Binance Adds More Assets on its Margin Trading Platform
CEO of Binance CZ had in a tweet shilled the exchange native coin, the BNB. In the post on, the CEO announced the availability of the BNB on its margin trading platform. However, he warned that shorting the BNB will result in loss of fund. Something he said by using the popular misspelled word in crypto REKT.
— CZ Binance (@cz_binance) July 18, 2019
CZ was was responding to the announcement made by the Exchange on its’ margin trading platform. In the announcement, Binance informed Fellow Binancians that it had added some new assets on the platform.
New asset added are EOS and LINK and Newly Borrowable Assets added are the BNB, EOS and LINK. However that is not all as Binance also added Margin Pairs which are: EOS/USDT, EOS/BTC, LINK/USDT, LINK/BTC
Binance who is a leader in retail crypto trading was founded just over 2 years ago and has reached great heights with its various product offerings. In July 11 2019, Binance announced the launch of its Margin Trading platorm which is available to all eligible Binance.com users.
The Binance Margin trading platform allows traders to borrow funds to increase leverage, providing higher profit potential than traditional crypto trading. However, with much profit potentials comes greater risks considering the volatility in the cryptocurrency market.
The Binance Coin is currently trading at $28+ enjoying over 9% gains since it went down to $25 in response to the total market losses which could be attributed to the US Hearing on the Libra.
Coinbase Divulge A System Glitch Affecting Password Of Thousands Of Users
Disclosing a system glitch that affected thousands of its customers, US Cryptocurrency Exchange Coinbase revealed that the potential vulnerability affected passwords of users. The vulnerability was discovered on the signup page and it caused users registration details to be stored in clear text in the firm’s internal web server logs.
Notifying customers of the development, the exchange said in a blog post that it had began emailing the 3420 customers affected by the bug.
Assuring its customers, Coinbase revealed the problem has been fixed and that logged information was not improperly accessed, misused, or compromised. To boost confidence, it required customers to change their passwords as a “best-practice” precaution.
Giving description how it happened, the exchange explained that inn a very specific and rare error condition, the registration form would not load correctly and any attempt to create a new Coinbase account under this condition would fail. Despite the failure, the details of the user including proposed passwords, email addresses names etc would be sent to the firm’s internal logs.
However, if the user tries again on a reloaded page, the registration will proceed correctly and password will be securely hashed. But in the case of these 3420 customers, the users successfully registered using a password with a hash that matched the one previously logged.
Responding to the issue, the firm said it identified the bugs and fixed it. It also traced back all the places where the logs might have ended up. A password reset for the impacted account was triggered for customers to change their passwords.
According to Coinbase, “We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today“.
Coinbase had recently announced the acquisition of institutional business from Xapo as it continues its expansion mission across the cryptocurrency and blockchain industry.
Coinbase Expands Its Custody Business As It Acquires Xapo’s Institutional Business
US Cryptocurrency Exchange Coinbase had announced in a blog post few hours ago of the acquisition of Xapo’s institutional business as it expands its crypto custody business. According to Coinbase, the “acquisition caps off a tremendous period of growth and innovation for Coinbase Custody”.
Coinbaase Custody has been able to grow to over $7 billion in custody stored on behalf of over 100 clients in more than a dozen countries. Making it the largest, most globally recognized and most trusted institutional custodian in the world.
According to Coinbase, the goal is to build a “trusted foundation for institutional investment in Bitcoin BTC and crypto assets in general.”
Xapo was founded to address two of the biggest issues with Bitcoin’s success and adoption—accessibility and security. And in less than 4 years it’s become the largest custodian of the cryptocurrency, securing over $10 Billion for its members, according to its website
“Xapo’s Institutions was built specifically for the needs of businesses and financial institutions. It provides the same advanced security of Xapo’s industry-leading, secure bitcoin storage platform but with the flexibility needed to organize and manage your corporate accounts with ease.”
Based in San Francisco, Coinbase was founded in mid of 2012 as a digital wallet and platform where merchants and consumers can exchange digital currencies such as Bitcoin, Ethereum etc. It currently operates across over 50 countries of the world with a record of about 30 million users trading over $150 billion.
According to Coinbase, this is a legacy they will extend and bring to another step closer to achieving its mission.
Bitcoin Is Back Above $10,000 After Binance Successful Upgrade
Bitcoin back over $10,000 after the Binance successful upgrade since the cryptocurrency market saw recent profits swept away as it dips. Though, other cryptocurrencies are also experiencing significant loss across board with bitcoin also, Bitcoin is the only cryptocurrency standing out amongst the top ten cryptocurrency.
Binance on the 14th of August announced a system upgrade which would commenced on the 15th of August 2019. The upgrade is expected to last for a maximum of 8 hours with major improvement to its platform such as; Matching Engine API, new order type etc.
According to the firm, deposits and withdrawals are expected to be suspended
#Binance System Upgrade Complete
Trading activity will resume at 10:00 AM (UTC).
From now until the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account-related functions.https://t.co/5cGJ3yWwtu pic.twitter.com/ZdMKv5OuRs
— Binance (@binance) August 15, 2019
The Upgrade was successfully completed just over two hours ago and and co-incidentally, the bitcoin price rallied climbing just over 10,000 USD.
For those who hodl during the period cryptomarket saw the dip across all cryptocurrencies, CZ joined them in celebrating the ascent of bitcoin to the current price.
It looks like #Bitcoin came back with us.
Upgrades are tough, but a necessary part of #BUIDLing.
Thank you for your patience🙏 https://t.co/fickSUXaYW
— CZ Binance (@cz_binance) August 15, 2019
Bitcoin is currently trading as at press time at $10095 reporting a loss of 4.12%.
Deposits and withdrawals are currently enabled on Binance however, it recommended to users to open their Margin positions and re-assess their collateral balances priort to the start of trading to migitate against price fluctuations that may occur.
Is Binance Set to Dominate The Cryptocurrency Industry With Its Platform Aggregation Business Strategy?
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
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