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Binance Updates its Buy Crypto Page to Simplify Purchase & Sale of Crypto for Nigerians

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Purchasing and sale of Bitcoin and other cryptocurrencies on Binance.com for Nigerians is now easier as Binance updates its Buy Crypto page allowing for quick and easy buying and selling of cryptocurrencies.

As one of the several options on the Binance Ecosystem to purchase cryptocurrencies, the Binance Buy Crypto page is a one-stop shop for buying Bitcoin and other cryptocurrencies using fiat. The update to the Buy Crypto Page allows users on the exchange to quickly and easily purchase cryptocurrencies using the naira.

Users from other territories can also purchase cryptocurrency using their fiat currencies such as the EUR, USD, Ruble, Ukrainian Hryvnia, Kazakhstan Tenge and the Turkish Lira.

The update also simplified the process of buying and selling cryptocurrency using the naira into a one click action by allowing users to set the fiat currency they desire to spend and the cryptocurrency needed.

Binance in a bid to make it easier for customers to purchase bitcoin and other cryptocurrency on its platform has been pushing since the beginning of the year to see it accomplished.
It has partnered with several financial firms to ease the simplicity of purchasing and withdrawing cryptocurrencies with/to local fiat currencies.

The Buy Crypto Page is the product of continuous improvement from when it was created in January, 2019. Binance was previously a crypto-to-crypto platform but the partnership with payment firm Simplex, which added support for credit and debit card purchases has increased its ability to accommodate its growing users needs.

According to Binance, some of the newly introduced features were made possible by the partnerships it had established with several fiat-to-crypto solutions around the world.

Binance had few weeks ago announced it partnered with Flutterwave to allow Nigerians to purchase Bitcoin, BNB and the BUSD on its Binance.com platform of upto 430,000 NGN per transaction. Incentivizing Nigerians, it also launched a reward program to draw in customers to make the exchange their preferred means of purchasing and trading cryptocurrencies.

Binance has been seeing unprecedented growth over the couple of years it has been existing as evident in the various products it has launched over the past few months.
Few hours ago, Binance also announced it had acquired Indian based cryptocurrency exchange WazirX and will integrate the exchange’s unique auto-matching engine unto Binance. This acquisition will also allow Indians to purchase cryptocurrency on Binance using the local currency, the India Rupees (INR).

According to Binance, with its multi-pronged approach towards increasing crypto adoption, it aims to be at the forefront of bringing crypto and the financial freedom that comes with it (crypto) to mass adoption and usage.

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Huobi Launches Brokerage Platform Targeted at Institutional Clients

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Huobi Group, parent company of Huobi cryptocurrency exchange has launched a cryptocurrency brokerage platform, Huobi Brokerage. The brokerage platforms aims to attract institutional investors, especially those with great appetite for crypto products. 

The announcement came at me World Economic Forum #WEF at Davos on Tuesday, 21st January, 2020. The platform named Huobi Brokerage is currently available in major jurisdictions where the exchange is currently present with exception to the People’s Republic of China. 

 

Global Institutional Business (GIB)

The new service from Huobi is a part of Huobi’s Global Institution Business (GIB), an arm of Huobi with special interest to control its institutional-oriented businesses. It was established in November, 2019.

Huobi in a statement stating the function of the GIB said “The initiative, named Global Institutional Business (GIB), will see the creation of a team to offer and support services including contracts, exclusive benefits for VIP traders, and a dedicated fiat desks for institutional clients, as well as additional plans for custody services.”

According to Huobi, the firm since the third quarter of 2019 has seen an increase of up-to 400% growth in institutional clients with about 1,700 investors onboarded already. 

With offices across a couple of continents, the Huobi GIB aims to be at a top priority for Huobi as it continues to grow globally. 

According to Huobi Group vice president Ciara Sun, “2019 brought the first wave of institutional interest but 2020 is when we expect to see the industry mature with growing demand. As we enter the next phase of crypto, Huobi staking an active role in setting new standards for institutional and retail clients alike,” 

The race for institutional clients continues to grow increasingly stronger as the industry grows in maturity. Coinbase is also expanding its custody business across the world.

However, as Huobi plans to initiate its custody business in the coming months, it hopes to through its venture aims to set new standards for institutional clients in the industry. 

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Binance to Support IOTX MainNet Token Swap

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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.

Iotex

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.

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Binance Futures to Launch LTC/USDT Perpetual Contract with 75x Leverage, To Add Most Top 20 Cryptocurrency Soon

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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. 

 

 

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

 

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Binance Acquires Decentralized Application Platform DAppReview

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Binance, a global blockchain ecosystem has acquired decentralising applications platform dAppReview. DappReview is the leading information and analytics platform for decentralized applications.

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.

Image: Binance

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