February 1, 2021 — The CEO of leading asset exchange KuCoin has written an open letter to the community, reflecting on the events of 2020 and outlining the company’s roadmap for the future.
Johnny Lyu did not shy away from discussing the security incident incurred by the platform in September, when $285 million of funds was stolen.
“Security has always been the sword of Damocles hanging over the head of crypto exchanges. When we encountered the breach, we acted quickly and transparently to protect all our users and partners,” wrote Lyu. “First, we gradually resumed the deposit and withdrawal services within a week, before fully restoring all features.”
“Secondly, with the efforts of all parties in the industry, we cooperated with exchange and project partners to recover $222 million (78%), and through further cooperation with law enforcement and security institutions, we recovered another $17.45 million (6%).”
“KuCoin and our insurance fund covered the remainder of around $45.55 million (16%). In the end, we ensured that no users sustained any loss in this incident, and we have since greatly strengthened our security level.”
Lyu also confirmed that KuCoin had gathered intelligence about the perpetrators, and indicated that investigations were ongoing.
Based in Seychelles, KuCoin is one of the industry’s most recognized exchanges, serving a global user base of over six million. The platform works closely with over 200 blockchain projects and facilitates hundreds of millions of dollars worth of daily transactions. Reflecting upon the addition of 39 fiat currencies in the past year, Lyu confirmed that KuCoin now supports 53 national currencies with plans to integrate emerging payment tools and popular gateways such as BTC Direct and Mobilum. The CEO also heralded impressive growth in trading volume.
“In 2020, our margin trading volume increased 217% year on year and has supported 33 tokens and 54 trading pairs. Since the start of the year, KuCoin Futures have achieved a stunningly rapid 420% increase in trading volume and a remarkable 670% growth in user numbers. It now supports 17 coins, including USDT-Margined and Coin-Margined Contracts, and Perpetual Futures and Quarterly Delivery Futures.”
“Over the past year, the Pool-X staking platform – which supports over 50 projects – generated around $7 million of passive income for users.”
After reflecting on recent additions, including new DeFi and NFT trading boards, Lyu revealed that KuCoin will support the upcoming Polkadot parachain slots auction, enabling users to participate in the expanding Polkadot ecosystem. Outlining his vision for the next two years, the CEO stated his belief that bitcoin will overtake gold, that decentralized finance will continue to innovate, and evolve, and that NFT use will also increase.
“In general, the future strategy of KuCoin will be carried out by two priorities: ‘Find the next crypto gem’ and ‘Empowering KCS’. In order to achieve the former, our intercontinental blockchain project research team will keep up with industry trends to identify more promising projects. ”
“In the KuCoin community, KCS is the bond that connects us all, and ideally, all KuCoin users will become members of the KCS community. To this end, we will shed light on KCS and encourage users to become token holders, to grow with us and share the benefits from our growth. Moving forward, we will build KCS as a killer product rather than a simple token.”
Decentralization was a dominant theme in Lyu’s letter, with the CEO restating his belief that decentralization and blockchain-powered transparency can facilitate the free flow of value around the world.
“After evaluating all existing technologies and public chain ecosystems, we are going to launch new KuCoin decentralized trading solutions on the basis of KuChain,” Lyu wrote. “One thing is for sure: KCS will be the underlying fuel whatever the solution actually is.”
About KuCoin
KuCoin is a global crypto exchange that supports multiple crypto asset transactions. Established in September 2017, KuCoin has grown into one of the most popular crypto exchanges in the world. It currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its six million users in over 200 countries and regions around the world.
As Bitcoin ranges around the astronomical $35,000 mark, more and more people around the world are getting excited about crypto. Newcomers are looking for the next coin with massive upside potential, while seasoned crypto-enthusiasts are searching for their next investment opportunity.
Here’s a cryptocurrency that could be both.
The FunFair Token (FUN)
FUN is an ERC-20 token that represents the core of the FunFair technology ecosystem. Created in 2017, FunFair is the leading provider of blockchain-powered casino technology to the iGaming sector.
The FUN Token is a decentralized utility token listed on major exchanges like Binance, BitFinex, HitBTC, OKEX, and Changelly. It is fast, transparent, and extremely developer-friendly.
Why Is FUN One of the Most-Promising Cryptocurrencies of 2021?
FreeBitco.in, one of the biggest Bitcoin iGaming websites in the world, has chosen FUN as the designated token for its Premium Membership Program.
FreeBitco.in has over 41 million registered users. It is a simple and rewarding crypto-gaming platform that is dedicated towards promoting and facilitating cryptocurrency adoption through innovative new practices.
Their latest effort involves harnessing FunFair (FUN) for the program. Users are required to buy FUN Tokens to unlock these benefits on the website:
1% Cashback on Wagers
Free Spins Daily – Extra Opportunities to Win Upto $15,000 in BTC
25% Interest Boost – Users Earn Extra Interest on Their BTC Deposits
50% Referral Commissions for Life
However, that’s not all.
When the token sale goes live, 41 million users will be getting their hands on FUN Tokens to unlock the benefits mentioned above.
FUN’s value is set to skyrocket with this massive increase in demand and this could be an attractive investment opportunity for the long-term.
The Early Bird Gets the Coin…
You have a chance to acquire FUN Tokens before its value rises exponentially in coming weeks. The value of FUN has increased by 600% in the last month, and it can only go higher.
If you don’t have a FreeBitco.in account, click here to learn more about the program. FUN costs $0.04 at the time of writing; get them now and ride the rally to the moon as the program gets going.
Freebitco.in is a Bitcoin Gaming platform based on a fully automated, proprietary tech-stack that powers a variety of Free-to-Play games, Betting Contests, Lotteries, Giveaways, and a signature Bitcoin Dice game.
According to SimilarWeb, FreeBitco.in is one of the largest bitcoin gaming websites and the seventh-largest online casino in the world. With over 52 million visits and 3,600 BTC wagered every month, FreeBitco.in’s reach in the crypto space is unrivalled.
FreeBitco.in’s provably fair algorithm has created a trustless ecosystem for online gamblers everywhere, as evidenced by 2.8 million new sign-ups and $600 million wagered in 2020, with a 30% year-on-year growth.
Behind these achievements is a dedicated team of experienced developers focused on constructing the best gambling experience possible. Not only that, since 2013, they have dedicated themselves to advancing the interests of crypto around the world.
Don’t forget to follow them on social media to stay up to date with their projects:
Bitcoin Press Release: Stratis’ innovative blockchain solutions have attracted the attention of the digital asset investment fund, Alphabit, who have injected an initial investment while commiting to a further 7 figure investment over the next 24 months for growth and development of the BaaS ecosystem.
1st February 2020, London, United Kingdom: Blockchain as a Solution (BaaS) service provider Stratis makes decentralized adoption easier for any firm with its innovative products designed to fit seamlessly with legacy operations, by allowing companies access to the Stratis blockchain via the widely-used C# programming language. The platform allows seamless running of smart contracts, multiple sidechains, and houses a full-scale ICO platform.
Alphabit, A billion USD AUM fund and one of the world’s first regulated digital asset investment funds focused on delivering turn-key solutions and assisting projects with end-to-end partnerships, enters into this venture to rapidly scale Stratis’ development and help deploy cutting edge products that allow mainstream organizations to use blockchain in their day to day operations. The significant commitment by Alphabit is a testament to the groundbreaking approach of Stratis’ offerings.
CEO of Alphabit Liam Robertson commented on the partnership:
“Stratis Protocol, after analysis, fits neatly into our investment thesis and we believe the potential for growth for Stratis to be exponential. We are delighted to welcome Stratis into our portfolio and look forward to supporting them over the coming months and years.”
Stratis CEO ChrisTrew said the following:
“We are thrilled to partner with Alphabit, one of the world’s first regulated digital asset investment funds. Alphabits initial injection, in conjunction with their further investment commitment, will unquestionably assist in accelerating the adoption of Stratis Technologies, while cementing Stratis as the go-to platform for Microsoft .NET Blockchain development.”
With the expertise and backing of Alphabit, Stratis will be empowered to develop ever-better solutions for the b2b market. Coupled with their C# support, Stratis’ solutions will increase the onboarding of blockchain solutions in the global market.
About Stratis
Stratis offers unprecedented levels of security, reliability and performance through leveraging blockchain. First of its kind, the platform’s native C# ecosystem enables firms all over the world use their existing IT infrastructure and tools to adopt the technology by providing access to the Stratis blockchain’s features, in a language which is familiar to the everyday developer.
Stratis Identity: A decentralized KYC and AML check to make it easier for businesses to verify client identities and comply with regulations.
Supply Trust: A turnkey solution for supply chain management, providing full visibility in a trustless and decentralized environment.
STO Platform: Regulation-compliant digital securities for businesses launching STO’s
Stratis Smart Contracts: Secure and auditable digital contracts that are developed in the industry-standard Microsoft C# language, fit for the DeFi age.
About Alphabit
Alphabit specializes in investments in blockchain and distributed ledger technology projects. They offer a wide range of advisory services and act as the Investment Advisor to the Alphabit Fund; one of the world’s first regulated digital asset investment funds.
Their goal is to share their expertise with promising projects and advance the cryptocurrency movement as a whole, and to date, Alphabit has successfully brought to market projects like Metal Pay, The Sun Exchange, and Suterusu.
To find out more about how Stratis is bringing the next generation of blockchain to businesses, visit their website, or to see how Alphabit is empowering Blockchain businesses to reach new heights, visit their website.
Media Contact Details Contact Name: Bitcoin PR Buzz Press Team Contact Email: press@bitcoinprbuzz.com
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Developed by experts, RoFx was introduced in 2009 as a robot which would help in making profits and generating passive income. Ever since its launch, the robot has never failed to deliver profits as per the expectation of the users. The robot has offered 10% monthly returns on an average ever since its launch. The robot uses the original investments and aims to offer a stable passive income source. Traders are assured of complete transparency when using the robot.
RoFx is also referred as Expert Advisor and works mainly on the basis of artificial intelligence. The developers mention that the software offers low drawdown rate and aims to compensate users for losses. This is done mainly by utilizing the reserve fund of the company. We decided to investigate a bit further when we came across so many positive reviews which RoFx has managed to gather in the past few months.
So, first let us understand what automated forex trading is?
As evident by the name, it is about using forex robots or EAs for trading a specific pair of currency. Now, this can include copy/social trading and trading signals. Any trading robot is developed in a special way. It can carry out trading decisions independently on the behalf of the trader. This robot can also work as an indicator which points out to the user when to buy or sell a product. Majority of developers mention and advertise that their specific robot will bring in unusual trading success. However, this is far from reality and does not usually happen. Most EA’s we come across these days are not successful. There are several reasons for this – one reason being that the market situation can change anytime. It also indicates that any specific EA might have performed well under some conditions, but in another condition, it may not perform that well.
How does RoFx work?
Any EA is generally installed with the MT’s expert’s directory. It works on the basis of a set algorithm. This trading software usually closes or opens trades automatically which are based on some set inputs. There are a few demo accounts, which have a back-testing feature that can simply evaluate if an EA is profitable or it is not.
Forex Robots and Scams – The Association?
With the popularity of forex trading, scams are getting quite common as well. Scammers come in disguise to dupe the traders in the form of forex robots. They come with some unusual ‘get rich schemes’ or offer opportunities like ‘earn big money without working’. These offers are quite enticing for traders who wish to get rich in a short time. It is seen that amateur and novice traders usually fall prey to such scams. In fact, it is seen that there are also some software which are advertised in a way to assure traders that their money is in safe hands. The truth is that most such robots or software is fake and might be capable of generating just 10% profit. Most of these robots are extremely poorly managed automated trading systems which do not consider many things, which includes the changes in market conditions.
What are the benefits of using automated forex trading robots?
They are a good source of passive income generation.
With robots, there is no influence of emotional trading
Ensures better risk management. There are many EA’s which allow users to make changes in settings for take-profit orders or stop-loss.
They help in quick backtesting. It takes just a few minutes or seconds to get results.
The robot does all work for the user. Thus, there is no specific time requirement.
There is no need for additional expertise or knowledge to use the robot. The EA does it all.
Disadvantages of Automated Forex Trading:
The majority of robots do not consider political and economic news.
There is a negative effect on trading when there is internet connectivity failure.
There are many EA’s which function without a stop-loss. This can put the trader’s account at risk.
How Legitimate is RoFx
RoFx is a Fintech Company and has offices in the UK, Hongkong and US. Anyone is free to visit their headquarters located in the UK. This can be done by just making an appointment in advance. There is also an annual conference and the company invites several VIP clients.
RoFx does not need any financial regulation as it is a software company engaged in the development of AI. It has links with some of the top brokers of America, Europe and Asia which does testify its legitimacy.
RoFX and Other Trading EA’s – Understand the Primary Differences
If you consider RoFx with others, you will realize that it has an automated approach. Traders have to deposit their money and sit back. The robot does the rest. Money can be deposited in the Euro, USA or Bitcoin. RoFx also does not require a long installation process.
Continuously Updated Trading – RoFx uses superior technology for trading which has been continuously updated and modified in the last 10 years. The robot takes help from a neural network which helps this software in adjusting according to conditions of the market. There is continuous scanning of charts to understand the changing market conditions. It is a completely automated trading process which requires little cash and an internet connection.
Easy to Use Service – Traders can access the services from the website. There are many interesting packages. The base package offers 50% daily profit. This might increase to 95% as the trader increases the investment.
Past Performances – Over the last 10 years, RoFx has accumulated impressive track records. It is proof that the robot performs quite consistently. Total transparency is assured on the website as the traders get an overview of their trading activities which include daily profits & monthly gains. The statistics are all verified through MyFxBook.
Efficient Customer Support – The customer support team offers convenient and instant services. They are reachable and offer solutions. This kind of service is mostly absent from other services which include GPS and Odin.
Risk-Free – When anyone chooses to invest in RoFx, it is totally risk-free. The chances of losing money are less as well. You can easily find their monthly analytics at myfxbook. Here you will find the algorithm of the robot in the past few years. The robot did not incur any loss and even if it incurs losses, it will be compensated by the reserve fund. There is a stop loss system and no leverage trading involved.
Some other details about RoFx
This is an automated software & does not need download. You simply must visit the website & register. To get started, you can fund the account. The minimum amount needed is $1000. The profit calculator is available which helps in determining the gains you will receive.
Several easy methods of withdrawal are available. The minimum withdrawal is $1000 cash. Those who wish to withdraw an amount that is lower than this, can use Bitcoin and use the ‘exchange’ option. No withdrawal fees are charged by RoFx. When any user withdraws after the expiry of the package, a commission is charged by the bank. There are multiple deposit options available for users which include bank transfers, credit cards and Bitcoin.
Conclusion
There are several trading robots these days and each promise to perform well. However, when it is for an extended time, most of them do not perform. There are many robots that advertise that they offer 200% gains and attract amateur and local traders. RoFx has a user-friendly and straightforward approach. It offers a growth of up to 10% monthly and traders are quite happy with it.
OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. CoinCheckup does not endorse nor support views, opinions or conclusions drawn in this post and we are not responsible or liable for any content, accuracy or quality within the article or for any damage or loss to be caused by and in connection to it.
Bitcoin Press Release: Leading crypto betting site 1xBitis hosting a new live casino tournamentcalled DEAL OR NO DEAL which will run from January 26th to February 25th, 2021.
January 26th, 2021, Limassol, Cyprus – Leading crypto casino 1xBit strikes again with another live tournament, DEAL OR NO DEAL. The biggest 1xBit tournament yet in 2021, with the best of excitement and rewards, all packed in one fun competition. Are you looking forward to a great challenge? Do you have what it takes to participate, as the tournament gathers the best gamers? Well, here is your chance.
DEAL OR NO DEAL Tournament
The DEAL OR NO DEAL live casino tournament will run from January 26th until February25th. Gaming titans are competing for some mouth-watering rewards as they prove their gaming prowess in the big tournament. It will be an exhilarating experience for everyone, as participants play fun games, and the best of the best get rewarded with huge prizes from 1xBit casino.
How To Enter
Do you want to be part of the fun and win big? All you have to do is just play at any Evolution Gaming and Live Casino Vivo Game and win! The battle of gamers will bring you exquisite emotions and the chance to win prizes from the largest prize fund that 1xBit has ever given in a tournament like this.
Tournament Prizes
The noteworthy prize fund is 450mBTC, and the first place gets the biggest chunk of it. But here’s the greatest thing about it. The rich winnings in the tournament is not the only thing that 1xBit offers for its users. Apart from joining the tournament and winning big, 1xBit also has a lot of goodies in store for you upon signing up on its website.
7 BTC Welcome Bonus
First, the online casino offers newcomers 7 BTC welcome bonuses for their first 4 deposits. If you are a VIP person, there is an 11% cashback for you to enjoy when you play on 1xBit. Moreover, there are a variety of cryptocurrencies for you to choose from. More than 25 cryptocurrencies are currently listed, and you can choose your favorite ones to bet with.
Win Anonymously On 200+ Live Casino Games
On 1xBit, users’ privacy is taken very seriously, meaning that they don’t have to worry as the online casino is 100% anonymous. You can easily sign up with as little information as possible in just seconds, and you are good to go.
There is a wide variety of games with over 200 live casino games, including Live Baccarat, Live Blackjack, Live Jackpot, Live Poker, Live Roulette, Live Sicbo, Live Monopoly, Live Over/Under, Live Deal or no deal, Live Dice. What’s more? Withdrawal from 1xBit is completely free, which means that all your rewards are yours.
The tournament goes live in a few days, and gamers are on the race to win the big rewards that await only the best. To have a chance at winning big head to Evolution Gaming and Live Casino Vivo Game today.
Media Contact Details Contact name: Anastasia Semenova Email: marketing@1x-bit.com
1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.
Crypto.com users can enjoy up to 25% off Booking.com’s 28M+ accommodation listings
Hong Kong, Jan. 11, 2021 – Crypto.com has announced a partnership with Booking.com to deliver travel deals to all Crypto.com users, available exclusively inside the Crypto.com App. Crypto.com users who make Booking.com reservations in the App can now enjoy up to 25% off accommodations. As an added bonus, users who pay using their Crypto.com Visa Card can get up to 8% back on spending along with great travel perks, including free and unlimited LoungeKey™ airport lounge access, free ATM withdrawals worldwide, and no foreign transaction fees.
According to Booking.com, 65 percent of consumers are excited to travel again in 2021, though the majority (62 percent) expect to be more price conscious when researching for their next trip. Crypto.com’s partnership with Booking.com, one of the world’s largest travel marketplaces, gives Crypto.com users exclusive access to more than 400,000 discounted properties and 28M+ accommodation listings. They can also enjoy seasonal promotions and extend the utility and perks of the Crypto.com Visa Card, ensuring that they have access to the best travel deals—all within the Crypto.com App.
Kris Marszalek, CEO and Co-founder of Crypto.com said:
“In 2020, our Crypto.com Visa Card program grew to become the most widely available card of its kind, and we know that travel perks are a highly sought-after benefit. Our user base also grew in 2020, and we now serve over 5 million users around the world, who are eager to travel again in 2021. We’re delighted to announce our partnership with Booking.com, the first of many we’ll be announcing this year.”
About Crypto.com
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Visa Card, the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks. Crypto.com is headquartered in Hong Kong with a 700+ strong team. Find out more by visiting https://crypto.com
Esports Veteran Dignitas Joins Neobank Zytara in Leveraging the DigitalBits Network to Power Stablecoin Payments
Top esports team Dignitashas announceda partnership with fintech company Zytara to provide digital banking products and services to gamers and esports enthusiasts. At the core of this partnership, Zytara will leverage the DigitalBits blockchain to power the use of stablecoins and other digital assets across the esports and gaming industry.
Dignitas, formed in 2003, is one of the most recognizable names in esports, holding 18 world championship titles and housing 34 world champion gamers. The team was later purchased by Harris Blitzer Sports & Entertainment (HBSE), whichrepresents “a diverse, global portfolio of sports and entertainment franchises and properties that includes the Philadelphia 76ers (NBA), New Jersey Devils (NHL) and more.” In 2019, Dignitas became the esports vertical of New Meta Entertainment, founded by an investor group that includes “HBSE, Susquehanna International Group and Delaware North, among others,” the company says.
The partnership will kick off with the release of several uniquely designed Dignitas-branded app skins and debit cards. These designs will showcase the recent Dignitas rebrand, a nod to the original Dignitas, one of the most historic brands in esports history. Zytara’s full product suite will include checking and savings accounts, virtual and physical debit cards, as well as access to investment tools. The mobile application will include features specifically tailored to gamers, such as integrated automated payments, player-to-player transfers, easy-to-use parental controls.
These features will not only enhance the experience of esports athletes and gamers, but also help to connect the worlds of esports and blockchain, enabling gamers access to innovative technologies, such as unique digital assets and decentralized finance. With approximately 2.7 billion gamers worldwide, this also looks to make massive strides in the realms of financial literacy and inclusion.
“Partnering with a brand as dedicated to the financial education and success of our athletes, creators, and community as we are is an extremely valuable opportunity. We look forward to working alongside Zytara to create innovative fan experiences focused on bringing their digital payment innovations to life,” John Spiher, Vice President of Partnerships at Dignitas, said in a statement.
“I am thrilled that we have announced our partnership with Dignitas. When the concept of Zytara was first born, it was always about bringing to market a banking platform built by gamers, dedicated to gamers. Working with one of the most widely recognized esports organizations in the world shows our dedication to this special group of consumers. We are looking forward to the joint activity taking place with Dignitas throughout 2021 and being able to showcase our innovative products for esports fans and enthusiasts,” said Zytara Founder & CEO Al Burgio.
Burgio is also the founder of the DigitalBits blockchain, a fork of the Stellar protocol, that launched in 2018. DigitalBits comes from a protocol built specifically for payments, providing infrastructure that could streamline the way payments and value transfer takes place within esports today. In addition, the team has worked meticulously to create a partnership ecosystem that supports and enhances these capabilities, including Fireblocks, Messari, and Stably.
What Can the DigitalBits Blockchain Bring to Esports?
Monetization of in-game currency across a global ecosystem
Enable real-time payment transfers 24/7/365
Resolve many of the issues with global tournament prize payouts
Enhance fan engagement
Programmable incentives for gamers
Zytara recently unveiled a series of rockstar additions to its advisory board, including the former CTO of UBS and Credit Suisse, as well as the former co-head of esports and gaming at Goldman Sachs. Zytara has also announced the launch of the Zytara dollar (ZUSD), digital money issued by a regulated financial institution, redeemable on a 1:1 basis for US dollars. ZUSD is designed for the future of finance, esports and gaming, along with countless other applications. “We see the opportunity for ZUSD to become digital money for the gaming industry and beyond with the support of great partners like Dignitas,” said Burgio about the new partnership.
As recently explained in Forbes, ZUSD will initially launch on Ethereum before migrating to the DigitalBits blockchain in 2021. Payments still face significant friction in esports, especially when it comes to those on an international scale. Notably, Epic Games faced issues when distributing some of the $100 million prize pool for Fortnite tournaments. This makes blockchain, which is inherently borderless, a perfect fit.
Zytara is assuming a true, “built by gamers, for gamers” approach, and embedding itself deep within gaming culture. Alignment with prolific brands such as Dignitas demonstrate Zytara’s commitment to not only driving innovation within the esports industry, but doing so in a manner that stays true to the ethos of esports and gaming. The use of blockchain furthers this sentiment, introducing technology built to empower the user. Zytara and Dignitas have set the stage to bring the worlds of blockchain and esports together, a global solution for a global phenomena.
In this personal letter addressed to our community, Binance CEO CZ shares his reflections looking back at 2020 and our goals for the new year, including trends and developments that may define the industry, and areas of focus for 2021. Advancing the industry’s collective mission to further the freedom of money around the world, we aim to ensure the sustainable development and continued growth of the global crypto ecosystem.
In my New Year message last year, I emphasized building foundations for the growth of the global crypto ecosystem for generations to come. In 2020, we worked hard to bring new products, improvements and developments to key ecosystem initiatives. I feel like we are still working on the basement level of a new building, and haven’t even started to build the floors above ground yet. There is still much more work to be done.
The Crypto World After COVID-19
The COVID-19 pandemic has changed the way we live, impacting the well-being of countless individuals and damaging the global economy.
In 2020, worldwide markets faced unprecedented volatility and instability in already-vulnerable economies and countries. With global economic uncertainties, inflation, and traditional assets suffering due to the macroeconomic shock caused by the pandemic, people around the world have increasingly looked to bitcoin and crypto as an alternative asset – in an unprecedented manner. This has driven the crypto market to new heights and poised bitcoin/crypto to enter the mainstream.
This past year, interest in crypto continued to rise amongst traditional investors, and corporate onboarding numbers continued to increase. In 2020, the number of institutional clients we onboarded was 68% higher than in 2019, while new institutional client applications increased 35% quarter-over-quarter, signalling growing institutional interest in crypto. The pandemic also led to drastic macroeconomic changes, such as Quantitative Easing (QE) in almost all countries, which also drives people to crypto. As the new QE money flows into the global market, I think much of it will be converted into one form of cryptocurrency or another. This has corresponded with 2020’s booming crypto futures market that provide the necessary hedging and liquidity opportunities.
The longer-term economic impacts of COVID are unknown. However, as we’re still in the midst of major economic disruptions and historic volatility, I believe bitcoin/crypto will continue to rise and be at the pinnacle of positive change.
Compliance
Our industry is very new and innovative, so inherently, there are more regulations and guidelines needed and under development; similar to how Google and Microsoft persevered during the .com boom. Also, cryptocurrencies cater to a global audience, and because this is such a cutting-edge sector, guidelines in most jurisdictions are still evolving. We believe that ultimately, everyone wants regulation that promotes innovation and an open market. I am optimistic about the positive progress of regulatory frameworks and guidelines around the world, and I believe we will continue to see more clarity on cryptocurrency regulations in the next 12 months.
Compliance is a journey, not a destination – especially in new tech sectors. Responsible players are always working to meet new and changing standards and improve existing practices. We take our compliance standards very seriously, and will continue to heavily invest in this complex and ever-changing environment.
Our goal is to continue adhering to local rules and regulations, which allow us to protect and provide the best services to our users, as well as bring greater adoption. In addition to the many regtech solutions we invest in and compliance partners we work with, we will continue working closely with regulators, complying in the places where we operate as a global decentralized organization, and helping to positively influence regulations that will benefit our industry. We hope to work with more local governments and policymakers in the new year and encourage them to reach out to us to work together.
Decentralized Finance (DeFi) and Binance Smart Chain
This year, we saw the rise of decentralized finance (DeFi) as a compelling use of blockchain technology to spread the freedom of money. Through DeFi, people are given new ways to participate in crypto-fueled financial products and benefit from their gains. The emergence of DeFi also drove more traffic to blockchain networks, and this brings a new set of challenges to developers, like higher network fees and congestion.
To help solve this problem for the crypto community, we worked with the Binance Chain community to launch Binance Smart Chain (BSC) as our contribution to driving more innovation to decentralized solutions such as DeFi and other blockchain-related solutions. BSC offers a high-performance and low-fee blockchain network that’s compatible with the Ethereum Virtual Machine. Now, developers can worry less about costs and focus more on innovating, and we even have rewards for developers.
I think the innovations around liquidity pools and AMM, especially for stablecoin trading, are very interesting. I believe we will see more growth in this area in 2021. DEXs (decentralized exchanges) are also well fitted for listing small and less mature coins, which provides a good validation ground for larger CEXs (centralized exchanges) like Binance.
We have introduced many of these DeFi innovations already on Binance.com, such as interest- and yield-generating products in DeFi Staking and Binance Liquid Swap. We also created the Binance Innovation Zone specifically for listing newer coins, thus providing liquidity for DeFi tokens while protecting less-experienced traders from the risks in trading them.
In 2021, I believe we’ll see more convergence on the product offerings on the CeFi (centralized finance) front. We have already expanded our portfolio of yield-generating products to include Binance Pool (for miners) and Earn products (for all users), which offer high APY in addition to an easy-to-navigate, one-click interface – reducing technical barriers to entry and costs of on-chain gas fees. Fundamentally, both DeFi and CeFi will help grow the industry. Whatever happens, we are ready to support and adopt any new DeFi innovations and trends.
Adoption: Fiat, Payments, Stablecoins, and Traditional Finance
Another important area for us is the continued growth and mainstream adoption of cryptocurrencies. Growth in crypto payments was one of the most obvious use cases we hoped to see more of in 2020, but it’s still far from mass adoption. Existing fiat payment rails are convenient, low cost and well-established, making them difficult to replace in one swift move.
Since last year, we have been building on existing fiat payment rails in order to allow more users around the world to access crypto. This year, we launched 28 fiat channels, covering different payment methods such as credit card, bank transfer and local popular wallets. Some worked out better than others, but we will keep building out our payment rails in order to provide users with the best purchasing experience. Users are now able to purchase crypto in 46 local currencies with our direct channels and we will continue to add more next year until the whole world is covered.
In addition, we launched Binance Card this year, allowing users to spend their crypto directly from their Binance crypto wallets. This offers a much more convenient method of crypto payment and our Binance Card has been hugely popular amongst our users.
I also believe we’ll see cross-border payments with stablecoins continue to increase next year. Cross-border payments using stablecoins or any cryptocurrency are much cheaper and faster than traditional payment methods, arriving in a matter of seconds, compared to cross-border bank transfers that may take days. Traditional cross-border remittance platforms can charge as much as 7% in fees to remit money overseas, while cryptocurrencies only cost pennies to move – and Binance P2P has some of the lowest fees around. I believe we’ll see greater adoption of stablecoins next year because of these factors.
PayPal entering the market is also great for user education and adoption, as is Square’s continued strong growth in the crypto payments space. Stanley Druckenmiller, Paul Tudor Jones, Franklin Templeton and MassMutual, well-known names in the traditional financial space, all made investments in bitcoin or the cryptocurrency industry this year. Hedge funds, mutual funds, and even a 169-year old insurance company investing in the crypto space, are setting a precedent for this industry, and I believe these are hugely positive moves in the right direction. Maybe next year, we’ll start to see Pension Funds and Sovereign Wealth Funds start to deploy a small part of the tens-of-trillions of dollars that they manage into crypto in order to hedge out some of their fiat risk.
Use Cases: BNB and NFTs
There are so many applications and use cases for BNB, from gaming to cross-border remittances, that I personally can’t count or keep tabs on how many now. There is a large, diverse community in the BNB ecosystem that continues to innovate in finding strong use cases. I don’t know what they will come up with next, but I am sure many of them will be very exciting.
Another crypto asset class I’m looking into this year is NFTs. I think we will see increased sophistication and adoption for NFTs in 2021, from virtual items in games to concert tickets. I believe this is an exciting new area yet to be explored and I’m looking forward to seeing how these develop.
Binance Charity
2020 was full of humanitarian challenges with the Australian bushfires, Beirut explosion, and much more, on top of COVID-19. From the start of the virus, our Binance Charity team and supporters fought against COVID-19 alongside frontline healthcare heroes, providing timely support to communities in need.
Through its “Binance for Wuhan” and “Crypto Against COVID” campaign, Binance Charity raisedover $4 million in cryptocurrencies – with three-quarters of the total donated by Binance – which enabled us to distribute more than 2 million pieces of personal protective equipment (PPE) to aid 400+ hospitals in 26+ countries around the world, especially the nations that were affected most by the coronavirus.
In response to the Australia Bushfire Relief, Binance Charity also raised over $2 million aiming at forest rehabilitation and wildlife restoration. Binance Charity also partnered with UNICEF and allocated $10,000 worth of crypto and provided timely support to those in need following the tragic explosion in Beirut this August.
Binance Charity also fundraised $60,000 worth of crypto to Friends of Notre-Dame de Paris to contribute to the restoration of Notre-Dame Cathedral’s Mays, beautiful historical paintings that were damaged in the fire in April 2019.
Always exploring blockchain innovation in charity, the Binance Charity team also led the development of the first blockchain art donation platform, “NFT for Good” – an open platform for global artists to create, sell, auction and donate their NFT blockchain art to NGOs supporting global sustainable development.
During the hard time when the world is facing challenges, Binance Charity will continue its mission of bringing light to the people living in deprived areas in a transparent manner.
Blockchain Research and Development
As we continue to push ahead with crypto, we are also investing significant time and resources to blockchain research. In 2020, we established the Binance China Blockchain Research Institute (BCBRI) with the Linggang Group, with the aim to support blockchain applications in the real world and boost the adoption of blockchain technology. BCBRI has launched blockchain-empowered projects in six cities so far, to further blockchain technology R&D, fintech education including blockchain, AI and big data, and startup incubation. This year alone, we’ve actualized 20+ partnerships and projects with partners such as Amazon Cloud and Stanford University, and will have more developments to share next year.
On Security
Security is a very extensive topic, I think there are a few areas to focus on in 2021:
User Education. I believe more user education is needed across the industry to help people avoid “rug pulls” and scammers. We will continue emphasizing the importance of individuals educating themselves in order to make investment decisions cautiously and responsibly. Research before investing is key. In this area, Binance provides educational materials on Binance Academy, Binance Research, and CoinMarketCap to help investors make informed decisions.
Security Tools. Better tools are needed for regular people to securely hold their own private keys, with proper encrypted backups. Good cyber hygiene is complex and can be intimidating to cryptocurrency newcomers. We have invested heavily in multiple wallet developments to help on this front. Combining security with ease of use will be vital as more people invest in cryptocurrencies.
Security Infrastructure Investments. Centralized exchanges must increase security investments on technologies such as threshold signatures (TSS), to hold users’ funds more securely. Binance has open-sourced our TSS library, and a large number of community developers are contributing to it.
Personal Habits. Security threats and technologies used to defend against them evolve over time, but one thing remains constant: the human element. The human element is the weakest link. Attackers constantly prey on psychological flaws such as the desire for quick information and greed. There are increasingly sophisticated ways of abusing trust, including spear-phishing and social engineering. This can circumvent some of the most fundamental defense mechanisms we have relied on in the crypto ecosystem such as 2FA. At Binance, we continue to strive for zero trust in our enterprise security and trading platform security to protect our users.
Binance Angels Community
Another vital component of Binance success this year has been the incredible support and commitment from our Binance Angels Community. Binance Angels consist of dedicated users who believe in blockchain, crypto, and Binance. Binance Angels are community builders at heart, and they share the same values as Binance – to spread the freedom of money all over the world.
They are as passionate as we are about expanding the adoption of crypto and blockchain in their local communities, and they play a key role in helping us accomplish this mission.
Using their own life and professional experiences, our Binance Angels help us add more value to the Binance ecosystem. Our Binance Angels support and educate our users, help us improve our platform and user experience, and highlight our community’s concerns. They are instrumental in helping us build products and features that our communities want.
We take pride in our Binance Angels community, and the support of our Angels has been critical in ensuring Binance’s success. We currently have 239 Binance Angels who help us support users in more than 40 local communities – and growing! If you’d like to be part of the Binance Angels Community, apply through our Binance Angel Application.
Looking Ahead to 2021
In 2021, we will continue to keep our heads down and build products users love. We will continue to develop and improve services that are beneficial to society and protect our users and the industry. I’m very excited about the new developments and products we have planned for 2021.
On the personal side, my New Year’s resolution for the last 10 years has been getting a six-pack, but I’ve never gotten there. My main hope is just that 2021 will be less crazy than 2020, and that people’s lives continue to improve.
Let’s say you’ve made a mistake and sent your BTC to the wrong address. After googling for a solution and reading FAQ sections on Coinbase and blockchain, you will most likely decide that your transaction is lost forever. But, in truth, you still have a time to reverse it: recently Blenderwallet.io (wallet from the creators of the largest bitcoin mixer) added a new feature – “Transaction discarding” based on RBF(Replace By Fee) protocol.
RBF was created to prevent issues with stuck transactions and as a way out for someone who had sent funds to the wrong address or to scammers.
How does it work?
Here you can see a ledger wallet reporting an incoming transaction.
And here you can see what happens if you press “Discard transaction”
Have you ever seen a cancelled transaction in a blockchain?
The feature is only just a click away in the blenderwallet.io interface, so you don’t have to be an expert to manage your funds.
But, like any good technology, RBF has a downside that can be used by dishonest users.
So here’s an important tip: always wait for at least one confirmation of the transaction.
Here are some excerpts from BlenderWallet.io FAQ:
You can discard an unconfirmed outgoing transaction by replacing this transaction with another one, using the RBF mechanism. Your own address becomes the output of a new transaction, so the funds are returned to you, minus the network fee.
You cannot discard a transaction if:
The transaction was not initiated by you, including if the transaction is incoming for you.
It has already been confirmed (has at least one confirmation).
The transaction was not marked with the RBF flag or its amount is not enough to increase the network fee.
Discarding a transaction might not succeed like any other RBF replacement. The initial transaction can be confirmed and the new one be rejected, if, for example, the miner takes the initial transaction into the block before the second appears in the network.
Let us remind you once more – you cannot discard a transaction if it has already been confirmed at least once. You can only discard an unconfirmed outgoing transaction.
We hope this information will help you to manage your funds properly and keep them safe.
