Binance chief financial officer (CFO) Wei Zhou is in our blockchain news today after announcing that the crypto exchange Binance which is the largest on by daily trading volume is still profitable despite the bear market.
Despite the fact that bitcoin is still trading $4,000 for more than eight weeks and it’s trading 82 percent lower than its highest point of $20,000. Zhou pointed out that the profitability of the exchange is not fully dependent on the wider market picture. Zhou became a member of Binance in 2018 after he worked as a CFO for the Chinese jobs site Zhaopin and TV ads company Charm Communications.
He also pointed out that Binance doesn’t have plans in the near future to seek its own initial public offering. The number one exchange doesn’t provide with financial figures information in the public yet but certain hints show that the business is blooming.
Binance CEO Chengpeng Zhao has said before that the company was not really concerned about the bear market because the trading volumes remain far above than those two years ago. He also disclosed that the revenue of the exchange for Q1 of 2018 had reached roughly $300 million despite the bearish market valuations.
Other companies in the sector are feeling the pressure after Binance’s CFO interview. For example, an analyst from JPMorgan Chase pointed out that the bear market had a massive impact on the prospective institutional investor interest. Other players in the industry are also weathering the market slump better after the bear market fueled the growth of multiple cryptocurrency creditors.
Margin Trading Service Soon Available On Binance Crypto Exchange
Robinhood Brings Zero-Fee Crypto Trading App To New York Investors
“Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”Crypto enthusiast has avoided going to New York because the state has a very stringent regulations system for the crypto sector. For some, BitLicense is a classic move of regulation-before-innovation which is a law that creates an unnecessary burden for small startups by making them go through expensive procedures. For example, there is a $5,000 fee to NYDFs with no approval guarantee as well as the $45,000 worth of legal paperwork as it was revealed by one of the BitLicense applicants Coinsettler Jaron Lukasiewicz in 2015. Costs like these have influenced many New York startups to find a place with a friendlier crypto climate such as California or even European countries such as Switzerland. At the same time, crypto startups that managed to build a financial foundation for themselves, now are trying to find a comfortable place while entering New York. As mentioned in the altcoin news previously, Robinhood is the 10th company in a period of four years that received a BitLicense. According to the vice president of product Josh Elman, this decision to go into Wall Street is ‘’a crucial next step.’’:
“We’ve introduced millions of people to equity investing on Robinhood, and want to do the same for everyone interested in crypto.”The Fintech startup now has six million users around the US and by entering New York Robinhood plans to add a few million more. Their networth reached $5.6 billion after the last funding round that closed in March 2018. In the meantime, Robinhood managed to raise about $539 million capital so far.
Samsung Pay Gets Ready For Crypto Integration: Report
“Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division.’’Previously in 2018, the Korea Herald reported that Samsung Pay made a 58 percent increase in its users base. The industry tracker WiseApp found that the platform was mostly used as a financial application in late 2018 where more than 10.4 million users got their hands on it. In 2017, the platform had about 6.6 million users which make an incredible step forward for Samsung. The 10 million users represent the 20 percent of the entire South Korean population and the platform has also thousands of users around the world that use the application because of its technology called magnetic secure transmission. This technology enables users to transact at a conventional point of sale terminals. Now, the strategy of Samsung Pay is to make sure that a niche market is secured and will expand its user base even further. Samsung already integrated a crypto wallet-the Samsung Blockchain Wallet back in February along with its Samsung S10 device which allows users to send, receive and hold cryptocurrencies in the built-in wallet. The South Korean altcoin news outlet Donga noted:
‘’Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.’’With reports suggesting that the tech giant is considering the possibility of launching a blockchain network, it is expected that Samsung will continue to march forward to target the rapidly growing sector. Under the leadership of the current vice president of the business division Kim Yong-Jae, the blockchain task force at Samsung has started new other crypto projects.
P2P LocalBitcoins Trading Platform Restricts Services For Iranian Users
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- Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning
- Margin Trading Service Soon Available On Binance Crypto Exchange
- Robinhood Brings Zero-Fee Crypto Trading App To New York Investors
- Samsung Pay Gets Ready For Crypto Integration: Report
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