The largest cryptocurrency exchange out there, Binance, is in the daily cryptocurrency news again – this time for launching a new analysis division that will apparently conduct “institutional grade” research reports.
The news comes after an announcement was originally published by the company yesterday, with a clear objective of increasing the transparency and improving the quality of information in the field of crypto.
After conducting and publishing two in-depth reports, the division set by Binance is taking a greater swing and is looking at publishing more in the future. The recently published reports aimed at blockchain and its support of smart contracts and distributed applications – as well as a new scaling solution for Ethereum (ETH).
Named Binance Research, this is not the first project from the exchange beyond its original mandate. Earlier this year, Binance announced that it will donate all of its listing fees to charity and allow developers themselves to name the amount they pay without demanding a minimum fee.
Meanwhile, the company has been gradually expanding its trading activities to other countries. In the latest news in this field, we saw the announcement about the launch of its fiat-to-crypto exchange in Uganda which enabled users to buy two major cryptocurrencies, Bitcoin and Ethereum, through the local fiat currency of Ugandan shillings.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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