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Binance And Chainlink To Collaborate For ‘Next-Gen DeFi Apps’

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Binance and Chainlink will collaborate together to further develop the expansion of Decentralized Finance applications as we are about to see in the Chainlink news today.

DeFi is a major trend right now and the protocols heavily rely on blockchain-based smart contracts to build decentralized infrastructures that are able to host financial applications inspired by traditional finance. Everything about lending, derivatives trading or decentralized exchanges will be improved with the new apps according to the announcements.

Binance and chainlink have both been true believers in DeFi and the Malta-based crypto exchange recently launched its own decentralized exchange called DEX which operates separately from its main platform. Binance, led by Changpeng Zhao argues that smart contracts can be flawless but it is not imperative to focus on the data that they rely on as well. If the data triggering a smart contract is not reliable, then the contract will fail no matter how good the code is. This is why it is important that DeFi developers access trusted data via secure oracles and here is where Chainlink can help. CZ commented:

‘’We support the development of Decentralized Finance as an important part of the ecosystem. Binance works with many blockchain projects, including Chainlink, to bring freedom of money everywhere, and through the help of Binance data and Chainlink’s network, we can help accelerate the growth of DeFi.’’

He explained that the exchange is trying to find ways to connect its platform to blockchains with the help of Chainlink. Binance offered high-end data that can be used by DeFi projects and Chainlink will support it. Binance provides an application programming interface that covers more than 630 crypto pairs with millions of users from more than 100 countries. The company wants to share its valuable data with other DeFi dapps by leveraging Chanlink’s oracle network:

 “Making these datasets available on public blockchains allows interoperability across centralized and decentralized worlds, whereas DeFi Dapps can greatly benefit from data produced by highly liquid centralized exchanges.’’

Chainlink’s oracle technology will help the DeFi projects to access the off-chain data of Binance in a secure manner. Chainlink has created an external adapter that will allow smart contracts to integrate into the data from the Binance API.

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Binance News

Binance Stops Trading To Resolve A Technical Issue

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The major cryptocurrency exchange Binance stops trading today due to a technical problem that was found on its platform, described as an issue "related to infrastructure." It all began when the cryptocurrency news today showed an announcement published by the exchange this morning which notes that due to unscheduled system maintenance, Binance suspended most of its activities. More precisely, today it is not possible to perform  “deposits, withdrawals, spot trading, margin trading, P2P trading, lending, redemption, as well as asset transfers from sub-accounts, margin accounts, futures accounts, and fiat wallets” on the platform. A statement shared with many media outlets covering the Binance news showed that Binance stops trading - but reassures that partner exchanges such as Binance.US were unaffected and that trading activity will resume shortly. Even the co-founder and COO of the exchange, Changpeng Zhao, talked about the reasons why Binance stops trading and explained some things on Twitter. One tweet sent by him earlier today indicates that one of the market data pushers experienced an issue, but the matching engine did not so no funds or data were lost. He also noted that futures trading is continuing normally since it employs a separate matching engine. There was also an attempt to compensate users for the market disruption as Binance stops trading today (February 19) by the co-founder and CEO. Zhao promised to waive the trader margin interests for today. In his latest update, he also noted that the issues are nearly resolved and that users will have 30 minutes to cancel their orders before the normal trading resumes. This is only one of the issues seen by Binance this month. On February 17, the exchange released a separate report on performance problems. In the report, the firm admitted that it did not anticipate the volume of users who started using the platform. The paper read:
“Last week was a tough one. [...] We had a number of performance issues, which negatively impacted the accessibility of our platform.”
Per the report, we can see that Binance trading platform was unable to manage all users and keep market data, the orders and the balances up to date. The firm also promises to solve the issues soon and encourages users who were damaged by these performance issues to get in touch with the support.  
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Binance Will Compete With Amazon’s Cloud Services

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The crypto exchange giant Binance will compete with Amazon’s and Google’s cloud services as we are reading in the following Binance news. Binance has done really good against its competitors over the past yeas securing itself over 50% of the crypto exchange market which had a positive effect on crushing the market share of Bittrex, Bitfinex, Poloniex and the other rivals of the platform. As per a recent report, Binance will compete with other tech giants as well including Google, Microsoft, and Amazon. The report added that the malta-based company had its entry into business services by lending the technology and liquidity to the clients wanting to start their own exchange platforms. Binance announced that the new cloud operation will help business clients and partners to set up a crypto exchange using its own technology and infrastructure. This follows the same gameplan as the one of Amazon and Google which have become the biggest cloud service providers in the world. The CEO of the exchange Changpeng Zhao had ambitions for the Binance Cloud to overtake the company’s main exchange to become the main source of revenue in five years:
 “Theoretically speaking, we can let anyone in the world create their own exchanges, and the demand is huge. Even during the crypto winter of 2018 and 2019, hundreds of new exchanges popped up every day.”
Changpeng Zhao added that the platform will be focused on revenues and numbers since profit is clearly the end game as moving into an enterprise-oriented business that could help the startup unlock an improved revenue stream. Right now, Binance makes the bulk of the billions in trading transaction fees which as grown as the company has expanded into a number of different countries across the world that offer regulated fiat on-ramps were there were only a few options before. World domination is the main ambition as CZ added that Binance will favor fiat exchanges as cloud clients. The company will target the regions or communities where it yet to create a strong foothold. The report added that Binance will further announce the first exchange powered by its cloud service in the upcoming weeks and confirmed that there are four other clients and CZ stated that the liquidity problem that the smaller exchanges have and added that the clients will be able to access the order books of the trading pairs on the exchange.
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Binance Prepares To Tap Into Singapore’s Market

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The leading exchange in the crypto world, Binance, is apparently interested in penetrating the Singapore market. As the cryptonews now show, the Monetary Authority of Singapore recently opened its doors to cryptocurrency by introducing the Payment Services Act. Now, official information shows that Binance prepares to tap into the Singaporean market and obtain all the needed licenses in the country. This was a policy that is intended to regulate cryptocurrency payments. Reports from Bloomberg show that one of the world's crypto exchanges is interested in expanding. While the Binance US news showed that the United States branch of the exchange is working well, the exchange is interested in expanding in cities across Asia while staying regulatory compliant. The CEO of Binance, Changpeng Zhao, commented on the expediency of the process:
“We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.”
As the crypto exchanges expand into new markets, the local governments are attempting to decide how to regulate them. The Payments Services Act is the first legislation that the exchange should consider as Binance prepares to expand into this new region. Right now, Binance is making big steps but is not the only to see the potential of Singapore's new regulations. The crypto exchange operators Luno, based in London, as well as Liquid based in Tokyo, have also expressed their intention to apply. Binance prepares to tap into the Singapore market but is right now still waiting for regulatory issues. The exchange has proven that it can led the way and move forward, inspiring other exchanges and showing the world that it is the exchange authority many should look up to. Meanwhile, the performance of BNB in the Binance coin news may worry some as it posted a 8% decline overnight in another major sell off that is occurring on the markets, arriving at a new price at $22.72. Bitcoin SV (BSV) suffered the most, losing 15% overnight and now trading at $268.55. The total cryptocurrency market cap is now at $281 billion and the 24 hour volume is relatively low. Bitcoin's dominance has increased in the wake of the altcoin breakdown and is now at 63.5%.
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Binance US News: XRP Is The ‘Future Of Banking Remittance Services’

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There have been two interesting XRP-related developments taking place in the latest Ripple news over the past 24 hours. First of them is the popular non-custodial crypto wallet BRD which adds support for XRP - and the other one shows the Binance US news adding support for XRP/USD trading to its mobile app. The news showed that on October 11 last year, BRD announced that it had formed a strategic partnership with Ripple. There were four main reasons for the enthusiasms about this partnership, including:
  • Their statement which shows that "Ripple has one of the largest and tight-knit communities."
  • The fact that the Xpring SDK makes it possible for "developers to easily integrate XRP in their apps."
  • Ripple's support for BRD's vision to make their wallet "the cheapest and easiest place to buy XRP."
  • BRD was "impressed with the adoption of XRP for real use cases around the remittance, payments and cross-border banking initiatives."
The Binance US news now show that Ripple is one of the most interesting project out there. As part of the partnership mentioned above, Ripple said that Xpring will be investing $750,000 into BRD and the vice president confirmed this, calling BRD “one of the oldest and most respected” crypto wallet providers.
"The BRD team has helped consumers on-ramp $6 [billion] worth of traditional currencies into digital currency, making them an ideal partner to continue the proliferation and adoption of cryptocurrencies like XRP to solve real-world problems," he said.
Three days ago, the Binance US news coincided with these news and showed that the exchange is adding XRP support to its mobile app. The Binance news were taken well by many and the exchange called XRP "the future of banking remittance services" which was another compliment for the network coming from an authority in the field. https://twitter.com/BinanceAmerica/status/1227683795123556355 Launched in September 2019, Binance US is a digital asset exchange that is "powered by matching engine and wallet technologies" which are licensed from Binance but operated by the San Francisco based BAM Trading Services. The market situation for XRP is also good and the token is at $0.33 today with a 3.48% rise following all of these good news. The total (combined) cryptocurrency market cap, on the other hand, went above $300 billion a couple of days ago and is now trading at $306 billion.
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