As an industry, we have come so far yet there are thousands of planetary systems and galaxies far away we are yet to see and explore as astronomers.
We are yet to reach the promise land of cryptocurrency and blockchain application. The promise land is not a definitive point in time but a fluid position in time and this can be achieved by gradual step directed towards ensuring billions of lives are effectively impacted.
The past two years has been very eventful. We saw the historic rise in cryptocurrency and a great wave of awakening to what crypto is. Though of the thousands (millions) of new entrant, a good number were burnt as the market experienced an incredible loss of values across all cryptocurrencies. No one was left untouched. All cryptos saw great fall from all time high.
In spite of the market position, ICOs also went raging on. There were loss of funds as many of these projects raising millions of dollars are nowhere to be found today. As the once bountiful returns from ICOs diminish causing the ICO market to fall, there could never be vacuum in the world.
As a popular saying, “where there are problem, entrepreneurs see opportunities”
The problem which the ICO market created as its’ flames went down necessitated the ingenious move of an Entrepreneur – A Crypto Entrepreneur. A move which saw the start of a new funding-raising means for crypto projects, the Initial Exchange Offering. A fund raising initiative similar to the ICO except the Exchange manages administration over the fund raising round and grant instant exchange listing unlike the former where projects handles the management and administration of fund raising rounds.
Binance reinvented the ICO days as it launched its’ first initial exchange offering on the Binance Launchpad. The success of this move necessitated other exchanges to create their own IEO Launchpads. Even Exchanges with insignificant trading volume and user base all went out to create their own Launchpad.
An exchange which started operations just over two years ago with the native token BNB as an ethereum based token with the popular ERC-20 standard now has its own blockchain – the Binance Chain. Since launch, Binance has been able to successfully onboard some projects unto its chain, some new ones while others moved from other blockchains.
In addition to the Binance Chain, it has also been able to released the Binance Decentralized Exchange. An exchange the industry greatly anticipated its’ launch.
As an exchange to be the first to create in-house insurance for loss of user funds in case of any eventuality, Binance has gathered trust and confidence amongst the parties of the cryptocurrency industry.
Thanks for the support, really appreciate it. But currently no need. We will cover the loss from the #SAFU fund, there is enough. We are hurt, but not broke.
We are working hard to resolve the issue, so that everyone can deposit and withdrawal again. Will take some time. https://t.co/0j4J0fk99W
— CZ Binance (@cz_binance) May 8, 2019
Haven been the target of cyber attacks in recent times, Binance has demonstrated commitment to remain a leader in the cryptocurrency exchange business.
Binance has also launched a margin trading service. It continues to add trading assets to the margin trading platform. As an exchange which serves millions of retail users, is this a move to gain platform dominance and someday be the leader in the cryptocurrency margin trading business?
#Binance Launches Margin Trading service for Evolving Cryptocurrency Traders
— Binance (@binance) July 11, 2019
Also, it set up it’s US cryptocurency trading service the Binance.je exchange.
Few months ago, Binance CFO in an interview with Bloomberg mentioned the intention of the exchange to launch their own stablecoin. This has been achieved as Binance has successfully launched its’ first stablecoin after it was certified by CertiK, a code auditing firm. A British Pound backed Stablecoin BGBP. This as usual has already been listed on the Binance Exchange. In the interview, the Binance exec also mentioned that Binance will also create stablecoins backed by other fiat currencies.
According to Binance, they want to give options to traders to use. As Tether is currently on top of the stablecoin business, Binance is yet again getting into a new market with the British Pound backed stablecoin.
The stablecoin market has seen some new entrants in recent times, however, none has been able to shake the amarket for Tether but, Binance is known to be ingenious and smart. With this move into the stablecoin business, Binance could shake up the market for Tether and other stablecoin.
Having successfully created multiple businesses within it’s ecosystem, Binance continues to expand at an incredible rate, as a pace setter in the industry, the next line of action or business Binance will get onto would only a guess to the industry but we could try.
What will be the next move? Maybe it is to get into the Cryptocurrency Mining business
Enhancing Protection, Bittrex Secures $300m Digital Asset Insurance
Cryptocurrency exchange Bittrex, Inc announced it had secured a $300 million digital asset insurance.
The insurance obtained secures named crypto assets in its cold storage system.
The blockchain technology and cryptocurrency exchange firm said it worked closely with the world’s leading insurance broker and risk adviser, Marsh, in placing the coverage with Arch Syndicate 2012, an organization which provides casualty and specialty insurance for corporations and supported by various syndicates at Lloyd’s of London.
The approval for insurance coverage according to Bittrex comes after successfully demonstrating its extensive internal security and compliance protocols.
The coverage is up to $300 million in assets in cases of external theft and internal collusion.
The underwriters were not disappointed upon learning of the ‘best-in-class‘ technology Bittrex has. And the fact that ‘a growing number of cryptocurrency exchanges around the world are also built on the Bittrex’ technology owing to the confidence in the platform, Bittrex claims.
Speaking on the insurance coverage, the CEO of Bittrex, Bill Shihara, was quoted saying “Bittrex focuses on doing the right thing by our customers with security at the top of our mind. This insurance coverage provides another layer of peace of mind,”.
He continued further saying “From our institutional customers to hobbyists, we are committed to prioritizing security throughout all of our decisions and forward looking blockchain technologies”
Co-leader of the global leader in insurance and risk management firm, Marsh’s Marsh’s Digital Asset Risk Transfer (DART) team also commented saying “Insurance plays a critical role in the growth and development of any business, including those that work with blockchain technology and digital assets,”
“We worked closely with Bittrex to create a tailored insurance solution to fit their specific cryptocurrency needs.
Waves.Exchange launches Secure Decentralized Staking offering up-to 30% Annual returns
Waves.Exchange has launched its decentralized staking allowing users to securely stake their tokens and earn passive income of up-to 30% annually.
The exchange rewards users with profits made based on the proportion of tokens staked on the platform.
According to Waves.Exchange, many crypto exchanges currently offering staking services but argued that only decentralized staking can guarantee users’ security and true control over their crypto assets.
In centralized exchanges, staked tokens become working capital for the exchanges since the tokens are transferred from the wallet of users to the exchange’s wallet thus losing control over the asset.
Waves.Exchange emphasized that its decentralized staking offers users control over their crypto assets yet allows earning. The service is unique because Waves platform uses the POS consensus algorithm and pays out rewards with the generation of every block.
“the exchange has no access to users’ funds: no one can block staked assets or interfere with users’ ability to collect passive income in any other way.”
It works by letting users to simply sign a special transaction that allows their WAVES to be used by a specific Waves node to generate new blocks. In return, users collect a percentage of the resulting block rewards.
Neutrino Dollar as an alternative
The exchange also offered alternatives, this comes in the package of the Waves decentralized stablecoin, the Neutrino Dollar. The Neutrino Dollar is described as 0″an algorithmic stablecoin pegged to the US dollar and underpinned by Waves’ PoS network.”
According to the exchange, all Neutrino coins are held in a smart contract and users can send their Waves to the smart contract and exchange them for the stablecoin at any time.
The transferred Waves are used by a Waves node as part of a generating balance with users getting daily payments earnings in the Neutrino Dollar.
The exchange boast of higher rates, security and control of funds than traditional financial tools. Quoting the exchange, it said “While daily earnings will fluctuate based on WAVES’ price dynamics — which, in turn, depend on a number of wider factors affecting the crypto markets — USDN staking can still bring annual returns of up to 30%.”
Naijacrypto Announce Support for XRP Days After Paystack Integration Allowing Buying of Crypto Easier
Nigerian cryptocurrency exchange Naijacrypto has added support for Ripple XRP on its platform. The announcement comes days after the exchange integration of paystack into the exchange.
Naijacrypto is one of the several Nigerian owned cryptocurrency exchanges offering locals the ability to easily buy and sell cryptocurrency.
Founded in March, 2019 and has grown offering unique services to users, as well as providing access to an OTC market for a wide selection of digital assets.
The Paystack integration allows customers to purchase cryptocurrency using their debit card thus eliminating the friction existing in buying and trading cryptocurrencies.
In a video, Chiagozie Iwu of Naijacrypto also mentioned certain changes already carried out in the exchange platform and several more to come.
According to the video update, changes such as in KYC has seen improvement and is more user-friendly.
Users are not mandated to submit identifying documents until the point of withdrawal. In security of the platform has also seen some improvement as users can now choose between available authentication methods.
According to Mr.Chiagozie Iwu, “This is to give you more security features or based on your preferences basically”
Buy Bitcoin Page & Naijacrypto Academy
Naijacrypto also talked about the creation of a page that will allow users to quickly buy bitcoin with few clicks thus simplify the whole process of getting bitcoin.
The update also the intention of the crypto exchange to launch the Naijacrypto Academy.
The Naijcrypto academy will serve as a platform for educating new users in crypto generally. According to the CEO, Chiagozie Iwu, more details will be coming out soon.
And in the coming days, New cryptocurrencies will be added to the platform and one of such being Bitcoin Cash.
Huobi Launches Brokerage Platform Targeted at Institutional Clients
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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