Connect with us

Blockchain

Binance CEO Unveils Beat Transactions Using Branded Crypto Card

Avatar

Published

on

Binance CEO Changpeng Zhao took to Twitter to showcase the first beat transactions made by the influential crypto exchange’s own debit card. Binance’s branded card, which has been in the works since March, would allow holders to pay for goods and services with crypto coins, providing a fiat gateway into the asset class.

The new card will be issued as a white-label product via Swipe, which Binance has acquired a majority stake in earlier this month.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

The Binance Card in a beta version and currently available as a virtual card, which can be used for online purchases only. For POS purchases and most ATMs, the physical prepaid card is coming shortly, the exchange said.

Suggested articles

The FBS CopyTrade Team Introduces New ‘Risk-free Investments’ FeatureGo to article >>

Yet, it’s still unclear if the physical card would implement new technologies such as PIN, chip, contactless payments, and withdrawals from ATMs.

Clients can pre-select the digital wallet they want to debit when they fund the card balance. The latter can currently hold only two digital currencies, namely Bitcoin and Binance’s native token BNB.

Binance debit card works just the same as any other bank card, except it isn’t linked to a mobile banking app, but a crypto wallet.

Crypto cards are becoming the norm

Binance lets clients top-up their card with funds through the Binance Card App and then convert their crypto holdings to fiat within seconds, which can be spent at over 46 million Visa merchants worldwide. As such, the card doesn’t directly connect to the platform’s customer account.

Whenever a cardholder makes a payment, Binance Card instantly converts cryptocurrencies into other fiat currencies and automatically deducts all expenses and commissions, which yet to be disclosed.

The pre-order of this crypto debit card costs $15 and will be initially released in Malaysia, followed by Vietnam, with more countries to follow suit within the next few weeks, depending on the interest in the card, and service providers agreements.

Specially issued crypto cards are becoming the norm that is quite popular since they allow users to cash out their digital assets and spend them at thousands of credit card-accepting merchants worldwide. These cards resolve one of the greatest drawbacks of cryptocurrencies, which is the inability to use them in everyday life with the same ease as traditional currencies.

Source: https://www.financemagnates.com/cryptocurrency/exchange/binance-ceo-unveils-beat-transactions-using-branded-crypto-card/

Blockchain

Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

A multinational payments firm is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

Avatar

Published

on

Multinational payments firm Sia is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

“When you have one bitcoin, it’s not a big problem, but when you start adding 10, 20 or 100, you have a treasury and you have to decide where to store this,” said Daniele Savarè, SIA’s innovation and business solutions director. “We are discussing digital custody needs with banks in Europe.” 

The firm is also helping banks manage and safekeep security tokens and central bank digital currencies, he added.

Through SIA, Hex Trust plans to offer European banks the software to custody digital assets on behalf of their customers. Hex Trust will also act as a sub-custodian for banks that don’t want to directly offer the service, said Hex Trust CEO Alessio Quaglini. 

Currently, Hex Trust works with three banks – Mason Privatbank Liechtenstein AG and two unnamed Asian banks. Quaglini said Hex Trust has 10 other banks that are exploring the custodian’s products.

Going forward, SIA will be the primary distribution partner for Hex Trust to offer digital-asset services to banks in Europe, Quaglini said. 

Source: https://www.coindesk.com/hex-trust-sia-crypto-custody-eu-banks

Continue Reading

Blockchain

Collider Labs Raises $1M to Invest in Blockchain Startups

The venture builder is seeking to invest in early-stage startups with a focus on transparency, privacy and “fairness.”

Avatar

Published

on

Collider Labs has raised $1 million to be invested in early-stage blockchain and cryptocurrency startups.

In an announcement Thursday, the venture builder said the raise had brought on board several notable limited partners including Efficient Frontier CTO Alon Elmaliah and Follow [the] Seed Founding Partner Andrey Shirben.

Collider provides funding and liquidity and actively participates in building up startups alongside their communities and founders, according to the firm’s founding partner, Avishay Ovadia.

The company is actively seeking to invest in early-stage blockchain and crypto startups globally, with a focus transparency, privacy and “fairness.”

Collider “is a venture builder that somewhat resembles an accelerator” Ovadia said. With some “key characteristics” that differentiate it from a typical accelerator.

Venture builders, also known as startup studios, pair with early-stage startups and utilize their own ideas and resources to, if all goes according to plan, construct viable enterprises.

According to Ovadia, Collider forms partnerships with founders, invests in teams and works alongside them as what he calls “Investors in Residence.”

Source: https://www.coindesk.com/collider-labs-raises-1m-to-invest-in-blockchain-startups

Continue Reading

Blockchain

Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

Avatar

Published

on

Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

Voyager Digital, a publicly traded digital asset brokerage with offices in New York, has agreed to buy LGO, a French crypto exchange primarily serving institutional investors, as the company expands to Europe.

The transaction requires regulatory approval, which the parties said they expect to receive by the end of this year, along with the token swap. The value of the deal will depend on the value of Voyager’s shares, and the firms’ tokens, at closing; at current prices, it would be in the low seven figures.

As such, this deal is dwarfed by this year’s blockbuster crypto M&A deals such as Binance’s acquisition of CoinMarketCap, estimated to be worth $400 million, and FTX’s $150 million deal to acquire Blockfolio.

Read More: ‘They Have the Users’: Binance CEO Explains Why He Bought CoinMarketCap

What makes this deal unusual is that the two companies’ utility tokens, VGX and LGO, will be swapped into newly minted tokens featuring decentralized finance (DeFi) functions such as community governance and staking at an initial interest rate of 7%.

“We think this is really taking the old-school mergers and acquisitions to the token world, which hasn’t been done before,” Steve Enrlich, Voyager’s co-founder and chief executive officer, told CoinDesk.

Upon completion, Voyager, which is publicly listed on the Canadian Securities Exchange, will issue one million shares for the acquisition and operate in the European retail market with LGO’s Virtual Asset Service Provider registration with the French Financial Markets regulator (AMF). All activities will be conducted under the Voyager brand and LGO will discontinue its institutional services on Oct. 31. Shares of Voyager closed at C$0.67 ($0.51) on Wednesday. 

Read More: Voyager to Pay Interest on DeFi Tokens to Gain Brokerage Clients

Hugo Renaudin, co-founder and chief executive officer of LGO, told CoinDesk that the French company made the deal after it decided to shift its focus from institutional clients to increasing value for its token holders.

“The key decision-maker is what will bring the most value to our tokens,” Renaudin said. “So we have this token. We have token holders and they’re mostly retail [clients].”

LGO launched an initial coin offering (ICO) in February 2018, according to its website, which raised 3,600 bitcoin (worth about $36 million at the time). The company’s white paper shows that 60% of the tokens were distributed through a pre-sale process, while 20% of the supply went to LGO’s founders and advisors.

At its peak in April 2018, the LGO token’s market cap was nearly $40 million, according to data from CoinMarketCap. On Wednesday, that value was calculated to be $1.5 million. 

Renaudin told CoinDesk that the company’s other option would have been focusing on better serving its institutional clients, which means its spot exchange would have to provide new and exotic derivatives products. After consideration, he said that the team had decided to change its focus to retail customers instead.

The merger comes during a time of regulatory crackdown on crypto derivatives trading around the globe. Popular crypto derivatives exchange BitMEX was charged by the U.S. Commodity Futures Trading Commission (CFTC) with facilitating unregistered trading activities, while in the UK, the Financial Conduct Authority (FCA) has banned crypto derivatives for retail consumers.

This is not the first acquisition by Voyager, which went public in early 2019 in a reverse merger with the shell of a Canadian mineral exploration company. Previously, it acquired wallet startup Ethos.io for about $4 million.

Read More: Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges

Voyage’s revenue in the most-recent fiscal quarter, which ended Sept. 30, surged to about $2 million, compared with $1.1 million during the fiscal year ending in June.

“We are becoming the financial service firm of the future, which means I will look at acquisitions that can add products, customer assets to the platform, or tokens and other communities that can be accretive to what we are trying to do,” Enrlich said. “And adding these pieces together we are going to either do it organically or through more acquisitions.”

Disclosure

Source: https://www.coindesk.com/voyager-acquires-lgo-token-merger

Continue Reading
Energy50 mins ago

Dorian LPG Ltd Provides Update for the Second Quarter 2021 and Announces Second Quarter 2021 Earnings and Conference Call Date

Energy51 mins ago

SK Innovation Declares Ambition to ‘Lead the Efforts for Battery Safety, Charging Speed and Driving Range’ at InterBattery 2020

Energy51 mins ago

Canada Nickel Makes Third New Discovery at Crawford Nickel-Cobalt Sulphide Project

Energy54 mins ago

AEP Reports Strong Third-Quarter 2020 Earnings

Blockchain4 hours ago

Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

Blockchain4 hours ago

Collider Labs Raises $1M to Invest in Blockchain Startups

Blockchain6 hours ago

Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Cyber Security12 hours ago

Business Enablement By Way Of The BISO

Ecommerce12 hours ago

LaserShip Announces Its Time Of Need Philanthropic Program

Esports14 hours ago

cogu joins MIBR as manager and coach

Energy14 hours ago

Strategic Resources Files Mustavaara Technical Report

Energy14 hours ago

Ur-Energy Announces Extension of State Bond Loan and Provides Update

Energy14 hours ago

Pettit Marine Paint Develops the Most Effective Anti-fouling Paint to Hit the Market in Many Years – ODYSSEY® TRITON

Energy15 hours ago

Core Lab Reports Third Quarter 2020 Results From Continuing Operations:

Blockchain15 hours ago

Pelosi, Kudlow Signal Market-Moving US Stimulus May Wait Till After Election: Report

Energy15 hours ago

A Difference-Making Disinfectant

Blockchain15 hours ago

Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops

Automotive15 hours ago

How Car Tires Are Manufactured

Medical Devices16 hours ago

5 Real World Applications of the Doppler Effect

Big Data16 hours ago

Join Hands with Instagram’s New Algorithm to Boost Your Business’s User Engagement

Blockchain17 hours ago

What the History of Headphones Says About the Internet’s Future

Blockchain17 hours ago

Villanova University to Send Private Ethereum Blockchain Into Space to Test Inter-Satellite Communication

Blockchain17 hours ago

Baby Steps or Handcuffs? Crypto Pros Assess PayPal’s Bitcoin Play

Energy18 hours ago

BioMicrobics Acclaimed by Frost & Sullivan for Its Continuous Innovation-led Growth in the Water and Wastewater Treatment Market

Blockchain18 hours ago

Crypto Options Exchange Deribit to Require ID Verification for All Users by Year End: Report

Energy19 hours ago

SME Education Foundation Seeks Industry Involvement for Unadilla Valley High School Initiative to Create STEM Opportunities for Students

Energy19 hours ago

Verisem Acquires State-of-the-Art Vegetable Seed Processing Facility, Further Enhancing Capabilities

Energy19 hours ago

Global Synthetic and Bio Based Polypropylene Market 2020-2026 Growing Demand in the Automotive Industries

AR/VR19 hours ago

AI-Driven Dynamic Filmmaking is the Future

Energy19 hours ago

Growing Concerns around Global Warming Are Set to Drive Hypercar Market Forward: TMR

AR/VR21 hours ago

Angry Birds VR and Acron: Attack of the Squirrels Gear up for Halloween

Crowdfunding21 hours ago

This Is a $103 Billion Profit Opportunity

Energy21 hours ago

Power Plant Boiler Market by Type, Capacity, Technology, Fuel Type, and Region – Global Forecast to 2025

Energy21 hours ago

Rising Phoenix Royalties Announces Second Yoakum County, Permian Basin, Oil and Natural Gas Royalty Acquisition

Energy21 hours ago

Chem-Dry Grows Amid Pandemic with Signed Agreements to Open 64 New Franchises Across the Nation

Energy21 hours ago

Key Trends and Recent Innovations in Powder Bed Fusion, IDTechEx Identifies

Blockchain News22 hours ago

Bitcoin Breaks $12K Resistance and Aims for $14K as BTC Rallies Higher in the Expense of Altcoins

Energy22 hours ago

Pasternack Now Offers a Broad Selection of Field Replaceable Connectors Available for Same-Day Shipment

AR/VR22 hours ago

Star Wars: Tales from the Galaxy’s Edge Gameplay Trailer Drops With November Date for Oculus Quest

Blockchain22 hours ago

Central Banks Are Getting a Prototype of CBDC

Trending