Category: Binance

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TRON donated $3million to Binance Charity Foundation

Categories Binance, TRON, United Nations, Donations

TRON donated $3million to Binance Charity Foundation

On September 25th, 2018, the world’s largest cryptocurrency exchange, Binance initiated the Blockchain Charity Foundation. The premise of the foundation is to raise money to put towards developing blockchain technology for social good. The exchange also announced a collaborative partnership with the United Nations Development Programme (UNDP) and made an initial donation of $1 million.

Developing sustainable solutions

When the announcement was made, CEO of TRON, Justin Sun extended his support to UNDP and BCF and he reiterated that TRON will play an important role in using blockchain to develop charitable and sustainable development solutions. TRON (TRX) has said that they will donate an initial $3 million to BCF which will be used for the advancement of charity-based blockchain efforts.

Both Justin Sun and Changpeng Zhao attended the World Investment Forum that was hosted by The United Nations Conference on Trade and Development on the 24th of October. This event was followed by a reception at the Palais des Nations. It is the first time a blockchain-related discussion took place and was hosted by the UN.

As a country, Malta has truly embraced cryptocurrencies and the blockchain industry as a whole. Between October 3-5, the island hosted to the very first Delta Summit which brought together stakeholders from a range of blockchain, tech, and crypto industries, to talk about the development of the sector. After the event, Tron, Binance and BCF took part in a private reception which was hosted by Malta President Marie-Louise Coleiro Preca, at San Anton Palace in Hal-Balzan. During the event, the conversation between Sun and Zhao was continued and developed upon in the hope that the technology can help to resolve current issues facing those operating in the charitable sector.

Blockchain offers unparalleled levels of accountability, immutability, and transparency, and it can also run multiple complicated programmes at the same time. This means that problems such as not being able to trace donations can be solved by bringing together donors, volunteers, recipients, and organisations in one cohesive ecosystem.

Justin Sun spoke of his dedication and appreciation towards the cause:

“As a Super Representative, I am fortunate enough to have earned the trust of the community. I believe it is my responsibility to lead the movement in applying blockchain technology to improve people’s livelihoods around the world. I will dedicate the resources I have gained from co-governing the network to causes that will benefit and empower society. I hope my actions will inspire more people to tap into the great potential of blockchain technology to truly make a positive impact.”

Binance also announced that it will be donating 100% of its listing fees to the BCF. Helen Hai, the head of BCF said the following:

“We firmly believe that blockchain technology will bring transformative solutions to social problems, and help bridge the UN Sustainable Development Goals funding gap in fast and innovative ways.”

Her comment was complimented by Haoliang Xu, the Assistant Secretary General of the United Nations and Director of the Regional Bureau for Asia and Pacific at the UNDP:

“We believe blockchain is a technology that can have a huge impact in the developing world in numerous ways.”

If you have any questions in relation to ICOs, and Malta’s legislation regarding ICOs and blockchain please contact us today on [email protected]

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Uganda’s first fiat-crypto exchange is launched by Binance

Categories Bank, Cryptocurrency Exchange, Binance, FIAT, Uganda

Uganda’s first fiat-crypto exchange is launched by Binance

Binance, the world’s largest cryptocurrency exchange has launched a fiat-to-crypto exchange in Uganda that has already gone live.

Founder and CEO of Binance, Changpeng Zhao announced his plans for the exchange back in June and as per the press release, the new branch was set to start accepting withdrawals and deposits of Ugandan Shillings (UGX) as of Wednesday 17th. In a statement from Binance Uganda, the company announced that KYC procedures has been already underway.

At the time of launch, traders have got an opportunity to exchange Uganda’s national fiat currency with ETH and BTC, but other trading pairs will be introduced in due course.

Despite the Bank of Uganda issuing a warning to crypto investors about associated risks of the activity in March 2017, the Ugandan government has shown considerable interest in utilizing the blockchain technology for a variety of purposes.

CFO of Binance, Wei Zhou said that Uganda’s first fiat-to-crypto exchange will help to maintain sustainable economic stability in the continent adding that the company has other plans to “bring more innovations to the region”.

This is just one of Binance’s plans to open a number of similar exchanges in locations such as Lichtenstein. In August, Binance LCX announced plans to launch a fiat-to-crypto platform in the country, offering trading pairs between Swiss francs (CHF) and Euros against popular digital currency pairs. Then in September, Binance announced that it intended to start private beta testing of a fiat-to-crypto exchange in Singapore which will support the Singapore Dollar.

Binance, based in Malta is the biggest international crypto exchange in the world and offers 24/7 adjusted trading volume with almost $1.8 billion being traded each day according to CoinMarketCap.

Interested in licence and ICOs Legislation in Malta? Contact us directly on +356 20103020 or by email at [email protected] to find out more.

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Bitcoin turns 10 and crypto enthusiasts celebrate the occasion

Categories Cryptocurrency, Malta, E&S Group, Technology, Bitcoin, Binance

Bitcoin turns 10 and crypto enthusiasts celebrate the occasion

As Bitcoin turned 10 years old yesterday, many enthusiasts in the community celebrated 10 years of cryptocurrency itself as well. Despite the ICO and crypto market being in a bit of turmoil, for now, there is no doubt that digital assets and associated technologies have changed many aspects of business and the economy.

But it’s not just holders of coins and blockchain start-ups that are reaping the benefits of this new industry, cryptocurrency exchanges are leading the way when it comes to profits. Coinbase, the largest fiat-to-crypto exchange in the world is poised to bring in over $1.3billion in annual revenue, till the end of 2018.

Binance announces a big profit

Binance, the world’s biggest crypto exchange that announced its relocation to Malta this year, has recorded a profit of $200 million in January, putting itself in the same league profit-wise as Germany’s biggest financial institution, Deutsche Bank.

Bithumb and Upbit, two of South Korea’s largest exchanges have been raking in around $100 million a month during 2018, mainly from transaction and withdrawal fees. Furthermore, in January of this year, Jung Yoon-ho, a researcher in Yoojjin Investment, told local media sources that they generate around $2.5 million in revenue every day.

Whilst this is all good news, it may not last. Due to the current bear market and two security breaches of Bithumb in South Korea, experts estimate that the monthly revenue of big crypto exchanges could have dropped by around 30-40% in recent months.

For example, according to Bloomberg, the projected annual income of Coinbase is said to be nearer to $1.3 billion.

“The company’s $1.3 billion in sales for 2018 comes from the commissions on trades on its platform, as well as from gains and losses in its own crypto holdings. Because the firm looks at several internal measures of revenue, the exact figures can vary,” Julie Verhage at Bloomberg reported.

Most of this money has been generated through fees on buy and sell orders, as well as withdrawal requests.

Funding charitable initiatives

Binance also accounted that it would donate all of its listing fees to fund transparent initiatives that have been developed by reputable organisations such as the UN.

“If you look at the first few UN Sustainable Development Goals, such as poverty, hunger, health and even education, these are easily addressed or improved by charity initiatives. Yet, what we’re trying to do is a level deeper. I believe that by improving transparency in the charity sector, we will be able to address all 17 goals as a whole, at a more fundamental layer,” Binance CEO Changpeng Zhao said.

Over the last year, the volume of the cryptocurrency market has grown exponentially to a value of around $20 billion, around half less than this time last year. The value of Bitcoin, the most popular cryptocurrency in the world, dropped from $8billion to around $3.5 billion at the time of writing. But with a $10 billion daily trading volume on the exchange market, there is still money to be made.

Interested in ICOs Legislation in Malta? Contact us directly on +356 20103020 or by email at [email protected] to find out more.

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A Half Year Report on virtual currencies in 2018

Categories Blockchain, Cryptocurrency, Regulatory, ICOs, Malta, ICO Legal Service, Law, The Blockchain Island, DLT Regulation, Smart Contracts, E&S Group, Technology, Trading, Cryptocurrency Exchange, Tokenomics, Regulation, Tokens, Binance, Utility Tokens, Security Tokens, DLT

A Half Year Report on virtual currencies in 2018

2018 has been an interesting year for crypto with colossal crashes, much-needed market adjustments, and of course, the emergence of a large number of new tokens and cryptocurrencies. Along with significant advances in regulation and legal frameworks that seek to understand, support, and protect those stakeholders operating within this new industry, there is no doubt that the rest of 2018 is going to be just as, if not more exciting as the previous six months.

Mid-January Market Crash

If you were holding Bitcoin in December 2017, you probably couldn’t believe your luck. As the value of a single Bitcoin headed towards $20k, a mad rush to invest ensued and predictions on where the price may head reached stratospheric new heights. Then on January 16th 2018, Bitcoin investors woke up to a nasty shock. The value of their coins had dropped by 15% and this news had a knock-on effect on the value of all other altcoins, causing a huge slump in the value of the market. The excitement and hype that had surrounded cryptocurrencies just a few days before, disappeared just like the profits of those who invested in it.

As prices continued to fall, investors started to panic. They started selling their coins in an effort to nip their losses in the bud and the moniker “Black Tuesday” was coined. Some crypto-coins saw losses of up to 40% and it seemed like many naysayers predictions were coming true and that the bubble had finally burst. Some voices remained steadfastly optimistic however and maintained that price slumps were common in all markets, not just the crypto one. After such an exponential increase in value, it was naturally expected that the market would correct itself because after every meteoric rise comes to a reverse-swing of the pendulum that needs to be ridden out – January was exactly that. As prices are now more stable it is hoped that they will increase at a steady rate, signalling a new era of market stability and maturity.

TRON Makes a Name for Itself

Since January of this year, TRON has experienced a steady increase in value. Despite a few issues, mainly caused by the crypto price-crash, it seemed to have found its niche which suggests a bright future for both the platform and its cryptocurrency.

TRON is a decentralised, blockchain-based, protocol project that functions as a content distribution platform for the digital entertainment industry. Whilst the platform itself is yet to go live the TRX coin is gaining significant traction.

Created by Justin Sun in 2017, the concept behind it is to establish a global network of free entertainment content which allows creators to publish, store and distribute their own content without the need for an intermediary. Whilst its value per coin was only $0.30 in January, it is expected to hit $1 by the end of 2018.

Its main selling point is that it is not just another cryptocurrency. It has a platform that solves a problem and offers functionality to a range of users and publishers. Over the last year, TRON has increased in value by 1.39% making it one of the top crypto coins in terms of growth, making it one to keep your eye on as we progress through 2018.

The Unexpected Rise of Litecoin

Many have dismissed Litecoin as “the poor man’s Bitcoin” but despite this, its popularity has increased drastically over the past few months. It was initially launched via an open-source client on GitHub in 2011, a sort of spin-off of the original Bitcoin Core client, but it offered much lower block generation times, a higher number of coins, a modified GUI, and a different hashing algorithm.

In 2013 it experienced a big surge in value and by May 2017 it had secured a spot as one of the Top 5 global cryptocurrencies in terms of its market cap. Now accepted by a wide range of online retailers, its adoption is increasing and many are seeing it as a better alternative to the rather bloated and over-inflated Bitcoin.

12 and even 6 months ago, blockchain was not something that was widely understood but as we progress to the end of 2018, it is expected that we will see a dramatic uptake of blockchain integration across a diverse range of sectors. Following in the footsteps of IBM, Microsoft, and Maersk, even smaller SMEs are likely to be interested in harnessing its potential.

Litecoin is predicted to peak at a value of over $600 per coin by the end of 2018 and there is no doubt that it has huge potential. Negating many of the issues that are faced by Bitcoin users, it presents a practical, simplified and completely viable alternative to the crypto-giant.

Malta Takes the Lead in Industry Regulation

In the last 12 months, it has seen cryptocurrency, blockchain and ICOs negate a minefield of regulatory and legal issues. Problems around its classification, AML and KYC regulations, and the reluctance of many banking institutions to support the burgeoning technology has resulted in many setbacks for the crypto world but that is all set to change.

The island of Malta has long been a hub for digital technologies and it is well known for its iGaming, Finserv and Fintech industries that when combined, account for around half of the country`s GDP. Then, in March 2018 the Government announced the drafting of three new bills that would seek to provide legal and regulatory clarification on DLT, crypto, and ICOs. These bills are the Virtual Financial Assets Bill which would provide a regulatory framework for ICOs and virtual currencies, the Malta Digital Innovation Authority Bill and the Technology Arrangements and Services Bill which will oversee companies that operate within the market, as well as providing a much-needed guidance and clarification.

This makes Malta the first jurisdiction in the EU, and the world to create a comprehensive legal framework that not only protects all stakeholders including operators and investors, but also supports the growth and development of the industry. By ensuring explicit legal clarification as well as adherence to AML and KYC regulations. This means that the industry will receive a much-needed confidence boost and will help to increase the  level of public trust in this new market sector.

Binance Relocates to Malta

As a result of Malta’s decision to support cryptocurrencies and related industries, an exciting announcement came just a few days later. Binance is the largest cryptocurrency exchange in the world and commands 10% of the global trading volume as well as having a market capitalistion of $1.3billion at the time of writing. Its founder Changpeng Zhao started Binance in July 2017 and in just a couple of short months, it has grown to be the market leader.

Following the introduction of restrictive laws in Japan and China regarding cryptocurrencies and exchanges, Binance was on the look out for a more welcoming and flexible home. On March 23rd, Binance announced their move to Malta and the crypto community rejoiced. Such a vote of confidence is a big deal for the small EU country and it is expected that such a move will encourage many other companies and startups to follow suit.

The Blockchain Boom

This time last year, most people had heard of the blockchain but only in the context of it being intrinsically linked to Bitcoin. Now, the technology has broken away from just monetary uses and has earned a lot of attention for its potential. In the last few months, more and more use cases have come to prominence at blockchain has found uses in industries such as logistics, healthcare, politics, real estate, and even crypto-powered beer vending machines. It has also been tipped to completely revolutionize the way we vote, as well as provide microloans to SMEs in developing countries and to solve the energy crisis in third world countries.

 

E&S Group is a leading corporate & law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

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Malta Stock Exchange to team up with Binance

Categories Blockchain, Cryptocurrency, The Blockchain Island, E&S Group, Technology, Tokens, Binance, Malta Stock Exchange

Malta Stock Exchange to team up with Binance

 

On the 13th of September, Binance, the biggest crypto exchange company, signed a memorandum of understanding with The Malta Stock Exchange (MSE) launching a new digital exchange for security token trading. This agreement was signed by Joe Portelli, Malta Stock Exchange Chairman, and Wei Zhou, Binance Chief Financial Officer.

The Malta Stock Exchange expressed its hopes that through this trading platform, it would continue to maintain the company’s reputation of operating as a regulated stock exchange backed up with its experience in regulatory compliance and client due diligence. Moreover, the stock exchange is to follow Binance business model to help the platform earn a global reach.

Wei Zhou, Binance CFO stated that the company is excited about building a blockchain ecosystem in Malta. He stated that “This partnership will allow Binance and MSE to host traditional financial assets on blockchain technology through security tokens. We look forward to bringing more innovations to Malta and further establishing our presence here.”

However, during the press conference, Malta Stock Exchange Chairman, Joseph Portelli announced that the two parties had not signed any formal agreement yet, but “agreed on intent” to work together in the future.

Mr Joe Portelli continued by saying that “[the Malta Stock Exchange] looks forward to seeing this exciting new market opportunity to develop the Maltese financial sector.”

Professor Edward Scicluna, Malta Finance Minister, expressed his positive thoughts about the DLT technology to the media. He called it very revolutionary and said out his opinion about its ability to change the world. He is sure that Malta has a good opportunity at hand to establish itself in this industry.

The minister encouraged this partnership, hoping that Malta remains a trailblazer and a leader in the digital economy sector. Moreover, Prof. Scicluna believes that Malta will repeat its success with the gaming sector, established the Malta Gaming Authority, again – this time with Blockchain.

If you require further information about Malta’s laws regulating the DLT and ICO sectors, please contact us by sending us an email on [email protected] or by telephone on +356 2010 3020

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Binance is backing the world’s first decentralised bank

Categories Blockchain, Cryptocurrency, Malta, Bank, The Blockchain Island, Technology, Cryptocurrency Exchange, Regulation, Tokens, Binance

Binance is backing the world’s first decentralised bank

On July 4th, the Maltese government unanimously passed the 3rd reading of three blockchain regulations. Many blockchain companies saw an opportunity to relocate on the Blockchain island including, Binance.

In a report issued by Bloomberg, stated that Binance is backing a project, to build the first-ever decentralised bank in Malta. They stated that a 5% stake has been invested by both Binance and the Maltese government to make this decentralised, community-owned bank happen.

How will it work?

The name given to this decentralised bank is, Founders Bank. There will be no ownership of the bank, this includes any corporations, persons or entities. The only owners of the bank will be those who purchase a portion of its token-based equity.

The blockchain equity platform, Neufund will take care to fundraise this project.

In a recent speech, Joseph Muscat, Malta’s Prime Minister said that he is very optimistic about the viability of this project. He stated that “The concept sounds confusing right now, I have no doubt that it will form the base of a new economy in the future. Just as we attribute value to pieces of paper, so too will future generations attribute value to electronic storage systems.”

 

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

For more information click the link

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chiliZ has teamed up with Binance

Categories Blockchain, ICOs, Malta, New ICO - ChiliZ, Technology, Binance, esports

chiliZ has teamed up with Binance

Our client, chiliZ , announced that Binance is investing in their new tokenization platform which focuses on esports and other sports industries. chiliZ blockchain platform tokenises voting rights to their supporters of esports and other sports entities. This concept was inspired by the “Socios” crowd-management which Real Madrid and FC Barcelona came up with.

The video gaming industry is worth $110 billion, which is surprisingly bigger than the global film and music industry. It is expected that the video gaming space will adopt blockchain services thus accessed by more than 300mm esports fans. It is apparent that millennials, nowadays are knowledgeable and have a keen interest in virtual currencies and have experienced trading in digital assets. In fact, both blockchain technology and esports will reach millennials which are acquainted with both emerging technologies.

The chiliZ platform will start with esports teams and leagues. However, Binance and chiliZ will eventually work with the sports industry. They are also planning to develop a fan-driven token ecosystem for traditional sports teams, hence scaling the concept of “Socios” around the world.

Binance involvement with chiliZ is to provide the sharing of technical knowledge, innovation and creativity. Furthermore, this collaboration will help chiliZ delivering its platform globally.

Alexandre Dreyfus, chiliZ CEO stated that “Binance’s significant investment in chiliZ will boost our current private placement offering and help us to move faster. Their support will help us deliver our vision globally, increase our visibility in the blockchain ecosystem and empower our technical vision. I’m also excited that Binance is setting-up in Malta, where we will be able to share resources. Enabling a more strategic partnership.”

While Binance CEO & Founder Changpeng Zhao added “chiliZ is a creative way to embrace blockchain technology, aimed at building tools and services for mainstream adoption in industries that have a massive global growth rate. We are thrilled to support the team behind the project, and to help make them a success.”

 

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