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Binance, in One-Two Punch to Rival Exchanges, Readies Margin Trading

Binance, in one-two punch to rival exchanges, readies margin trading

Binance, in One-Two Punch to Rival Exchanges, Readies Margin Trading

By CCN: Cryptocurrency exchange Binance has given followers a peek into its margin trading screen, and its native cryptocurrency BNB surged as much as 10% in response. Speculation about Binance’s expansion into margin trading has been swirling for a while.

True to the company’s style, they took to Twitter to reveal a screenshot of the upcoming margin trading user interface, posing the question to followers: “Dark mode or Light mode?” According to a report in TechCrunch, the new feature will be rolled out “soon.” With the screenshot comes a warning that while margin trading can deliver “higher profits,” there are also “greater risks.”

Investors Celebrate Binance Coin (BNB)

That’s the beauty of being a decentralized company. You can tease major announcements like this without any regulatory backlash because BNB is a utility token and not a security.

Binance Coin (BNB) soared roughly 10% on the heels of the development while the broader crypto market also trades in the green. The seventh-biggest cryptocurrency by market cap has shown resilience to the exchange’s $40 million bitcoin hack and is trading at a fresh high of more than $30.

Bnb chart

BNB is trading at a fresh high in 2019. | Source: CoinMarketCap

Until now, Arthur Hayes’ BitMEX has been ruling the roost on bitcoin margin trading. Earlier this month, Hayes tweeted that the exchange set a record with trading volume of $10.03 billion over a 24-hour period, thanking both volatility and “wonderful traders.” Not to be outdone, Binance CEO Changpeng Zhao is looking to capture some of that market share.

Meanwhile, popular U.S.-based crypto exchange Coinbase is also exploring the possibility of adding margin trading to the platform for individual investors. Coinbase reportedly already supports margin trading for institutional investors for up to three-times leverage. Nothing could put a fire under the feet of CEO Brian Armstrong to expand to this feature individual investors like one of his company’s chief rivals, Binance, doing it first.

While the details of Binance’s margin trading business are scant, it has the potential to usher in more sophisticated traders to the crypto trading space – possibly to more jurisdictions. According to BitMEX’s website:

“Persons that are located in or a resident of the United States of America or Québec (Canada) are prohibited from holding positions or entering into contracts at BitMEX.”

Given the slow pace that a crypto regulatory framework is unfolding in the U.S., it’s unclear if Binance plans to support margin trading here.

Binance Presses On

The remarkable thing about Binance making a margin trading push is that it is so soon on the heels of the recent bitcoin hack. Granted, the 7,000 bitcoins or so lost were only a small percentage of the company’s BTC holdings. Nonetheless, it was a major blow that could have ended in one of two ways – crippling the exchange and CZ or propelling them further. Binance is nothing if not an example of how to press forward in the midst of adversity.

Disclaimer: CCN reached out to Binance via email but did not receive a response in time for publication. This story will be updated when we do.


Published at Fri, 24 May 2019 17:00:07 +0000

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CORION Announces ICO Details for its Revolutionary Platform & Stable-Rate CryptoCurrency

CORION (https://www.corion.io) full-service blockchain platform powered by a revolutionary new stable-rate token, today announced final details for their public crowdsale to begin on June 18th and end July 30th, 2017.

[Note: This is a press release.]

CORION Platform Offers the Easiest Way to Enter the Crypto World

Built on Ethereum Classic, the CORION stable-price token eliminates the guesswork that comes with fluctuating prices. Its algorithm enables special automated inflation-deflation control, assuring the stability of the CORION token as a stable means of payment worldwide. CORION’s white papers can be found here.

Participants in the CORION crowdsale will gain access to the CORION Platform, and have stable-price digital tokens deposited in their multifunctional CORION Wallets immediately, allowing instant, low-cost payments. Early investors will receive a 25 percent bonus the very first day, 20 percent bonus during the first week, a 15 percent bonus the second week, and progressively lower bonuses throughout the campaign. Investors will also be incentivized by CORION’s affiliate reward of 1-5 percent.

Funds raised through CORION’s  crowdsale will be distributed to further developments and investments managed by the CORION Foundation (50 percent), to the Stability Fund managed by the Foundation (25 percent), to the team members for their two year of work (16 percent), future developers and associates working on the CORION Platform (4 percent), and marketing, promotions, and growth (5 percent).

CORION’s Marketplace allows anyone with a minimum purchase of 3,000 CORION tokens (a $2,400 investment) to join the community as a Service Provider and start their own business and start acquiring customers. The marketplace provides an excellent tool to promote any business online or offline anywhere in the world. From there, the mainstream crowd is engaged through affiliate programs and shopping communities that generate demand for usage of the platform. As business grows, so does the token supply, thus fuelling the system  and allowing users to earn daily rewards from staying active within the community.

The CORION Platform also features a built-in automated inflation and deflation control system that ensures the stable price of the coin to carry out transactions. If the price of CORION rises above $1 on the main exchanges, (i.e. there is a demand for more tokens), the system will release a maximum 2.5 percent additional tokens daily. On the other hand, if the price of CORION drops below $1 on the main exchanges, (i.e. there are more tokens in circulation then the system needs), no tokens will be emitted. To make sure the system works, set fees are calculated after each transaction and later burned to make sure they never appear in the system again.

Miklos Denkler, CEO of CORION, explains:

One of the biggest deterrents for new cryptocurrency users is the hassle of monitoring the hugely fluctuating prices of cryptocurrencies. With CORION, the price of the token remains stable, giving community users all the freedom to buy and sell in the marketplace without a major financial risk. We look forward to introducing CORION to a larger audience through this token crowdsale and putting investments towards funding this truly revolutionary platform.

For more information on CORION and its upcoming crowdsale, please visit: https://www.corion.io

About CORION

CORION is a multifunctional platform for businesses and individuals to join and build a worldwide decentralized network based on mutual benefits, simplicity, security, cost-effectiveness and speed. The Platform provides and hosts secure, convenient, and instant financial transactions using CORION, the stable means of payment. CORION encourages users to build businesses and services on it and it is ideal for beginners and anyone looking to enter into the crypto world. For more information, visit https://www.corion.io

The post CORION Announces ICO Details for its Revolutionary Platform & Stable-Rate CryptoCurrency appeared first on Bitcoinist.com.

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