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GoChain (GO) Wins The Month, To Be Added On Binance

The 9th edition of the Binance Community Coin of the month competition has ended, and the winner is none other than GoChain. The aim of the competition is go give a chance for the listing of new cryptos on the Binance platform. The winner gets to be added to the platform for free. Well, this time, GoChain is lifting the cup and it now joins the list of other winners to be added on the exchange. Binance is one of the largest and popular crypto exchange platforms in the world.

GoChain Won Hands-Down

Over at GoChain, the team is happy to have had a chance to participate in the competition. Indeed, they had applied several times without success. With the listing, GoChain is set to reap the benefits of being available on a world-class exchange platform, and that will definitely contribute greatly towards its easy availability, acceptance, and popularity in the crypto market. However, Binance is yet to announce when the listing of the new cryptos will actually happen, but there’s a general consensus that it could happen sometime within the next few months.

Crypto exchanges normally charge a fee to add new digital assets (cryptocurrencies) on their platforms. In the case of the free chance, Binance nominated GoChain (GO) to participate in the competition along others that included Cortex (CTXC), Byteball (GBYTE), MediBloc (MEDX),and Everipedia. From the votes cast, GoChain won with 46%, Everipedia got 23%, Cortex scored 14%, Byteball scooped 8.8%, and MediBloc came last with 6%.

Some People Got Lucky Too

The participants paid for their votes at a cost of 0.1 BNB per vote, and with the total number of votes cast standing at 3,917, about 391.7 BNB coins were collected. Binance added 1,500 BNB to that, bringing the total to 18,917 coins. The amount was locked in a Lucky Draw Pool and shared among the 500 winners during a live-stream session.

GoChain boasts of a relatively scalable system with way more through-put than Ethereum – although it’s based on the Ethereum blockchain system. Besides the speed and scalability, GoCahin is also focused on providing crypto transaction service platform at attractively low costs.

On the brighter side, GoChain has received even more good news besides winning the Binance competition. The crypto’s future seems to be brightening up in Asia as it has also been added on UpBit. UpBit is the largest crypto trading platform in South Korea.

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Binance Set its Sight on the South Korean Cryptocurrency Market

Binance, the largest cryptocurrency exchange platform by volume has set its sights on entering the South Korean crypto arena. The platform is eyeing the establishment of between three to five locally-based enterprises before the end of 2018.

Binance Sets to Enter South Korea

According to Changpeng Zhao, the CEO of Binance, South Korea is an essential market in the emerging cryptocurrency landscape. Speaking during his keynote address at the recently concluded Blockchain Partners Summit in Seoul, Zhao declared that Binance stood to gain a lot by enriching its user base with the rapidly expanding virtual currency ecosystem in the country.

“CZ”: CEO of Binance

It appears that Binance has been mulling over a move to South Korea, one of the busiest crypto trading nations in the world. As early as August 2017, the platform began offering its website in Korean. The platform also hired Jeon Ah-rim as local managing director and Choi Hyung-won as the director of Binance Labs, both of whom are South Koreans.

Binance Ticks the Right Regulatory Compliance Boxes

South Korea is one of the countries with the strictest cryptocurrency regulatory framework. In late 2017, the country’s government began to regulate the market starting with placing a ban on ICOs. Numerous stringent measures contributed to the dramatic fall in crypto prices as traders feared the impact of the negative news coming out of the country.

Binance, for the most part, has excellent security and reliability protocols. There has been a spate of cyber attacks against cryptocurrency exchange platforms in the country. In June 2018 alone, Bithumb and Coinrail, two South Korea-based platform were hacked. Binance also has a thorough and robust ICO token listing process. Thus, the platform isn’t likely to run afoul of local regulators.

Stiff Competition in the South Korean Cryptocurrency Market

Even with the strict regulatory conditions, market competition in the country is still fierce. Binance doesn’t have many local users. Thus, the platform will have to compete with giants like Upbit, Huobi, Bithumb, Korbit, etc. Huobi moved to South Korea in April, bringing in 100 different trading pairs on offer for local traders.

What are your views on the proposed plans by Binance to enter South Korea? Do you think the platform will be able to control a significant portion of the market in the country? Let us know your thoughts in the comment section below.

Image courtesy of Ethereum World News archives.

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Top Exchange Binance Eyeing $1 Billion in Profits for 2018

CRYPTOCURRENCY EXCHANGES–Leading cryptocurrency exchange Binance is thriving despite 2018 seeing a massive downturn in pricing for cryptocurrency. As alluded to last month by Arthur Hayes, co-founder of exchange BitMex, the falling price of cryptocurrency has yet to dampen the growth most exchanges are seeing throughout 2018. While investors scramble to secure their funds and find profit in the bear market, exchanges continue to win through their model of trading fees and other miscellaneous charges such as for withdrawals. Compared to traditional brokers, such as E-Trade, Charles Schwab or other stock picker portals, the fees imposed on crypto-based transactions are minuscule, often costing users less than a quarter of a percent of the total value transferred.

Ben Delo, who founded BitMex alongside Arthur Hayes in 2014, made headlines earlier in the week when it was revealed by The Daily Mail that he had become the youngest self-made billionaire in Britain’s history, and the first “bitcoin billionaire” to emerge in the United Kingdom. Clearly, despite the tug-of-war capital flowing in and out of the industry of cryptocurrency, exchanges and their employees are managing to flourish in the uncertain landscape of the market.

Binance, currently ranked number one among cryptocurrency exchanges by daily trade volume, has told Bloomberg it expects to turn a profit of $500 million to $1 billion by the end of 2018. Despite the exchange facing significant technical difficulties throughout last week, which brought trading to a halt and raised the ever-present concern of a hack (and also gave investors the iconic response “funds are safu”), Binance CEO Changpeng Zhao told Bloomberg the company netted 300 million USD in revenue through the first half of the year, with the customer base growing past 10 million users.

While other exchanges such as Coinbase have boasted a higher customer base, Binance has managed unreal growth through the first year of its existence. Zhao founded the exchange in July 2017, after raising 15 million USD through an ICO. The company now experiences an avegrage turnover volume of 1.5 billion USD daily, with the customer base growing from a reported 2 million users to start the year.

Given the murky landscape of cryptocurrency exchanges, the lack of regulation and the potential for government crackdown in many countries around the world, the competition for trading platforms has been scant compared to the profit to be made. In addition, established exchanges such as U.S. based Coinbase have struggled to capitalize on demand, being accused by Business Insider of having insufficient resources to handle their customer load as well as a 134 pages of complaints filed with the SEC.

Compared to Coinbase, which offers four cryptocurrencies to buy and sell, Binance is a near-industry leader in cryptocurrency selection for trade. However, it suffers from the ease of use and accessibility that other mobile-based platforms provide to customers. As it stands, the average investor just getting into cryptocurrency will find some difficulty navigating to Binance, even if the registration process itself is fairly simplistic. But, that only reveals how much room the exchange has left to grow, and the untapped customer base it can expand into.

With the acceptance of cryptocurrency exchanges as banks and financial institutions in South Korea, and the looming possibility of regulation in a number of other countries, the landscape of exchanges could swell as companies and entrepreneurs look to capitalize on the massive trading profit.

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Cryptocurrency Exchange Binance Ready To Launch $1 Billion Dollars Capital Fund

One of the most important virtual currency exchanges in the market, Binance, will be launching a $1 billion venture capital fund that aims to fund blockchain and cryptocurrency projects. According to local news sources, Ella Zhang, head of Binance Lab, announced that during an online conference.

Binance Launches $1 Billion Fund

The company will be selecting 20 fund partners to which the exchange will be providing financial support. The partners selected should be long-term investors that have been very active in the blockchain industry, and that have more than $100 million dollars’ asset under management.

All the investments will be made using the BNB token – also known as Binance token – which is used in the platform to trade different cryptocurrencies. In the future, the company wants to use it for its decentralized exchange that has not been tested yet.

The fund will be known as ‘Social Impact Fund’ and will be used to leverage blockchain and cryptocurrency startups. The fund will work as follows, $1 billion dollars will be distributed in 10 phases of $100 million each, and it will create a combination of a fund of funds. Additionally, it will also be creating a direct fund which will be investing in blockchain projects.

At the moment, the company is searching 20 different funds to invest in, and as mentioned before, they must be managing at least $100 million dollars to be eligible.

Apparently, the first project that will be supported is a blockchain-powered ride-hailing initiative. The idea has been recently announced by Chen Weixing, CEO of the Funcity application, and founder of the app Kuaidi Dache.

Mrz. Zhang commented:

“We believe it’s a disruptive social experiment. Binance Labs hopes to work with more aspirational projects to explore blockchain applications and together move forward the growth of the industry.”

Binance is now the most important cryptocurrency exchange by trading volume, according to CoinMarketCap. The exchange offers its users the possibility to buy and sell a wide variety of tokens and virtual currencies, with almost 340 different trading pairs. The most important are BTC/USDT, EOS/BTC, and EOS/USDT accounting for 26% of the total trading volume of the exchange.

Other Funding Projects

There are several companies that are launching their own funding and accelerator programs. The Chinese e-commerce giant, JD.com, has launched a program – known as AI Catapult – to promote blockchain technology start-ups. With it, the company will be partnering with different innovative blockchain start-ups to build new businesses.

The statement that has been released by the company says:

“Beginning in March, AI Catapult, which is part of JD’s AI program, will partner with innovative blockchain startups to build new businesses and create and test-real world applications of their technologies at scale.”

The main areas that want to be potentiated are robotics, automation technology, smart supply chain, blockchain technology, and many others. There are already some companies from Australia, China, and London ready to start working with AI Catapult.