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Binance Chain Goes Live; Exchange Gives Details on BNB Token Swap

Binance chain goes live; exchange gives details on bnb token swap

Binance Chain Goes Live; Exchange Gives Details on BNB Token Swap

Binance chain goes live; exchange gives details on bnb token swap

According to a Bloomberg report published April 18, 2019, Binance, the world’s largest cryptocurrency exchange by reported volume, has launched its own blockchain called Binance Chain to encourage crypto startups to issue their tokens directly on the trading platform.

Taking the Ethereum Bull by the Horns

Binance is unarguably one of the busiest entities in the crypto industry. The Malta-based exchange recently announced that its Singaporean fiat-to-crypto exchange is primed to launch towards the end of April 2019. Further, Binance’s highly-anticipated decentralized exchange (DEX) is also expected to go live in the same period.

Now, in a bid to knock smart contracts platform Ethereum off their perch, Binance has launched an in-house distributed ledger named Binance Chain. The newly launched blockchain network will not only attract business ventures from competing for blockchain networks but will also serve as the foundation for Binance’s DEX.

It’s also worth highlighting that with the launch of Binance Chain, Binance’s native token Binance Coin (BNB) will move off the Ethereum network to the newly christened blockchain.

According to the official announcement, the Binance Chain Explorer and Web Wallet will first be made available to selected partners for beta testing. They will be open to public access around April 23, 2019.

Kyle Samani, the co-founder of crypto hedge fund Multicoin Capital Management in Austin, Texas, told Bloomberg in an email:

“Binance Chain is competing with one of the primary use cases that helped catapult Ethereum into what it is today: issuing and trading tokens.”

Adding:

“And because Binance Chain is designed with that specific purpose in mind, it does a much better job (speed, transaction fees, etc) than Ethereum can. I expect all of the regulated token offerings and ICOs moving forward to take place on Binance Chain as it simply provides a much better platform for these use cases.”

Binance CEO, Changpeng Zhao took to Twitter to express his joy over the launch of Binance Chain. CZ conducted the first transaction on Binance Chain calling the network “fast and sleek.”

Details of BNB Token Swap

Binance also gave details regarding the swap of ERC-20 BNB tokens for Binance Chain-based BNB (BEP2) coins. Per the announcement, Binance will not support the withdrawal of ERC-20 BNB tokens after April 23, 2019.

The exchange added that the first batch of five million BEP2 BNB coins will be allocated and deposited into a Binance wallet address.

Later, Binance will burn an equal amount of ERC-20 BNB tokens to ensure that the total supply of BNB coins remains the same. It will issue more BEP2 as more users convert their ERC-20 BNB into BEP2 BNB tokens, the blog post noted.

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Published at Fri, 19 Apr 2019 10:53:34 +0000

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Mexican Bitcoin Exchange Bitso Aids Red Cross Earthquake Relief Efforts

Bitcoin exchange Bitso helps mexican hurricane relief

Bitso, a cryptocurrency exchange in Mexico, has continues its campaign to aid the victims of the recent earthquake in Mexico.

A few days ago, Bitso announced their support for the Mexican people who were affected by the recent earthquake. The cryptocurrency exchange has enabled donation wallets that can be used by the company’s clients to send aid using different digital currencies, such as bitcoin, ether and ripple. According to Bitso, cryptocurrency donations are a quick and efficient way to help the victims since the assets are easy to transfer.

Unfortunately, some people have lost their homes, their belongings, and sadly even the lives of their loved ones. We are hoping this aid will help them return to their daily activities as soon as possible.

Thousands of homes were destroyed and nearly 100 people have died across the country as a result of an earthquake that struck just before midnight on September 7. It reached a magnitude of 8.2 on the Richter scale.

The donation details can be found on the cryptocurrency exchange’s blog:

“Join this campaign and help the efforts made by the RED CROSS in Mexico by using the hashtag #BitcoinAidMexico and make a donation to one of the following accounts:
bitcoin (BTC) 1DaHfXsoPfZ2jznJhB62vR3QEVFhhZ2tMR
Ethereum (ETH) 0x88B6021aE4BB9830f2E9D5BB38B83427b9D7ffEc
Ripple (XRP) rEFMdiTbLmZq5ZiMGrWGoyP48DMFqXjNkM [No Destination Tag required]”

The Red Cross thus far has been able to set up collection and relief centers in several areas affected by the earthquake, especially in the southern states of Oaxaca and Chiapas, benefiting around 24,000 people.

Due to the transparency, traceability and real-time reporting of the technology, donations can be easily tracked by users at any time. The total amount Bitso has raised will be exchanged later for Mexican Pesos (MXN) at market rates. Bitso wrote:

“The equivalent amount in Mexican Pesos will be transferred using a local bank wire to Cruz Roja I.A.P. (RED CROSS Mexico) to the bank account CLABE 012180004040404062. This CLABE number can be validated on their website https://www.cruzrojamexicana.org.mx or on their twitter account: https://twitter.com/CruzRoja_MX/status/906600599864582144”

The deadline for sending the funds is September 15; however, Bitso added that if they still receive funds later, the company will exchange those donations between September 15 and 22, and wire them to the Mexican Red Cross.

Bitso highlighted that there is no minimum amount for donations and that they will accept all transactions. The company wrote that the fundraising started with them donating MXN $50,000, which will be added to the total amount of donations.

The amount the company has raised and the transaction proof will be publicly displayed for total transparency.

Bitso emphasized that although the Mexican Red Cross will ultimately receive the funds, user contributions cannot be used as tax deductions.

“Important: BITSO will not make any user contributions tax deductible. Mexican Pesos will be transferred on behalf of third parties according to Mexican law LISR artículo 35, and the following TIN XAXX010101000 will be used in order to generate the corresponding payment as ‘General Public Invoice.’”

The post Mexican Bitcoin Exchange Bitso Aids Red Cross Earthquake Relief Efforts appeared first on Bitcoin Magazine.

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