Cryptocurrency exchange platform Binance has launch a cryptocurrency Lending service for users of its binance.com platform. The users of the exchange will gain proceeds through idle cryptocurrency assets.
Binance continues to bring innovative products and set the pace in the cryptocurrency exchange business. Few days ago, it announced the Open Blockchain Project that will see the creation and issuance of localized stablecoins in countries all over the world.
According to the announcement made on a blog post, the assets on the Lending service will be used in cryptocurrency leveraged borrowing business on the binance.com platform and users will be able to grow their funds by earning interest income for lending out their holdings over a specific period of time.
According to Binance, the first phase of the Lending period will carry a 14 day fix term with BNB, USDT and ETC lending products. Annualized Interest Rates for BNB is 15%, USDT is 10% while that of ETC is 7%. Subscription period will be from 2019/08/28 6:00 AM (UTC) to 2019/08/29 0:00 AM (UTC) with maturity date of 14 days after subscription term.
Making the Lending period interesting, Binance adopts the FIFO inventory managment system and pays out interest immediately after loan maturity.
It informed users of the lending service that they are unconditionally authorizing the exchange platform to distribute the leveraged interest according to the rules of the platform. What this means is that for participants in the Binance Lending service, there assets will be wholly controlled and managed by Binance.
The Lending Service works by letting users agree to lose the right to manage their assets on the service to Binance and that all investment operations conducted on the Binance.com platform represents their true investment intentions and that unconditionally accept the risks that may arise and benefits of investment decisions made on the platform.
Users are expected to abide by the laws of the State to ensure that crypto assets used on the platform are from genuine and legitimate sources and that they comply with the Binance Lending service.
On risk awareness, the exchange warned that users should fully recognize the risks that are associated with investments in cryptocurrency and operate cautiously.
In spite of the freedom given to the exchange over assets on the service, Binance reserves the right to suspend or terminate the lending service at any time.
Binance said it will use commercially reasonable effort to ensure but not to promise that binance lending service execution system run effectively however, due to network delay or computer system failure and other factors which may cause delay, suspension or deviation of the defined execution of the service and in the case this happens, it will assume no responsibility if the outcome doesn’t match user’s expectations.
Binance Acquires Decentralized Application Platform DAppReview
Binance through the acquisition of DappReview will support DappReview to further develop the dapps ecosystem and foster greater blockchain adoption.
Founded in February 2018, DappReview has become a platform for decentralized applications exploration and guidance with over 300,000 active users monthly spread across 9 dozen countries. Over its short time since inception, it has become the platform of choice for Dapp developers helping them to introduce their dapps to its global userbase.
According to Binance, DappReview will maintain its independence in technical development and operation, and Binance will offer support in non-technical fields including marketing and business development. DappReview will release a new suite of products in Q1 of 2020.
Speaking on the acquisition, Binance CFO Wei Zhou was quoted saying “On-chain applications are still the missing piece for mass blockchain adoption. The DappReview team has shown its commitment to dapps and strong execution in building a leading global dapps platform within a year of establishment. Binance and DappReview share a mutual goal of driving blockchain applications,”
The acquisition is part of Binance’s consistent efforts in building a robust global blockchain ecosystem. This isn’t the first acquisition in recent time. Less than a month ago, Binance in November acquired India based cryptocurrency exchange platform WazirX.
The acquisition of DappReview according to Wei Zhou , “ marks a significant step into the dapps ecosystem, and we will have more exciting developments in the near future.”
“The mission of DappReview is to build a vibrant dapps ecosystem and boost mass adoption of blockchain. Apart from dapps analytics services, we also provide full packages of support for dapps developers from fund-raising, product development to marketing and promotion,” said Vincent Niu, Founder and CEO of DappReview.
The acquisition according to DappReview will empower it with more resources to accelerate its business growth while it aims to partner with more blockchain protocols and developers on dapp data integration, and push for the adoption of decentralized applications on a global scale.
Binance now Allows Customers to Freely Transfer Crypto Between Themselves
Leading global cryptocurrency exchange Binance has launched a new feature that allows its customers to easily transfer funds from account to another within the platform.
The feature which doesn’t charge users transaction fees for transfer works by having a customer initiate withdrawal as normally done and inputting the address of the receiving account however, the address must be from the Binance platform.
The transfers are made without having to require any block confirmation thus it ensures quick and seamless movements of crypto assets between user accounts on the platform.
For transactions which requires the use of MEMO, Binance said users are expected to include the correct memo/tag/payment ID else the transferred funds could be lost and it may not be able to recover it. Internal transfers without inputting the MEMO will be rejected.
Since each transfer internally is between customers and there is no block confirmation, Binance disclosed that there will be no TxID instead, what will be displayed to customers will be “Internal Transfer“.
Binance has continued to make the use of its platform easy for its customers by offering various features, upgrades and products. Few weeks ago, it upgraded its Buy Crypto page allowing its customers to easily purchase and cryptocurrencies with just a few clicks using various fiat currencies.
It also acquired an Indian based cryptocurrency exchange with its unique matching engine WazirX which it has integrated into its platform allowing Indians to purchase cryptocurrency on Binance with the Rupee.
According to Binance, the internal transfer function can now also be enabled and disabled via API.
342,000 ETH transferred to unknown wallet as UpBit gets hacked
South Korean cryptocurrency exchange UpBit has been hacked with 342,000 ETH transferred to an unknown wallet.
This was confirmed in a statement released by the exchange where the CEO of Upbit Lee Seok-woo apologizes for the inconvenience caused to users.
Speaking on the hack, the statement read “At 1:06 PM on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Upbeat Ethereum Hot Wallet to an unknown wallet. Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029”
According to the statement, upon confirmation of the hack, UpBit responded by protecting customer’s assets. This it did by ensuring that owing to the hack that resulted in the transfer of 342,000 ETH to an unknown wallet, the exchange will be covered by UpBit’s funds.
Also, all crypto assets in Hot wallet storage has been transferred to Cold Wallet. Cybercrime in the cryptocurrency exchange business continues to be a threat to the growing adoption of cryptocurrency.
Over the decade bitcoin has been on, various exchanges has been hacked, while some were able to recover from the breach, some weren’t fortunate.
The hack which is worth over $47 million could be related to the negative price action across the cryptocurrency market. Ethereum is currently trade at 1.73% loss.
Owing to the breach to the exchange, deposits and withdrawals will be put on hold and resumption is estimated to commence in two weeks time.
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