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Binance Dives Into DeFi With Launch Of Automated Market Maker Pool

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Touted as the world’s largest cryptocurrency exchange, Binance made its way to the top with consecutive developments for the exchange as well as the ecosystem. The last two years have been eventful for the exchange following an array of partnerships across the globe. While global expansion has been one of Binance’s major missions, it hasn’t lost focus on the upgrades pertaining to the platform. Recently, the Malta-based exchange announced the launch of a new trading platform, Binance Liquid Swap.

Binance Steers Towards DeFi

Off late, Decentralized Finance [DeFi] has been the talk of the crypto town. While several platforms have been exploring the prospects of the DeFi space, Binance seems to have jumped on to the bandwagon. In a recent blog post, the exchange revealed that it had launched an automated market maker [AMM] pool, Binance Liquid Swap. This would permit users who provide liquidity to earn both income as well as interest via trading fees. However, unlike DeFi, Binance’s latest venture, is reportedly centralized.

The Malta-based crypto exchange claims to be the first to roll out a centralized exchange with AMM. The post further read,

“When you place your crypto funds into the liquidity pools on Binance Liquid Swap, you get to harness the power of an AMM pricing module. This can give you stable prices and lower fees for transactions both small and large, which are done via instant swaps.”

Currently, the platform supports just three coins, stablecoin Tether [USDT], Binance USD [BUSD] as well as Dai [DAI].  The liquid trading pairs available were USDT/BUSD. BUSD/DAI and USDT/DAI.

Furthermore, Binance affirmed that the prices and the transaction fees pertaining to the Binance Liquid Swap was entirely dependent on the assets in the liquidity pool. When a user adds, removes, or swaps funds present in the pool, the fees as well as the price changes. The exchange added,

“You’re entitled to your interest plus a cut of the transaction fees when you pool your tokens.”

Since the latest platform is still in its promotional period till 4 October 2020, the trading fee will be as low as 0.04 % However, it would soon return to 0.1% after the aforementioned date.

CoinMarketCap’s Leadership Team Exits Months After Binance Buyout

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CoinMarketCap‘s interim CEO Carylyne Chan along with four other executives, Spencer Yang – Vice President of Operations, Growth, and Revenue; Jeremy Seow – Vice President of Products; Matthew Lippl – Global Head of Design and Growth; and Jared Chin – Project Lead and Head of Events, announced their departures from the company. In a recently published blog post, Chan stated,

“I’ve learned just how important it is to have principles that you stick to, and how to lead with grace even when things get tough.”

Its been four months since one of the world’s largest cryptocurrency exchange Binance acquired the market aggregator for about $400 million. Following this deal, CMC’s Founder Brendon Chez, who has managed to keep a low profile while running the website for nearly seven years, stepped down as the CEO of the company and was replaced by the Chief Strategy Officer, Carylyne Chan, as interim CEO.

During that time, Chan had commented that “there won’t be any other major team changes at CoinMarketCap”. However, according to the recent reports, Binance plans to replace the team members that exited with its own staff.

This is fairly controversial because CMC happens to be one of the most-referenced crypto data websites. It is not just the news of the Binance buyout that did not sit well with a section of the community as questions were raised regarding the platform’s neutrality on project listings.

CMC was also criticized for what some may call it “its fresh pro-Binance” stance. The data provider was at the receiving end of a severe backlash from the community after the site switched to web traffic as the default exchange rating mechanism which allowed Binance to top the list.

Responding to the repeated claims, CoinMarketCap has stated,

“No Binance employee, including CZ, has control over CoinMarketCap’s ranking algorithms or listing processes. Cryptoassets that wish to be listed on CoinMarketCap should follow the guidelines in our listing policy and will be fairly and independently evaluated on their merits.”

Binance Futures Launches YFI/USDT Perpetual Contract as DeFi Demand Surges

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DeFi (Decentralized finance) is currently one of the hottest corners of the crypto industry this year and, as a result of the boom, many project tokens have shown incredible price surges. One of the prominent tokens is Yearn. Finance ‘s native YFI, which has gained significant traction over the last few weeks.

DeFi, the big hype

In a bid to cash in on the mania, several centralized platforms have now jumped on the DeFi bandwagon.

In the latest development, one of the world’s largest centralized cryptocurrency exchange, Binance announced the launch of the YFI/USDT perpetual contract on its Futures platform wherein the users will be able to choose between 1-50x leverage.

The YFI/USDT perpetual contract is a USDT-margined futures contract that uses USDT as collateral. According to the official blog post, the contract will be made available to users from 31st August 7:00 AM [UTC].

This news follows Binance‘s announcement of offering ‘DeFi Index Perpetual Contracts’ to cater to the huge customer demand to get exposure to a broad base of DeFi products.

yearnfinance charts

YFI’s meteoric rise

Meanwhile, in a little over a month, YFI has soared by a staggering 4008% since it was created $764.42 in July to the press time price at $31,682. Following the path of Bitcoin, the creators of the project have limited the supply of the governance token to 30,000 YFI coins. This could be an important contributing factor to the rapid surge in its price.

This new rally was also speculated to be triggered after, one of the largest DeFi protocol, Aave announced the listing the token. This was a significant development for the YFI ecosystem primarily because Aave has successfully outpaced the likes of Maker, Curve Protocol in the race for the first place in terms of TVL.

As previously reported, yet another catalyst for the token’s upward momentum was directed towards a  potential collaboration between the crypto derivative platform FTX and Yearn.Finance.

Besides, the protocol also recently announced the launch of ‘yinsure.finance’ which is essentially a prototype for a new tokenized insurance, the first of its kind in the DeFi ecosystem.

Binance.US Expands Its Roadmap to Florida

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Binance.US, the United States arm of the major cryptocurrency exchange Binance has opened its platform to the Florida residents. With this announcement, Florida becomes the 38th state to come under the Binance’s hood.

Eligible customers of the state will be able to register their accounts on the platform from 25 August.

On a welcome note, the exchange’s latest update stated,

“We couldn’t be happier to welcome Florida residents to Binance.US! Welcome to America’s home to buy, trade, and earn digital assets including Bitcoin.”

While the company has grown to be one of the biggest names in Crypto space, there were 12 states where Binance. US was still unavailable. They were Alabama, Alaska, Connecticut, Georgia, Hawaii, Idaho, Louisiana, North Carolina, Texas, Vermont. In addition, Washington and the home of Wall Street – New York are yet to be explored by Binance primarily and were excluded due to the strict cryptocurrency regulations governing them.

With the latest inclusion, Binance has opened its doors to one of the most potential markets in the country giving access to more than 17 million people over the age of 18.

Catherine Coley, the CEO of Binance.US who grew up in Orlando, Florida, tweeted,

“Florida woman brings crypto marketplace to home state. Get ready for tomorrow, y’all!”

Since Binance opened its operations in the country in September 2019, the exchange platform services  38 states and Puerto Rico and was seeking licenses to service the rest of the United States.

Another state which has been quite restrictive in terms of crypto licensing was the state of Hawaii which led Coinbase to stop its services in the region.

However, the state’s regulatory sandbox called ‘Digital Currency Innovation Lab’ was approved by twelve crypto companies including ErisX and Gemini. This initiative between the Hawaii Department of Financial Institutions and Hawaii Technology Development Corporation [HTDC] allows the firms to apply for approval to operate in the state without obtaining a state money transmitter license for two years.

Will Hawaii be Binance.US next stop?

Binance Kicks off Issuance of Debit Cards

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Binance, the Malta-based cryptocurrency exchange unveiled its plans for a digital currency debit card back in April of this year. According to the recent updates, the exchange has now begun to ship its debit cards to customers in limited quantities after months of planning to carve a niche in the card payment sector.
Using the card, the holders of the crypto will be able to pay bills through Bitcoin or any other coin. Users would no longer have to exchange their cryptocurrencies on exchanges in order to make payments and the main benefits are; they can also use HODL while spending their digital assets. 

A previous report on the Binance card indicates an acid test for the issuance of the debit card in European regions. It was initially not clear what provider Binance was going to partner with for the debit card, but in July the company made it clear that it was going to acquire the Swipe Technology-a crypto-debit card project. According to the Exchange’s official blog, the Binance Card would be acceptable to 46 million merchants spread through both online and offline platforms in more than 200 regions.

Binance Debit Card Will Support Bitcoin and BNB

Binance CEO CZ revealed that the payment option had been tested, saying that the company had already started the project trial. By mid-July, the exchange revealed plans ahead of August ‘s launch and noted the card ‘s compatibility with at least four digital assets, including Binance’s BNB asset and Bitcoin. Nonetheless, the exchange had previously emphasized the beta version of its debit card and stated on the official blog that it was indeed a physical card.

Nonetheless, yesterday, CZ announced that the shipping was already in progress. He said : “This started shipping in limited quantities as of yesterday, I heard”

The Exchange’s blog states that one must register an interest in the Binance Card on the Exchange’s landing page and receive a notification once the card is available in their region.