Following a $45 million fund raising round, Oasis Labs releases its blockchain tech hub to assist developers and investors in building DApps
from Cointelegraph.com News https://ift.tt/2ymQjTv Binance, a16z-Backed Oasis Labs Launches Blockchain Startup Hub
Yet another stablecoin is joining the arguably already crowded ecosystem. Terra, as the new fiat-pegged crypto is called, counts four of the biggest cryptocurrency exchanges in the world among its investors, including Binance, Okex, Huobi and Upbit.
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Terra has announced today it raised an initial $32 million in its seed funding round which included Binance Labs, Okex, Huobi Capital, and Dunamu & Partners (the investment firm of Upbit operator). Other than exchanges, Polychain Capital, FBG Capital, Hashed, 1kx, Kenetic Capital, Arrington XRP Capital and Translink Capital also took part in the seed round. The capital is meant for creating a stablecoin that can be used as a payment solution.
Fears about the dependability of Tether (USDT) have led to а torrent of new stablecoins recently, such as the Stronghold USD and Stasis EUR, and more are on the way. Terra is trying to carve a space for itself by focusing on ecommerce integration. Its co-founder, Daniel Shin, is the founder and Chairman of TMON, an ecommerce platform from South Korea. And fifteen companies, with a total of $25 billion in annual transaction volume and 40 million customers (including Woowa Brothers, Qoo10, Carousell, Pomelo, and TIKI), have joined the Terra Alliance. The stablecoin is said to be backed by Luna, an asset that derives its value from transaction fees collected on the network. “Much like the moon stabilizes the earth’s rotation, Luna is Terra’s eternal guardian of stability.”
“From experience, I know that faster, more secure transactions at a fraction of today’s fees could be a game-changer for many ecommerce platforms. We are excited to be working with great partners and look forward to beta-testing Terra’s payment system in Q4 of this year,” said Shin. “However, our vision goes beyond positioning Terra as a trusted and secure medium of exchange for ecommerce. The potential application of Terra is immense, and we foresee it being used for all types and forms of financial products like loans and insurance.”
“While we see many stablecoins coming out, Terra’s journey is especially meaningful as they are designing one of the few price-stable protocols with existing, working, and strong go-to-market strategy and usage. We are constantly impressed by the founders’ leadership and earnest commitment to the business, and excited to support the team,” commented Ella Zhang, Head of Binance Labs.
Is there a place in the market for so many new stablecoins? Share your thoughts in the comments section below.
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Traders speaking volumes – literally – as crypto exchanges Binance and OKEx overshadow Coinbase and Kraken in 2018 so far
from Cointelegraph.com News https://ift.tt/2PqTrpj Binance, OKEx Volumes Surge While Coinbase, Kraken See Over 70% Drops
Crypto exchange Binance is working on a project to launch a decentralized bank bridging the crypto industry with conventional banking. The financial institution will be based in Malta and fundraising will be conducted under German law. Authorities in Valletta have welcomed the initiative that is expected to win support from other crypto investors as well.
Also read: Mainstream Media Claims Bitcoin Burns More Energy Than Ireland – Does It?
Binance, the world’s largest cryptocurrency exchange by trade volume, is exploring opportunities to launch a bank. The project, expecting support from other crypto investors, is centered on the idea to create a decentralized, community-owned financial institution, according to the trading platform.
The future Founders Bank will be based in Malta, the island nation that has established itself as a crypto-friendly destination. Binance told Bloomberg it has taken a 5 percent stake at a 133 million-euro ($155 million) pre-money valuation, alongside other anchor investors.
In essence, the new bank represents an effort to bridge the crypto industry with conventional banking. To do that, Binance and its partners need to obtain the necessary permits in Malta, where authorities have already welcomed the initiative. Moreover, the bank’s board will include the government’s blockchain advisor Abdalla Kablan, Malta Daily reported. According to the outlet, the board will be chaired by entrepreneur Michael Bianchi.
“We are honored to be chosen as the location of the first global community-owned bank,” said Silvio Schembri, junior minister for financial services, digital economy and innovation within the Office of the Prime Minister of Malta. He was quoted in a statement released by Binance on Thursday. To operate in the EU, the bank will have to acquire a license from Maltese regulators and an approval from the European Central Bank.
Founders Bank will conduct its offering through the blockchain-based equity fundraising platform Neufund and will issue its own legally-binding equity tokens. The token sale will be conducted under German regulations in collaboration with one of Europe’s major stock exchanges later this year, Binance said, without identifying the exchange.
The news about the project comes after the Binance CEO, Changpeng Zhao, revealed that the trading platform expects to accumulate a net profit of between $500 million and $1 billion USD this year. The exchange that was launched last year currently reports an average daily turnover of $1.5 billion and has about 10 million users.
As a result of increasing regulatory pressures in Japan and Hong Kong, Binance decided to relocate to Malta, where it intends to set up a fiat-crypto exchange with support for fiat deposits and withdrawals as well as EUR and GBP trading pairs. The exchange is not the only crypto company moving from Asia to the island. Okex, another Chinese exchange, announced in April it is setting foot in the country, and in May, the Polish Bitbay revealed its plans to move to Malta.
The small island nation, member of the European Union, is competing with destinations like Gibraltar and Switzerland for the attention of crypto businesses from around the world. Recently, the parliament in Valletta adopted new laws designed to introduce clear regulations for the country’s growing crypto industry.
The expansion of Binance includes other markets, too. Earlier in July, the company announced it is launching a fiat-crypto trading platform in Uganda. The exchange also reached an agreement with the government of Bermuda, where it wants to set up a global compliance center.
Do you expect Binance to receive approval for the project to launch a bank in Malta? Let us know in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com
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California-based blockchain-adoption startup Oasis Labs completes major funding round from Binance, Pantera Capital and others
from Cointelegraph.com News https://ift.tt/2uibi7P Platform for Enterprise Blockchain Adoption Nets $45 Mln From A16ZCrypto, Binance