Changpeng Zhao says Binance U.S. could launch in two months

Changpeng Zhao, the of Binance, said that the company could launch Binance U.S. within the next two months.

Binance could enter the U.S. earlier than expected

The world’s largest cryptocurrency exchange by trading volume will be re-entering the U.S. market as a fully regulated and legally compliant company this year. The Malta-based Binance announced that it would stop serving U.S. customers on Sep. 12 to pursue plans of launching a more compliant fiat-to-crypto exchange later this year.

But, with the news announced earlier in June, many speculated that it would take months before Binance’s new U.S. branch becomes fully operational.

In an interview with Cheddar, Changpeng Zhao, the CEO of Binance, said that the company’s U.S. corporation could launch much earlier than expected.

“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two,” he said in the interview.

The U.S. entity will be launching in partnership with BAM Trading Services. told Cheddar that the partnership will help Binance with regulatory compliance, as BAM appointed former Ripple executive Catherine Coley as CEO earlier in July.

Rigorous regulations mean New York will be left out from Binance U.S.

While it’s still unclear where exactly will Binance.US first roll out, Zhao said that it won’t initially launch in New York. Neither Binance nor BAM have managed to receive a BitLicense from the New York State Department of Financial Services and Coley declined to say whether the company will be applying for one.

BAM is already nationally regulated by the U.S. Financial Crimes Enforcement Network (FinCEN) and other regulators such as the Securities Exchange Commission (SEC). But New York has notoriously rigorous regulations and the high cost of compliance could force Binance U.S. to avoid the State completely. However, Zhao seems optimistic about Binance’s future in the U.S. He told Cheddar that the U.S. has historically made “very clear regulations” and that any uncertainties in the space “will clear up.”

Binance.US said that it is considering adding around 30 assets on the new platform. Binance, on the other hand, currently lists 150 different digital assets. Coley said that listing such a low number of coins is a way for the company to protect users. In last week’s blog post, she explained that “the ease of issuing blockchain tokens and the perceived lack of regulation” could make these tokens vulnerable to abuse.

So far, the exchange announced it is considering listing standard assets such as , Ethereum, Ripple, and Litecoin. Other coins such as Chainlink, Stellar, and Decentraland mirror ’s offerings, while some unique crypto-assets include Holo, Cosmos, and Binance Coin.

The post Changpeng Zhao says Binance U.S. could launch in two months appeared first on CryptoSlate.


Source: cryptoslate
Changpeng Zhao says Binance U.S. could launch in two months

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Coinbase CEO Says There Are Institutions Depositing $200-$400 Million Weekly

Coinbase CEO


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The latest cryptocurrency news show that adoption by institutions has gone from a myth to a fact in the past year. As the , there are institutions that are depositing $200 to $400 millions weekly into the exchange.

Brian Armstrong, known as the Coinbase CEO, spoke on Twitter on August 16 and noted that 2019 had formed the year of reckoning for institutional Bitcoin uptake – and the trend is now obvious. As he wrote:

“Whether institutions were going to adopt crypto or not was an open question about 12 months ago. I think it’s safe to say we now know the answer. We’re seeing $200-400M a week in new crypto deposits come in from institutional customers.”

What’s interesting is that Armstrong made the comments hours after Coinbase confirmed that it is going to acquire the international operations of storage giant Xapo – which was a hot topic on many best cryptocurrency news sites.

As some sources reported, this move put Coinbase on top of the institutional manager list for cryptocurrency, with more than $7 billion of assets held under custody. The Coinbase CEO says that this is true – noting that it is also true that organizations deposit hundreds of millions on a weekly basis.

Despite the 2019 bull run for Bitcoin which is fizzling in recent weeks, Armstrong remained highly buoyant about the future, as a couple of new institutional investment products hit the market.

These include Bitcoin futures offerings, coming from players such as and the fellow exchange Binance. The Coinbase CEO says that a decision on whether to allow a Bitcoin exchange traded fund (ETF) is due from the United States in October this year.

“In addition to custody, we’re excited to explore new ways to monetize and leverage crypto assets such as staking, borrowing against crypto portfolios and lending crypto to trusted counterparties,” the exchange hinted when talking about future plans in a blog post mentioning the Xapo deal.

Meanwhile, the latest Bitcoin and altcoin news show that the market has consolidated a bit and stopped more declines from coming. Bitcoin is still very shy of $10,000 and the market cap is at $260 billion at press .

The post Coinbase CEO Says There Are Institutions Depositing $200-$400 Million Weekly appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
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Charles Hoskinson Says Cardano’s 1.6 Update Will Take Off in a Few Days

Cardano (ADA) On A Positive Spell: Can It Surpass $0.050?

In a tweet on August 13, 2019, Charles Hoskinson, of Input-Output Hong Kong (IOHK) said the 1.6 Cardano update would take off in a few days. also revealed a lot of work went into releasing the new Daedalus ADA wallet. Cardano’s community, on the other hand, has shown excitement over the news of the impending update.

Cardano’s 1.6 Update Scheduled to Take Off

According to Hoskinson, Cardano’s 1.6 update will be live within a matter of days. The CEO also asked the Cardano community to send screenshots of Daedalus, a hierarchical deterministic (HD) cryptocurrency wallet for storing ADA, Cardano’s virtual currency.

Furthermore, Hoskinson revealed that a lot of work had been put into the new Daedalus ADA Wallet. He also said he is proud of the IOHK team that had strived to bring about the wallet’s release.

Cardano Community Expresses Excitement Over Impending Update

On the other hand, the majority of crypto enthusiasts who made comments on Hoskinson’s tweet applauded the impending new release of Cardano. While some specifically encouraged the CEO’s and team’s efforts in delivering quality, others asked if this version will be a significant improvement over version 1.5.

Cardano 1.5, on the other hand, was released in March this year. According to IOHK in a blog post on March 22, 2019, it marked the beginning of a shift from the Cardano Byron era to the Shelley era. The blockchain company added that in Cardano 1.4, the last major work that was meant for the Byron code base was completed. However, in 1.5, only changes that would aid the smooth transition to Shelley were made.

A lot of news has emerged from IOHK of recent. An instance is Charles Hoskinson’s announcement on June 17, 2019, that IOHK has signed an MOU with the Georgian government. According to the CEO, the agreement will enable IOHK to create the latest credential verification system using Atala and Cardano for the Georgia country.

ADA, Cardano’s virtual asset is currently priced at $0.052 and has gained 2.42% within the past 24 hours despite the decline in ’s price.

Nonetheless, the crypto asset’s market capitalization is valued at $1.3 billion today, which is a significant decline from $2.4 billion as of June 2019. ADA market cap’s drop has displaced it as the 11th largest crypto asset to the 12th position.

The post Charles Hoskinson Says Cardano’s 1.6 Update Will Take Off in a Few Days appeared first on ZyCrypto.


Source: zycrypto
Charles Hoskinson Says Cardano’s 1.6 Update Will Take Off in a Few Days

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Analyst says bitcoin needs one crucial fundamental factor to act before a big surge

In recent months, due to intensifying currency wars and rising geopolitical risks, high-profile investors in the likes of Michael Novogratz and Travis Kling have emphasized the importance of as a potential safe-haven asset in the midst of global market turmoil.

In key markets including China and South Korea, bitcoin has been trading with a slight discount, which may indicate that investors are still favoring traditional safe-havens such as gold for because of the discrepancy in market capitalization.

Analysts foresee strength for bitcoin in medium to long-term, short-term remains unclear

Analysts foresee BTC outperforming many traditional assets in the medium to long term and a Goldman Sachs stated that BTC has a short-term target at $13,971, establishing an optimistic sentiment around the asset class.

However, according to BKCM Brian Kelly, bitcoin needs to see growth in unique addresses proportionally to price movement to ensure that the asset demonstrates a consistent inflow of capital from both retail and institutional investors. Kelly stated:

“What concerns me about bitcoin right now is we’re not seeing the address growth. The reason why I look at that is because that is fundamental. That is new money coming into it. We really need to see that address growth. What’s been going on, bitcoin’s been trading right with gold for the first since I started talking about it in 2013. Macro players and other investors are actually using bitcoin as a currency hedge. So that is starting to happen and that is pure speculation so we need real buyers to come in.”

Various data sets such as the majority of Tether’s onchain volume coming from and the rise in the inflow of capital from institutional investors via regulated investment vehicle operators like Grayscale Investments indicate that investors are at least considering the possibility of bitcoin operating as an alternative store of value that sees independent price movements unaffected by the global economy over the long run.

If investors continue to seek out for alternative stores of value other than bonds and precious metals, former Wall Street portfolio manager Travis Kling noted that bitcoin, as the leader of the SoV use case, is likely to prosper. He said:

“To be clear, BTC is far away the leader in the SoV use case. There’s only a few other cryptos that could even be argued for consideration of comparison, and their cases are all overmatched.”

Possibility of bitcoin acting as an alternative store of value

Whether bitcoin can sustain its upward momentum having already risen by nearly three-fold since March remains unclear as analysts question the strength of the fundamental factors of BTC at the current juncture of the market.

Kelly stated that the acknowledgment of BTC as a potential safe-haven asset may allow its momentum to extend throughout 2019, describing currency wars as an ideal catalyst for bitcoin. Kelly added:

“This is the perfect storm for bitcoin. You have multiple currencies around the world breaking down at the same time that institutional investors are actually embracing this asset class.”

The post Analyst says bitcoin needs one crucial fundamental factor to act before a big surge appeared first on CryptoSlate.


Source: cryptoslate
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