Binance Behemoth Gets More Behemoth-y

There’s plenty of exciting, up-and-coming companies around. And then there’s Binance. Indeed, the world’s premier cryptocurrency exchange operator has been growing at an extraordinary clip. The frequency with which Binance’s ever-expanding team—its hiring for a whopping 85 full-time positions (see below) as of press time—has been shipping new products and initiatives in recent weeks has been nothing short of commendable. To help keep you informed on the latest from Binance, we at Nugget’s News have detailed a number of these recent developments below.

Binance Lending: Subscribe, Hold, Earn

Binance unveiled Binance Lending on August 26, describing it as “a new avenue for growing your crypto portfolio beyond trading.” With Binance Lending, users can lock up their cryptocurrency in any of Binance Lending’s products. Upon the arrival of these products’ respective redemption dates, Binance Lending returns the principal amount and the interest accrued to users’ Binance account balances.

Since being announced, Binance has launched two phases of Binance Lending products. There have been a total of eleven lending products offered, eight of which have had 14-day terms with the remaining three 28-day terms. The cryptocurrencies featured have been Binance Coin (BNB), tether (USDT), ether classic (ETC), bitcoin (BTC), ether (ETH), and Cardano’s Ada (ADA).

Binance X: Developers, Developers, Developers

Announced on August 29, Binance X is “a new initiative to foster innovation on the Binance platform and blockchain ecosystem at large,” according to its introductory blog post written by its head, Teck Chia—who is also a partner at Binance’s venture arm, Binance Labs.

One of the programs running through Binance X is its eponymous fellowship program. Launched earlier this year, Binance X created the program “to support talented developers in creating free and open-source software that would enable new innovations and businesses in the crypto economy,” according to Chia. As of press time, there are a total of 55 Binance X fellows representing roughly 40 projects from all over the world.

Binance Futures: Two Testnets Tussle

Binance kicked off September with yet another product launch—well, two, as a matter of fact. Indeed, the top-tier cryptocurrency exchange operator announced “the launch of not one, but two Binance Futures Testnet Platforms.”

In an effort to incentivise users to test the pair of Binance Futures platforms before one of them launches in full, Binance also announced two promotions. One of these was a simulated trading competition, which Binance allocated 10,000 BNB—worth US$230,000 as of press time—worth of rewards to.

The other ‘Battle for Binance Futures’ promotion was offered to those who vote for their favourite of the two Binance Futures Testnet Platforms. Participants can only vote after experiencing both Futures A and Futures B platforms in action. For voters of the eventual Binance Futures platform, Binance will reward them with a 50-per-cent trading fee discount for a full month once it goes live.

Binance JEX: Derivatives Delight

One day after unveiling its Binance Futures Testnet Platform launches, Binance delved deeper into the derivatives space when it announced the acquisition of JEX, a Seychelles-domiciled exchange operator that offers spot and derivatives trading of various cryptocurrencies.

The team behind JEX—which is led by three founders who used to work under Binance chief executive Changpeng Zhao when all four were at OKCoin, where Zhao served as chief technology officer before resigning in February 2015—will work as an independent team within the Binance ecosystem.

JEX—which rebranded to Binance JEX as part of the acquisition—will “focus on further building the cryptoasset derivatives market, providing Binance users with professional services including futures contracts, options and other derivative products,” Binance stated in its September 3 annoucement.

As for JEX’s eponymous utility token, Binance—which now manages the JEX tokens previously controlled by the JEX Foundation—confirmed in its September 6 launch of the JEX token airdrop program that the token will migrate from the Ethereum-based ERC-20 standard to the Binance Chain-based BEP-2 standard.

Binance also announced that it will “distribute all 200,000,000 unlocked JEX team tokens to all BNB holders on Binance.com” that have at least 10 BNB at all times each day between September 6 and October 6.

What’s more, Binance also announced that “Binance JEX will conduct a monthly airdrop of JEX tokens to BNB holders equivalent to 30% of the profit generated by Binance JEX in each respective month.”

Binance USD: Backed by Greenbacks

Capping off what has arguably been Binance’s most vibrant fortnight in its two-plus-year history, it announced on September 6 a partnership with Paxos Trust Company—a multi-faceted blockchain company founded as itBit in 2012—to launch Binance USD (BUSD), a U.S. dollar-denominated stablecoin.

The announcement from Binance coincided with the New York State Department of Financial Services’, which declared it had authorised Paxos to offer two new asset-backed tokens, one being BUSD.

According to Binance’s BUSD announcement, BUSD will go live later in September “on the Paxos platform for direct purchase and redemption 1:1 for U.S. dollars and available on Binance.com for trading initially against BTC, BNB and XRP.” Before then, additional details regarding the partnership between Binance and Paxos will be “revealed on-stage at Invest: Asia 2019,” the exchange operator teased.

The timing surrounding BUSD’s launch is incredibly significant for Binance. Indeed, U.S.-based users of Binance’s flagship exchange will, as of September 12, have their access blocked. The not-yet-launched Binance US—which is operated by BAM Trading Services—will soon be made available to those in the U.S. who wish to trade cryptocurrencies on a platform built using Binance’s matching engine and Binance-licensed wallet technologies.

Join over 6,500 subscribers in receiving free analyses every week on cryptocurrencies, financial markets and macroeconomic events by subscribing to our free mailing list.

SHARE NOW:

Reader Interactions