Leading cryptocurrency exchange Binance has partnered with Flutterwave, a global payment technology company to allow Nigerians to purchase cryptocurrency on its platform. The partnership sees the addition of a new fiat-to-crypto gateway to Binance; providing access to African users to purchase cryptocurrency with debit and credit cards.
The integration according to Binance is part of its growing list of key partners to provide easy access and more options for the purchase of cryptocurrency and will allow users to purchase cryptocurrency and enjoy lowest transaction fees in Nigeria and instant deposits and withdrawals.
In a PR published by Binance, it announced it has opened deposits for the Naira through Flutterwave. In addition to this, it has also added trading pairs BUSD/NGN, BNB/NGN and BTC/NGN to the stablecoin market. Users can now start depositing the naira to purchase the assets paired to the Naira. Binance also revealed additional fiat pairs for local currencies throughout Africa such as the Kenyan Shilling and the South African Rand will be supported in the near future as it develops new functions and channels to lower the barrier to entry.
Speaking on the partnership, CZ, CEO of Binance, he said “Africa has illustrated one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access, in the world’s second –largest continent.”
He went further saying,
“In sub-Saharan Africa, about 90 million people remain unbanked while many regions in the area, including Nigeria, have embraced new technologies with an increasing amount of innovation. Working with Flutterwave will help bridge the fiat-to-cryptocurrency gap and we hope to stimulate more financial inclusion as Africa demonstrates strong potential in leading crypto adoption.”
CEO of Flutterwave Olugbenga Agboola also reaffirmed his firm’s mission saying “What we do at Flutterwave is, create possibilities for the everyday African to become prosperous. (….) that is what this partnership is about.”
Celebrating the new listing, all newly registered users who deposit the NGN to the exchange through Flutterwave will enjoy zero fees for deposits upto to N36,000 ($100). According to Binance, rewards will be distributed on the following day based on the first-come-first served manner. Deposits fees of the NGN is set at 1.4% and the maximum deposit amount for a single transaction is 430,000 NGN while the minimum amount per transaction is set at 150 NGN.
As market forces determine the current value of a currency, the exchange rate between the USD and the NGN will be based on the intermediate exchange rate, Binance revealed.
Interest in cryptocurrency is growing across Africa and Nigeria is one of the most dominant markets across the continent. Daily on average, a billion naira worth of cryptocurrency is traded in the country and this represents a significant amount even with the level of exposure.
Launched in 2016, Flutterwave “provide award-winning technology core needed to provide business all around the world powerful, reliable and intelligent payments gateway”.
Binance to Support IOTX MainNet Token Swap
The IOTX mainnet token swap to be supported by leading cryptocurrency exchange, Binance. The crypto ecosystem giant made this known via its blog.
Withdrawals will be suspended from the 15th of January, 2020 by 0:00 AM (UTC) pending till the token swap is completed.
IoTeX describes itself as an open source platform, building the Internet of Trusted Things, where all physical and virtual ‘things’ — humans, machines, businesses, and DApps — can exchange information and value at global scale. It was founded in 2017.
Binance also revealed it will handle all technical requirements involved in the swap process for all users holding the IOTX token in their Binance accounts.
Whenever even after the mainnet migration a user sends ERC-20 IOTX tokens to Binance, Binance guarantees the tokens will be converted to the mainnet IOTX and the user will not be able to withdraw the ERC-20 IOTX Tokens after the swap.
We will make a separate announcement after the mainnet swap is complete to notify users when withdrawals for IOTX (native coin) will open, Binance concluded.
In November 2019, IOTX revealed via a blog post the roadmap it intended to follow in ultimately bringing staking/voting using the IOTX token to its mainnet.
In the post, it gave a summary of schedule for staking/voting using the IOTX token.
Mainnet Alpha (Apr 2019 – Oct 2019): staking on Ethereum using IOTX-E (ERC20) only
Mainnet Beta (Nov 2019 – Q1/Q2 2020): staking on both Ethereum and IoTeX using IOTX-E (ERC20) and IOTX (Native), respectively
Mainnet GA (Q1/Q1 2020 and on): staking on IoTeX using IOTX (Native) only. Note: all existing votes/tokens on Ethereum will be automatically converted to IoTeX
IoTex also stated that exchanges with IOTX-E currently listed will at their own different time perform official token swaps to IOTX (native) currency throughout Q4 2019 & Q1 2020.
The Internet of Trust Things platforms also stated that the final cutoff to swap IOTX-E to Native IOTX will be announced in Q1 2020.
Binance Futures to Launch LTC/USDT Perpetual Contract with 75x Leverage, To Add Most Top 20 Cryptocurrency Soon
Binance has revealed it will launch a perpetual contract on the LTC/USDT trading pairs.
The contract will offer traders up-to 75x leverage and it’s expected to be open for trading by the 9th of January, 2020 at 08:00 AM (UTC).
In order to avoid market manipulations, the platform will implement a pricing limit of ±1% on the mark price within the first 15 minutes of trade commencement.
Hours ago, the fifth perpetual futures contract was also launched with the EOS/USDT pair. This commenced trading with between 1-75% leverage and also set a pricing limit of ±1% on the mark price within the first 30 minutes post trading commencement.
CEO of Binance also made it known via twitter that it will soon add on the Futures platform most of the top 20 cryptocurrency on coinmarketcap.
FUD. 1 Contracts are added to the API ahead of time, Anyone can see it. 2 These are top 10 crypto traded on many exchanges, with high liquidity.
— CZ Binance (@cz_binance) January 8, 2020
Binance Futures was launched and went live in September, 2019 after a beta test. The platform allows traders to take future contracts on various cryptocurrency listed on the platform.
Speaking on the technology powering the platform, Binance said “Binance Futures leverage trading is powered by a sophisticated risk engine and liquidation model that delivers fast results to users, including many safety features that serve to protect them as much as possible.”
According to Binance, within the first two months of launch, the Binance Futures platform had reached an all-time high (ATH) daily trading volume of more than 370,000 BTC an equivalent in USD of $3 billion as at today.
The ecosystem giant has reiterated its priority to protect its customers from losses. To this effect it offers stop-loss orders, take-profit-limit orders and several other options to close a position before the point of liquidation.
“Binance Futures aims to bring sustainable crypto-based futures trading to the industry so that users feel safe even when dealing with potentially high risks.” – Binance
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.
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