in real prizes.

Users can see live feed for every cryptocurrency the user wishes to trade. Competition runs daily, weekly or on a monthly basis and there is also leaderboard where each trader will be able to see where he stands in the competition.

The reward for all competitions is paid into the Naijacrypto account of each trader and this can only be claimed to their wallet once the competition is over.

THe firm believes the competition module is an opportunity for those trying to learn cryptocurrency trading to involve themselves in trade scenarios without having the pressure of using real money and that the interaction between both beginners and expert traders can make the action of experts rub off the beginner traders.

Anyone can participate in the competition or any subsequent competitions by simply creating an account on the trading platform naijacrypto.com or they can download the mobile App.

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