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Why BNB Coin Price is Likely to Rise in the Medium Term

Binance’s CEO Changpeng Zhao (CZ) has announced the burning of approximately $600 million worth of Binance Coins (BNB). The latest development is in line with the company’s crypto burning program.…

The post Why BNB Coin Price is Likely to Rise in the Medium Term appeared first on CoinCentral.

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Binance’s CEO Changpeng Zhao (CZ) has announced the burning of approximately $600 million worth of Binance Coins (BNB). The latest development is in line with the company’s crypto burning program. The quarterly event reduces the number of BNB coins in circulation, thereby bringing down inflation and increasing demand for the remaining coins. The strategy has historically led to price hikes.

The company is already committed to burning 100 million coins. Since January, the coin has surged by over 1,200 percent, and it looks as though it’s headed to greater heights.

Factors Contributing to BNB’s Rise

The Tesla Share Token

Binance recently unveiled its Tesla share trading service. To many, it is one way through which the crypto community can appreciate the boost from CEO Elon Musk, who has so far invested over a billion dollars in the market through bitcoin. It, however, also gives international users without access to US markets the opportunity to trade the stock. Ultimately, the incursion of Tesla Stock traders will provide greater exposure to Binance native coins such as the Binance USD (BUSD) and BNB, which are regularly used by clients to lower platform trading fees.

This ancillary benefit was demonstrated during the April 12 Tesla Token launch. The event caused Binance Coin to surge by over 25 percent within 24 hours, to peak at $637.

Data from CoinMarketCap corroborates the demand increase. It shows an escalation of BNB trading volume, reaching an unprecedented $14 billion. The momentary price spike caused BNB to surpass XRP in market capitalization after achieving a valuation of approximately $92 billion dollars.

CoinMarketCap BNB coin statistics.

Data from CoinMarketCap corroborates the demand increase. (Image Credit: CoinMarketCap)

The Bitcoin Factor

Another factor that will ultimately contribute to a BNB price hike is the growing Binance userbase which has increased significantly this year thanks to the staggering bitcoin uptrend.

According to data from SimilarWeb, traffic on the Binance has swelled from 39 million monthly visitors to 285 million in just six months as a result. That is an over 700 percent increase. The additional traffic allows Binance to expand its product range and scale its services. It triggers a snowballing effect that will lead to greater demand for its native platform coins, such as BNB.

Traffic on Binance has increased by over 700 percent.

Traffic on the Binance has swelled from 39 million monthly visitors to 285 million. (Image Credit: Similarweb)

The Binance Smart Chain

The Binance Smart Chain has recently been gaining traction, thereby contributing to BNB’s rise. Unveiled in September 2020, it supports smart contracts and staking of BNB coins.

The blockchain’s scalability, as well as low transaction fees, means that it is now being used by more DeFi projects. The latest adopters include Value DeFi, Harvest Finance, and PancakeSwap, and they have brought millions of users on to the system.

The BSC protocol validates BNB as a proof of stake cryptocurrency, thereby contributing to its popularity.

Direct Promotion from Binance

Binance has been promoting the use of BNB coin on its platform for some time now. It presently encourages the use of the coin to pay platform fees, including on Binance DEX, by offering a 25 percent discount. It has also placed it on the Binance Earn program, which allows crypto users to earn passive income by staking cryptocurrencies.

Lastly, the Binance Card powered by Visa can be topped up using BNB coins besides Bitcoin. Customers can use the card to make online shopping and regular bill payments. Over 35 million vendors worldwide accept BNB card payments, and this increases its use cases.

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Source: https://coincentral.com/why-bnb-coin-price-is-likely-to-rise-in-the-medium-term/

Blockchain

Hong Kong in Talks with China to Stretch Cross-Border Testing of Digital Yuan

After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing.

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After the successful proceeding of the first phase of the testing of the Digital Yuan, Hong Kong is in talks with China to stretch its cross-border testing. This has marked yet another step toward wider adoption of the currency.

Hong Kong to Stretch Testing of Digital Yuan to China

The Monetary Authority of Hong Kong has recently conducted tests with the Digital Currency Institute of the People’s Bank of China.

In addition to this, the Hong Kong Monetary Authority said in an e-mailed response to the questions asked that it involved a bank designated by the mainland authority, as well as the merchants and bank staff.

The e-mailed response said:

“We have tested the use of the related app, system connectivity, and certain use cases such as cross-boundary purchases.” 

Along with this, the statement said:

“We are discussing and collaborating with the PBOC on the next phase of technical testing, including the feasibility of broadening and deepening the use of e-CNY for cross-boundary payments.”

Also, it should be known that the People’s Bank of China is pretty ahead of other major central banks in the development of its own digital currency.

The bank is looking forward to replacing cash and maintaining control over a payments landscape that has become increasingly dominated by technology companies not regulated like banks.

Payment Infrastructure Underpinning e-CNY can Address Substantial Portion of Cost Base

As revealed in the report released on Wednesday by Oliver Wyman, the usage of the Digital Yuan in Hong Kong could lead to a much faster and cheaper cross-border payment and clearing process. 

Michael Ho, the Principal of Financial Services at Oliver Wyman and Co-Author of the report said:

“If the payment infrastructure underpinning e-CNY were to roll out for cross-border payments at scale, we believe it can address a substantial portion of this cost base.”

China could promote the overseas use of digital yuan starting with the Greater Bay Area, a massive urban cluster that includes Shenzhen, Macau, and Hong Kong.

READ  Diginex Introduces EQUOS.io In Singapore To Start Derivative Product Trading

#Cross-border transactions #Digital Yuan #Hong Kong

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Source: https://www.cryptoknowmics.com/news/hong-kong-in-talks-with-china-to-stretch-cross-border-testing-of-digital-yuan

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Identity Platform Acuant Partners with Blockchain Analysis Firm Chainalysis

It has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis.

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In a recent announcement, it has been revealed that the identity platform for fraud prevention and Anti-Money Laundering compliance, Acuant has partnered with Chainalysis. The recent partnership between the AML compliance and the blockchain analysis company is meant to assist financial institutions with AML solutions.

Acuant Partners Chainalysis to Provide AML Solutions

The partnership between Chainalysis and Acuant will be helping in assisting the cryptocurrency businesses assess risk, safeguard them against illegal transactions, automate workflows, and protect their reputations with Anti-Money Laundering solutions.

In addition to this, it should be known that the customers of both partners, Acuant and Chainalysis, will now be able to leverage both the platforms via the interface provided by Acuant to manage transactions that are indicative of higher risk.

The customers will be provided with access to Chainalysis Know Your Transactions (KYT) as well as Chainalysis Reactor, their graphical investigative software

Talking further about the investigative software, it can be utilized to follow the flow of funds across the blockchain for investigations.

The amalgamation of the Chainalysis Know Your Transactions and Acuant integrates a data set of thousands of services with the solutions that help to review both the fiat and crypto transactions.

The Integration of Identity Platform and Blockchain Analysis Firm

Well, along with this, the integration will be helping in detecting any kind of suspicious activities, manage the investigations, and moreover, file the suspicious activity reports (SARs).

The real-time alerts on the highest-risk activity will be allowing the compliance teams to target the most urgent activity and following that, fulfill the regulatory obligations to report the transactions that are suspicious.

Jose Caldera, the Chief Product Officer at Acuant said:

“Our partnership with Chainalysis will further augment our support to the cryptocurrency industry. This partnership is bringing together and integrating the top Anti-Money Laundering solutions in the marketplace today. We look forward to working with Chainalysis to strengthen our platform and to continue to be a leading solutions provider in the crypto space.” 

READ  Bitcoin PARABOLIC!! | $9,500 Next Stop?? | Bitcoin Maximalism Vs. Altcoin Hype | BTC On Excel

#Acuant #Blockchain #Chainalysis

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Source: https://www.cryptoknowmics.com/news/identity-platform-acuant-partners-with-blockchain-analysis-firm-chainalysis

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Blockchain

BIC’s Video News Show: Bitcoin Cash

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In this episode of the BeInCrypto video news show, host Jessica Walker will look at bitcoin cash (BCH). The coin has returned to the top ten in market cap, due to an anticipated upgrade, its pairing with ethereum (ETH), as well as the increased use of CashFusion. We’ll also take a look at its recent price movements.

Bitcoin Cash is Back in the Top 10 Cryptos! Is it There to Stay?

Bitcoin cash back in top ten

Bitcoin cash has been gaining a lot in the past several weeks. It currently sits at the tenth place on CoinMarketCap’s top cryptocurrencies in terms of market capitalization. It is a regular on the list and it seems to be going up because of investors looking for the next “boom-coin.” By sharing a name with mainstay bitcoin (BTC), it’s basking in the glory of its more popular namesake. But what are some other reasons for BCH’s return to the top ten?

May 15th upgrade

Perhaps the most important thing on BCH holders calendar is the upgrade that will happen on May 15. Most of the changes are aimed at improving the experience of users and merchants when using BCH to make payments. This will hopefully provide another incentive for adoption.

Another upgrade that stands out to us is the removal of the unconfirmed chained transaction limit. This will allow users to do more than 50 chained unconfirmed transactions at a time. This was a highly requested feature for a long time. In particular, by gambling sites and other high volume, quick transaction apps that relied on BCH for payment. 

BCH and Ethereum

Another interesting development around BCH is its pairing with Ethereum. This will happen through the SmartBCH sidechain, which was announced last Thursday. 

In an interview with bitcoin.com, the Smart Bitcoin Cash team lead explained that developers and decentralized app makers can now experiment and develop with the sidechain, which is compatible with the Ethereum Virtual Machine. This seems to have already provoked some interest. 

The Coinflex exchange team has begun running tests with setting up a decentralized exchange and creating tokens. If successful, the sidechain could become a platform for expanding the user base of bitcoin cash and grow its ecosystem. 

CashFusion

CashFusion has also been mentioned quite a lot this week. For those of you who haven’t heard of it, CashFusion is a service that provides privacy for bitcoin cash. Described simply, it lets wallets help each other blend into the crowd and keep prying eyes away. 

Reports have indicated that since CashFusion was introduced in November 2019, there have been more than 67,000 fusions or almost $6 billion worth of BCH using today’s exchange rates. This could be another sign of the popularity of bitcoin cash, which has largely gone under the radar in recent months.

Technical analysis

A quick chart analysis shows us that we are close to a high from May 2018, which was around $1,850 dollars. Right now, we seem to be on track to reach and test that level. But a correction and retest of $1,228 on the downside are also possible, although that level did hold several days ago. 

Source:TradingView

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Source: https://beincrypto.com/bics-video-news-show-bitcoin-cash/

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Aave Testing Out Permissioned Pool for Institutional Investors

DeFi lending protocol, Aave protocol has built a permissioned pool for institutions to test out before getting involved within the DeFi ecosystem.

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DeFi lending protocol, Aave protocol, has built a permissioned pool for institutions to test out before getting involved within the DeFi ecosystem. The permissioned test pool is designed to be compliant with AML regulations with mandatory Know Your Customer (KYC) verification process from relevant partners. The pool would be coming to mainnet sooner rather than later.

Aave Permissioned Pool for Institutional Investors

Earlier on May 12, a Twitter user posted a tweet tagging Aave’s official Twitter account expressing concern that an anti-money laundering warning had appeared on Aave’s homepage.

Responding to this, the founder of AAVE, Stani Kulechov tweeted back saying that there had been a mistake and that “The text is actually incorrect and relates to another pool we’re testing out” explaining that Aave is still fully decentralized, and the text had appeared in the wrong place before later revealing that Aave is testing out a private pool for institutional investors.

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Another user replied asking whether the specified pool was for testing out compliance features. Kulechov then confirmed the private pool was built for institutions to practice “before aping into DeFi.”

Even though Aave was launched at the beginning of 2020, it has experienced significant growth in total deposits and daily deposits since the summer of 2020.

Aave’s recent launch on Polygon and the introduction of its liquidity program was followed by its total value locked rising from $5.4 billion on April 25 to roughly $11.4 billion on May 12.

Aave Deposits and Permissioned Pool for Institutional Investors

Aave’s head of institutional business development, Ajit Tripathi, confirmed that the protocol had indeed designed a permissioned pool.

However, the “private pool” description in Kulechov’s Tweet was not entirely accurate as the pool will be on public chains but will have permissioned access for institutions, describing that the purpose of the pool was educational.

READ  DASH Falling and Testing Below $191.22 – Technical Analysis

Aave has totaled over $45 billion in deposits, with 2021 seeing the protocol average $231 million in deposits per day. Over 46,000 unique Ethereum users have become lenders on Aave, with the average all-time deposit reaching $173,000. AAVE is currently trading at $566 at the time of writing.

#AAVE #DeFi #Permissioned Pool

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Source: https://www.cryptoknowmics.com/news/aave-testing-out-permissioned-pool-for-institutional-investors

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