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Binance To Launch Its Own Blockchain Binance Chain

Binance To Launch Its Own Blockchain Binance Chain

Blockchain News

Binance, the world’s largest cryptocurrency exchange will launch its own blockchain known as Binance Chain. The new Binance blockchain intends to give a foundation for building new cryptocurrencies and Initial Coin Offering (ICO) tokens. The company’s official Twitter account tweeted:

Not only this the company further tweeted that

Under a new collaboration, you can use Binance Coin $BNB on @Decentraland’s auction for virtual world spaces via @TrustWalletApp! Don’t forget you can win yourself a #Binance-branded Parcel of LAND and more in our ongoing $MANA trading competition

Binance declared their ideas during a recent special event in Singapore entertained by Forbes Asia.

Binance To Launch Its Own Blockchain Binance Chain
Binance To Launch Its Own Blockchain Binance Chain

Speaking at the “Decrypting Blockchain for Business” event, Binance CEO Changpeng Zhao (CZ) said that the fresh ideas truly show an old concept of crypto, which will expectedly point to expanding its enactment on a global range, reported Forbes.

At this event, CZ also presented his company’s ideas to build its own blockchain, called Binance Chain. He said that this will permit the formulation of new currencies and help ICOs similar to ethereum. He also said that “Fundamentally, I would like to see payment adoption increase. That’s the original intent, but for some reason that’s not taking off, so we’re pushing really hard into that space.”

Binance Users Can Book 450,000 Hotels Using Crypto Token BNB

On December 4, the blockchain-based hotel booking platform Tripio formally declared an imperative partnership with Binance to allow more than 10 million active users in the Binance system to use BNB as one of the main currencies on the Tripio platform to process bookings.

From the past two years, many large-scale companies are thinking about cryptocurrency integrations. In the month of October 2018, following Mastercard unveiling their patent pending “fractional reserve” banking for crypto assets, the CEO of Visa, Alfred Kelly, had said that he “certainly” does not view cryptocurrencies as a threat to his business right now.

Although Visa has so far stayed on the sidelines regarding crypto, other companies, such as Crypto.com, have introduced pre-paid cryptocurrency Visa cards to the public which are already available to residents of Singapore. The Hong Kong-based company is preparing to expand distribution to more countries. Earlier this year, Mastercard, Visa’s foremost competitor, filed a U.S. patent that outlined a “method and system for linkage of blockchain-based assets to fiat currency accounts.” The patent’s aim of applying principles of fractional reserve banking to cryptocurrency had been viewed as a great threat by decentralization diehards.

In the month of July 2018, Mastercard, an American multinational financial services corporation headquartered in New York, United States had won a US patent for speeding up cryptocurrency transactions. To speed up the transaction, Mastercard will create a secondary wallet to store a plurality of account profiles, each profile including a fiat currency amount, blockchain currency amount, account identifier, and address.

The largest crypto exchange is launching some revolutionary ideas in the world of cryptocurrencies. Just a few days ago, Binance Uganda had started live trading just a week after allowing preliminary levels like deposits, withdrawal, and user attestation. This was the company’s primary move into developing the cryptocurrency exchange markets for a more comprehensive ecosystem that will include fiat currencies.

Binance had also asked for donations in cryptocurrency from people and business pros to support citizens hit by the massive floods. According to its blog, advanced economies view blockchain as one of many economic ways to accommodate and unite. In contrast, developing economies like the ones in Africa will recognize the technology as an inherent backbone for a completely distinct commercial policy that will direct the clefts in the region’s current policies.

Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The cryptocurrency market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.

The infographic credits to  btxchange.io.

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