Last night, Bitcoinist reported that Binance, one of the most popular cryptocurrency exchanges in the world, would likely be executing its unspecified quarterly coin burn sometime today — which is exactly what happened.
Earlier today, the Binance team announced the results of its Q2 2018 coin burn in an official post on the exchange’s support page, writing:
In accordance with our whitepaper, we have now completed the burn of 2,220,314 BNB (roughly $30MM USD equivalent) for the our [sic] 3rd quarter.
Thanks for your support!
Immediately preceding and immediately after the announcement, the valuation of BNB took a hit as profit-taking traders who bought the rumors decided to sell the news. Binance’s token fell nearly 9 percent against Bitcoin today, but it’s USD losses were largely mitigated by the market leader’s bullish weekend. Binance Coin is currently down only 2 percent against the dollar over the last 24 hours.
Today marks Binance’s third ever coin burn, which is a quarterly event as defined in the company’s white paper:
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
The first coin burn took place on October 18, 2017, and removed 986,000 BNB from the total supply, while the second took place on April 15 and removed a more significant 1,821,586 BNB. Bitcoinist correctly speculated that this third coin burn will remove even more from the total supply — given the sheer volume of trades which have been taking place on the exchange every day.
From an investment perspective, Binance Coins offer holders certain clearly defined benefits. The ERC 20 tokens which currently runs natively on the Ethereum blockchain significantly cut back on trading fees when said fees are paid with BNB. Currently, fees are reduced by 50 percent, but the benefit is set to decrease with each year of the exchange’s operation.
Additionally, Binance plans on launching its own decentralized exchange in the near future, which will utilize BNB tokens to a greater extent while potentially offering fiat pairings.
What do you think about Binance’s quarterly coin burns? Do you think BNB is a sound investment in the cryptocurrency space? Let us know in the comments below!
Images courtesy of Pixabay, Bitcoinist archives.
[Disclaimer: The author of this article is a holder of Binance Coin (BNB) and various other cryptocurrencies.]
The post Binance Burns $30 Million in BNB Tokens, Price Drops appeared first on Bitcoinist.com.
OKEx, one of the largest exchanges in the world, has announced plans to move to the European island, Malta. This announcement came quickly after a similar announcement made by Binance, one of OKEx’s main competitors.
In an attempt to gain an understanding of the political climate around cryptocurrencies in Malta, OKEx’s executives met with the Maltese government. While many EU countries are taking a standoff-ish, if not downright hostile, approach to cryptocurrency, Malta – which aims to become a ‘global pioneer’ for cryptocurrency – has proven to be extremely welcoming to crypto and blockchain businesses.
— OKEx (@OKEx_) April 12, 2018
Currently, OKEx only offers crypto to crypto trading along with a futures market. OKEx is currently based in Hong Kong, which has probably made it difficult for the exchange to obtain the required licenses to allow for a fiat gateway to be opened in collaboration with banking systems. However, some suspect that with the move to Malta, that the exchange will open fiat to crypto trading, which will become an essential part of any successful exchange in the near future.
OKEx CEO Chris Lee stated:
We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem.
Since the rise of the cryptocurrency industry, Malta has been continually open to accepting companies who are looking for a bit more wiggle room with regard to regulations. As a result of this, Malta has established itself as the crypto and blockchain ‘go to’ locale as more startups and exchanges flock to the country.
Earlier in 2018, Malta’s government announced their plans for a new segment of the government called the Digital Innovation Authority which aims to provide full legitimacy for blockchain and cryptocurrency companies alike.
It is unlikely that Malta will be averse to any legitimate cryptocurrency or blockchain company in the future as their policy plans indicate that they are willing to keep cryptocurrency rules minimal.
OKEx Chief Risk Officer and Head of Government Relations noted:
Malta’s Virtual Financial Asset Act is a solid foundation for the industry and the government to work together in fostering the nascent blockchain/digital asset industry. More specifically, Malta’s sound risk-based approach will help cultivate a responsible, compliant, and healthy ecosystem.
Do you think that the cryptocurrency and related technology industry will flourish in Malta? If not, where else? Let us know in the comments!
Images Courtesy of AdobeStock, iStockPhoto
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This week has been very exciting with altcoins and bitcoin building momentum for a shift in market sentiment and crypto value. December until early April saw one of the largest corrections in Bitcoin’s history and the upcoming few months should present the perfect opportunity for a rebound of the cryptocurrency space. This week is very important for cryptocurrencies such as: Ripple (XRP), Komodo (KMD), and HireMatch (HIRE).
For the first time in months, the news coming from the crypto space is very positive. FUD seems to have subsided to a significant degree and the rebound from recent lows seems to have already begun. Bitcoin dipped under $7,000 testing the $ 6,000-floor multiple times in the past few weeks.
However, this week BTC has remained strong with very important information coming out of the OTC markets (over the counter), ETFs (exchange-traded fund), and Billionaire’s family offices beginning to trade crypto. Catalysts of this magnitude will propel the entire markets (altcoins and bitcoin) much higher.
However, if the investor is savvy enough they can analyze upcoming market events and try to beat BTC’s returns. During a bull run almost every coin in the crypto space will increase in value, but beating the returns of Bitcoin should be the standard most try to beat. This week has coins like Ripple (XRP), Komodo (KMD), and HireMatch (HIRE).
Ripple (XRP) is currently trading at $0.64 per coin with a market cap of $25 billion. With a market cap of this magnitude, XRP is regularly a top three cryptocurrency by the total market cap. A major reason for XRP’s multi-billion-dollar market cap is their partnerships with major companies in the finance sector.
Currently, XRP has solidified partnerships with The Bank of England, The Royal Bank of Scotland, MoneyGram, Banco Santander, BBVA, and more recently Western Union. XRP has the most adoption by big banks and finance companies allowing its large market cap to be justified to a degree. This week XRP has two major events that should continue to build momentum behind a crypto that has had a turbulent few months.
BlockBid Exchange is listing XRP and Western Union is releasing their new payment application in the Caribbean and Latin America. The technology behind the app involves Ripple and if the application is well received XRP should appreciate in value. The application’s planned release day is April 18, 2018. Two days prior to the Western Union application XRP has solidified itself as an addition on BlockBid.
BlockBid was an ICO that sold $1.2 million in total coins and was granted a cryptocurrency license in Australia. This allows BlockBid to be one of the few exchanges operating legally in Australia allowing XRP major exposure to an entirely new continent.
HireMatch (HIRE) is an altcoin with a $3.5 million market cap and an individual coin value of $3.5. Unfortunately for HIRE, they had their ICO concluding right as the market was correcting which drove the value of the HIRE token South, like the majority of other altcoins in the space. With BTC having fallen more than 70 percent during this period of correction, altcoins like HIRE fell even further. With such a small market cap even the smallest publicity provides the opportunity for significant returns. HIRE has very exciting news this week as they have a presentation in front of recruitment giants such as Monster.com.
Tickets to the event where they are presenting cost in excess of $1200 so it is less likely attendance will be an option. With attendance costs being so high it ensures only the highest caliber of individuals from the recruitment field will attend. This event is not solely a blockchain based venue. The event is taking place in Vegas at 11:00 a.m. on April 19, 2018. The publicity surrounding the presentation coupled with any possible partnerships that evolve from it could lead HIRE to an increase in value.
Komodo (KMD) is an altcoin that specializes in dICO (decentralized initial coin offerings). This is a process that should revolutionize the ICO platforms of the cryptocurrency space. April 17, 2018, begins the first ever dICO token sale, hosted on the Komodo Platform. The BLOC token will commence and officially be declared the first decentralized ICO of the cryptocurrency space. Komodo proudly is shifting the ICO landscape beginning with the BlocNATION token sale.
KMD is currently trading at $3.51 per coin which is over $1.00 higher than where KMD was trading April 7, 2018. The momentum behind KMD is continuing to build as the date of the first dICO is approaching coupled with their revolutionizing the ICO platform. KMD has a market cap of over $360 million which should continue to rise barring any setbacks to the dICO platform.
What makes KMD so unique is the Komodo platform. The Komodo blockchain platform uses KMD’s open-source cryptocurrency for doing transparent, anonymous private, and fungible transactions. A Delayed Proof of Work protocol then makes them ultra-secure by using Bitcoin’s blockchain. The SuperNET ecosystem also uses KMD as their official cryptocurrency. SuperNET is a decentralized organization that develops open-source and decentralized tools for crypto markets. These tools can include anything form decentralized exchanges to multi-coin wallets.
KMD has many projects they are working on including a decentralized exchange, BarterDex, which uses atomic swaps to get passed the pegging of assets to enable the exchanging of coins instantly. dICO (decentralized ICO) is a decentralized platform allowing for the token sale of ICOs using a model powered by atomic swap technologies. This allows for the total decentralized and anonymous issuance and distribution of cryptos using the dICO model. KMD clearly has very advanced privacy technologies they are implanting in the ICO realm and via exchange platforms.
KMD’s dICO platform goes live within the week with BlocNATION being the first dICO hosted by KMD. This week should be one of the most important in KMD history as perfect execution should lead to a continued price climb but any issue may lead to a collapse of market trust.
KMD, HIRE, and XRP seem to all have incredibly important events in the next week. With market caps ranging from $3.5 million to almost $30 billion, these altcoins represent coins with small market caps all the way to one of the largest market cap altcoins. Publicity drives demand as it provides exposure to an entirely new population of people that may have been unaware of the existence of a coin like KMD or HIRE.
Publicity coupled with adding utility is why KMD, HIRE, and XRP all should have impressive increased in value this week. With the market continuing to rebound it seems the altcoins with the biggest events on a weekly basis will continue to be highly sought after targets for short-term gains.
To read the King’s prior articles, to find out which ICOs he currently recommends, or to get in contact directly with the King, you can on Twitter (@JbtheCryptoKing) or Reddit (ICO updates and Daily Reports).
Do you agree with the predictions above? What altcoins are you looking at this week? Let us know in the comments below!
Images courtesy of Shutterstock
The post 3 Altcoins Likely to Outperform Bitcoin for the Week of April 16 appeared first on Bitcoinist.com.
The rise of cryptocurrency has brought many opportunities for investment, but such wealth potential has also attracted criminals. A recent example is of a Bitcoin robbery in Singapore, in which the victim was robbed of over $278,000 USD.
The Singaporean police force has recently announced a robbery case involving a Bitcoin transaction. Pang Joon Hau, a Malaysian man, traveled to Singapore on April 8th in search of Bitcoin sellers.
Pang contacted a broker in Singapore, who then met with Pang at his hotel where the two of them waited for the seller to show up.
— The Star (@staronline) April 12, 2018
The “seller” eventually showed up, accompanied by his “broker.” Once it was ascertained that Pang was carrying hundreds of thousands of dollars worth of cash without any sort of security protection, the criminals then assaulted Pang and his broker. The criminals then fled, carrying with them roughly the $278,000 USD Pang had brought with him.
Pang Joon Hau quickly filed a report after the robbery, which allowed the police to glean more information about the suspected criminals. After some intensive groundwork, the local Singaporean police announced last Thursday that they had captured the two criminals.
Mohd Abdul Rahman Mohamad, the Bitcoin “broker,” was arrested at a hotel in a smaller Singaporean district, Sentosa, and was charged with robbery by the police. However, the police also suspect that he is involved with another robbery case earlier in the year where he robbed over $150,000 Singaporean dollars worth of expensive items from a home.
However, some believe that before he was arrested, the criminal had already spent over $60,000 USD on a luxurious shopping spree, with some reporting that he spent some of the money on luxury watches. Due to the Bitcoin robbery involving an intent to hurt, he could be put in jail for a minimum of 5 years, a lengthy sentence to say the least.
Syed Mokhtar Syed Yusope, his partner in crime, was arrested at a rail transit station with his 10,000 Singaporean dollar share of the stolen amount as he attempted to evade capture by police forces.
However, the unsuspecting buyer, Pang Joon Hau, has also been put under scrutiny by the police in Singapore as Arthur Law, Commander of Central Police Division Assistant Commissioner, mentioned that it was not normal for such transactions to be arranged that featured a large amount of physical cash to be exchanged for Bitcoin. The police are currently investigating the source of the funds carried by Pang.
It is gratifying to see that the criminals were apprehended. Arthur Law adds:
The Police will not condone anyone committing such serious offenses and profiting from the proceeds of the crime. We will spare no efforts in pursuing such criminals and deal with them in accordance with the law.
As always, one should always exercise extreme caution when buying bitcoins in person. The possibility of being robbed is always there, so it’s best to remain cautious and stay vigilant.
Why do you think about this Bitcoin robbery? Would you carry such a large sum of money to a meeting with people you do not know? Please let us know in the comments below.
Images Courtesy of Pexels, Pixabay, and Twitter/@staronline.