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How Binance’s Fiat-to-Crypto Exchange Addresses Key ICO Challenges in Singapore

  By David Drake   The world’s largest digital currency trading platform, Binance, started testing its beta version of fiat-to-cryptocurrency exchange in Singapore a few weeks ago. News about the launch of the fiat exchange were received positively as the country allows the use of virtual currencies and enjoys government support. But Binance’s decision to launch a fiat exchange in Singapore is not surprising at all. This is because the Asian country is considered an international economic hub with fairly low taxes and a technology-friendly atmosphere. Singapore has a reputation of being favorable when it comes to launching initial coin offerings (ICOs). As Binance tests its fiat-to-cryptocurrency platform in the country, expectations are high that it will open up it to all users in the coming months. Such a step will likely increase the success of ICOs in the country. Better User Experience For Binance, the testing of the fiat-to-crypto ... Read More »

Binance Moves to Uganda Just Weeks After Launching Tests on Beta Version in Singapore

  by David Drake     Just weeks after rolling out the testing phase for a Beta Version of the Singapore Fiat Exchange, Binance is on the news again having opened its first fiat-crypto exchange in Uganda this week. According to a press release by Binance Uganda, the newly launched branch is set to begin operations shortly, allowing users to make deposits and withdrawals in Uganda shillings. Last month, Binance unveiled a fiat-to-fiat cryptocurrency exchange in Singapore under a testing phase that is based on invites alone. This happened about a month after Binance opened the Lichtenstein exchange called Binance LCX, a fiat-to-crypto trading platform. Reports indicate that only two digital currencies – Ethereum and Bitcoin – will be traded on Uganda’s Binance cryptocurrency exchange. However, the exchange has plans to add more digital currency pairs in the near future. Focus on Blockchain In March 2017, the government of Uganda went ... Read More »

Binance Launches Beta Fiat Cryptocurrency Trading Platform in Singapore

  By David Drake   The cryptocurrency industry has attracted the interest of potential investors due to its rapid growth and high returns over the years. This has significantly increased the role that cryptocurrency exchanges play in the industry as users buy and sell cryptocurrencies. Binance is one of the exchanges that is making headways in the industry. Since its inception in 2017, Binance has been one of the fastest growing cryptocurrency exchanges and is currently the world’s largest cryptocurrency exchange by trading volume. As part of its efforts to improve the user experience, Binance has started testing a fiat to cryptocurrency trading platform in Singapore. Improving User Experience Although the cryptocurrency exchange has grown exponentially over the past year, one of the challenges users face is that they cannot convert fiat to digital currency on Binance. As such, they have to use other platforms to convert their fiat currency ... Read More »

Will Singapore Maintain its Edge in ICOs After Beta Testing Fiat-Crypto Exchange?

  by David Drake     Singapore’s third ranking as the most favorable country for successful initial coin offerings (ICOs) has just gotten better. Binance, the leading cryptocurrency exchange in the world, now with a trading in volume comparable to Nasdaq, has introduced a fiat-cryptocurrency exchange in the country. This exchange is compatible with the Singapore dollar and is presumed to not only introduce new entrants to the market but also to make it easier to convert across currencies. Binance follows up on developments made in countries such as Lichtenstein, Uganda, and South Korea, where it has already established dual cryptocurrency exchanges. The company has already made inroads in markets like the Malta Stock Exchange, which allows for security token trading. Regional Focus Trading in the volume of over a billion dollars daily, the company’s ambitions extend to future markets in Africa and Bermuda. These regions, with their already largely decentralized ... Read More »

Will Investments by Ripple and Binance Accelerate Future Adoption of Blockchain?

by David Drake   The need to encourage responsible innovation in the cryptocurrency space has received a huge boost. Ripple, a cryptocurrency and payments start-up has committed $50 million to a research program called the University Blockchain Research Initiative. The program has already partnered with 17 universities across the world to facilitate research and development in cryptocurrency, blockchain and digital payments. Additionally, Binance, the world largest cryptocurrency exchange in terms of daily trade volumes, has committed $1 billion to fund start-ups in the cryptocurrency space. The funds will be available to start-ups that will be focusing on stable digital currency, security token platforms, decentralised exchanges and custodial solutions. For many players in the cryptocurrency space, these investments are strategic and will impact the future of blockchain positively. Bank52 CEO and co-founder, Thomas Labenbacher says, “Any investment in blockchain technology or cryptocurrency projects is an investment in the future. We can ... Read More »

Top 5 Ways Blockchain is Going Mainstream in the Business World

    by David Drake   Global spending on research and development has reached $1.7 trillion. 80% of this amount was spent by only 10 countries, the highest being the United States, followed by China and Japan in terms of percentage GDP. To a large extent, research and development spending reflects the importance a country places on innovation, which is the foundation of many technological breakthroughs in the business sector. Once a country stops prioritizing, or including R&D in its annual budget, that becomes the beginning of business stagnation. But research findings are of no use unless test cases are done in the field. The step taken by cryptocurrency and payments startup, Ripple in launching the $50 million “University Blockchain Research Initiative” is a milestone towards mainstreaming blockchain technology within the business sector. A leading crypto trading exchange, Binance, also announced plans to create a $1 billion venture capital fund ... Read More »

How Impact Seeding and Research will Impact the Future of Blockchain

  by David Drake    Startups in the cryptocurrency space are not just after disrupting the status quo, they are aiming at providing venture capital, competing with traditional early stage investors. Early this month, Binance, the leading cryptocurrency exchange in terms of trade volumes declared that it was setting aside $1 billion in a Social Impact Fund to finance cryptocurrency and blockchain startups. According to Binance Labs Division Head, Ella Zhang, the company will utilize a flexible approach to help form new funds. To achieve this, Binance plans to engage fund managers who have experience in managing assets valued at more than $100 million. At the same, Ripple has announced the setting up of a $50 million fund conducting academic research on cryptocurrencies, blockchain and digital payments. Through this fund, Ripple will target 17 universities including MIT and the University of North Carolina, Chapel Hill. Important Step The decision by ... Read More »

Will Funds from Ripple and Binance Catalyze the Adoption of Blockchain Technology?

  by David Drake   Smooth-functioning, transparent and resilient financial systems are important for the economic development of countries. This is the reason why blockchain technology has the potential to transform the financial sector and, by extension, the entire global economy. Although this technology has made significant headway in the mainstream financial sector, its potential is far from being fully realized. This has necessitated more research and development in digital payment systems to enable more technological advancements in mainstream financial sector use. Funding Research To facilitate growth in technology, blockchain-based startups have started investing in research. Last week, Ripple announced that it had committed over $50 million to facilitate the research and development of digital payment systems, blockchain and cryptocurrencies through a program dubbed University Blockchain Research Initiative. Once rolled out, the program will involve 17 universities across Asia, the United States, South America and Europe in academic research, technical development ... Read More »

Can Blockchain Funds Ensure Lasting Results for the Cryptocurrency Industry?

  by David Drake     Research and development are critical components of driving innovation because they allow for the development of new technologies, knowledge and techniques. With changes in technology, people are able to generate more outputs with the same amount of resources, and sometimes even fewer resources – an aspect that increases productivity. At the same time, startups that seek to advance innovative ideas need to access knowledge and capital to accelerate the scaling up of these innovations. The emerging cryptocurrency market needs both, which highlights the importance of funding initiatives that are beginning to come into play. Earlier this month, two big names in the cryptocurrency space, Ripple and Binance announced plans to set up funds to support research and development in the cryptocurrency space as well as support blockchain startups. Carl Kirchhoff, CEO and co-founder of Sportsfix, predicts the stratification of digital currencies for application in specific areas. ... Read More »

How Research and Social Impact Initiatives will Accelerate Blockchain Application

  by David Drake   Impact investing is trending globally, attracting both individual and institutional investors.  At the beginning of 2016, the global ‘impact’ market stood at just below $23 trillion. On May 31, 2018, a leading cryptocurrency trading exchange, Binance, joined impact investing when it announced plans to launch a $1 billion venture capital fund dubbed the “Social Impact Fund”. Through this fund, Binance is looking to finance projects that apply blockchain on specific areas, including custodial solutions, decentralized exchanges, stablecoins, and security token platforms. A few days after the Binance announcement, cryptocurrency and payment startup, Ripple, broadcasted its $50 million “University Blockchain Research Initiative” program. Ripples’  fund is aimed at facilitating research and development in digital payments, blockchain and cryptocurrency across the globe, with 17 universities in the list. Based on each fund’s focus, the impact initiative targets the people playing field, while the research initiative targets the ... Read More »

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