Breaking the norms
It is not common in the traditional banking industry to announce large transactions ahead of time. However, when it comes to digital currencies , new rules of safety, security, and transparency are written every day. Binance recently put up such an example- it announced via Twitter on Monday that it is going to make a Bitcoin transaction worth around $81 million.
The platform announced that there is no need for FUD (fear, uncertainty, and doubt) in the market. According to crypto hedge fund ProChain Capital’s president David Tawil, Binance has made an unusual announcement. He said that established exchanges in the US like the CBOE or NYSE don’t announce their future block trades, especially on Twitter.
He expressed concerns that Binance is not doing a smart thing by making such major announcements on Twitter. Calling it “atypical” he noted that the cryptocurrency industry is looking forward to regulations and SEC approval. If they continue to break the norms followed by the established financial industry, they could land in trouble.
Binance moves quickly towards the future
Binance recently announced that it would be launching Binance US, a platform that will not serve the US customers. The move spread controversy and led to a slump in the price of Binance Coin last week. However, the digital exchange is unphased by controversies.
It recently introduced its own blockchain project which will launch several tokens pegged to major cryptocurrencies. A company spokesperson noted lately that the exchange is planning to launch a new coin pegged to Bitcoin. The token will trade on Binance backed by about 9,001 Bitcoin. The company is busy creating this reserve before launch.
The exchange has made several changes to its core platform. It banned traders from the US last September and revealed a $40 million Bitcoin hack last month. The price of Bitcoin has surged to $9,000 this year, moving up by 130% year to date. The markets are showing positive growth after the news of Facebook’s cryptocurrency project came to the surface.
The social media company is reportedly creating a payments infrastructure and planning to use a stablecoin for this purpose. It has already onboarded payments giants Mastercard, Visa, and PayPal to participate in the project. Ride-hailing company Uber also has a stake in a consortium that is expected to govern the new cryptocurrency.
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