Even if Binance did not disclose the details of their earnings so far, The Block was able to find out how much the company earned by factoring the burn rate of the Binance BNB token, reports CryptoGlobe.
$446 million in 2018
The Block’s analysis determined that the company made $446 million throughout 2018.
The Block’s Lary Cermak explained that “As part of maintaining its coin, Binance uses 20% of its net profits to buy back BNB and eventually destroy 100 million BNB tokens, according to the whitepaper. After every BNB burning, Binance publishes a disclosure report.”
He continued and said that “So far, Binance has had six quarterly BNB burns, in which it destroyed a little over 10.8 million BNB. Every burn is done based on BNB price on the day of the burn, which means that if the BNB totals are multiplied by the price of BNB on the day of the burn, we can get a USD equivalent of 20% of the profits.”
And he also said that Binance’s profit is “simply five times the USD equivalent of each burn, if the firm is staying true to its whitepaper commitment.”
Profits were correlated with the bulls and bears in the market
According to the same analysis, the exchange’s profits have also been correlated with the swings in the crypto market.
Binance earned more during the bullish times, less and in the bearish ones.
Back in July 2018, Binance’s CEO Changpeng Zhao was predicting that by the end of 2018 the company should see $500 million.
The reports also show that the exchange traded about $664 million worth of crypto on a daily basis.
Binance to team up with Ripple
Binance was in the spotlight recently again after CZ made the Ripple and XRP community happy with his latest announcement that he would team up with Ripple to promote XRP adoption.
Zhao said that the details for this partnership had not been established yet, because for now, Binance has other priorities.
But he made sure to highlight the fact that this is definitely in the cards.
Jeff Schumacher, founder of BCG Digital Ventures, told CNBC during a panel discussion in Davos, Switzerland that Bitcoin will go to zero. In another interview with Fox Business, Fundstrat Global Managing Partner Thomas Lee said that Bitcoin can still go to $25,000, which he calls its fair value.
Analysts at JPMorgan Chase have predicted that Bitcoin is likely to plunge to $2,400 and eventually further to $1,260. Such differing opinions can confuse new investors who are looking to enter the crypto markets.
We believe that traders should focus on the fundamental developments in the crypto space, as well as on the price action on the charts. Cryptocurrencies as an asset class are here to stay.
Numerous blockchain projects are securing funding from traditional investors every month, which confirms that those investors are confident in the long-term promise of crypto. Crypto companies are introducing new products to attract institutional investors.
Moreover, efforts are in progress to integrate cryptocurrencies into the mainstream economy. It is only a matter of time before the bear market ends and a new bull phase begins.
However, this time, we don’t expect a vertical rise as seen in 2017. It will likely be a more gradual movement higher. A few of the top cryptocurrencies are showing signs of bottoming out. Let’s see if any of the top performers of this week qualify as a buy.
Tron (TRX) was the best performing cryptocurrency among the largest coins by market cap over the past week. In its weekly report, Tron said that it has over “150 DApps and more than 300 smart contracts.”
At the recent niTron Summit, Tron founder and CEO Justin Sun said that he expects the number of decentralized applications (DApps) on the network to surge to 2,000 by the year-end.
The TRX/USD pair is showing strength as the bulls are attempting to sustain above the overhead resistance at $0.02815521. As the cryptocurrency has been stuck in this range since mid-August, we believe that a breakout will result in a new uptrend.
The immediate target objective is $0.4, but we expect this to be crossed and the rally to extend to $0.05218328. Therefore, we suggest long positions on a close (UTC time frame) above $0.02815521, with a stop loss just below $0.021.
Conversely, if the cryptocurrency fails to sustain the breakout and drops below $0.02815521 once again, it will remain range bound between $0.0183 and $0.02815521. The sentiment will weaken if the bears push the price below the support of $0.0183.
Litecoin (LTC) has come up with a new tagline “Take control of your money and pay with Litecoin” and a new logo. The logo was first showcased during a UFC event sponsored by the company and was widely appreciated. Will the new vision help change the fortunes for the struggling cryptocurrency? Let’s find out.
The LTC/USD pair is attempting to put a bottom in place. After the initial pullback from the low of $23.090, the bulls have held the support at $29.349 for the past five weeks. This increases the probability of this level being a higher low. We will get a confirmation if the price breaks out of the downtrend line and the previous swing high of $40.784.
Long-term investors can expect the cryptocurrency to start a new uptrend if the price sustains above $40.784. There is a minor resistance at $47.246, above which the move can extend to $65.561.
Our bullish view will be invalidated if the bears defend the overhead resistance of the downtrend line, or the $40.784 mark. In such a case, the price will remain range bound between $29.349 and $40.784 for a few more weeks, before breaking out or breaking down from it.
Binance Coin (BNB) has made giant strides in the past few weeks and is now ranking 12th largest coin by market capitalization. Binance has become the latest exchange to offer a crypto-to-crypto over-the-counter (OTC) trading desk to benefit from the surge in OTC trading.
The company has rebranded its Trust Wallet as a multi cryptocurrency wallet, adding support to a larger number of blockchains and has improved its various features. Binance Charity has announced a Lunch for Children program that will help provide lunch to disadvantaged children in developing countries in Africa and elsewhere. Can BNB’s recovery continue or will it falter? Let’s see.
The BNB/USD pair has reached the resistance line of the descending channel. The 20-week EMA is also placed just above the channel. Therefore, we anticipate a strong resistance in the zone of $7.17–$7.7.
A breakout and close (UTC time frame) above this zone is likely to signal a trend reversal. The upside target is $12 and if that is crossed, the move can extend to $15. We retain the buy proposed in the previous weekly analysis.
If the position gets filled, we suggest traders book partial profits at resistance levels and raise the stops on the remaining amount. After all, the sentiment of the broader crypto market is still negative, so it is better to pocket small profits while one can, instead of waiting for a home run.
Our bullish assumption will be invalidated if the price reverses direction from the current levels. The downtrend will resume if the bears sink the coin below $4.1723848.
Dash recently released version 0.13 of its build, and 47 percent of masternodes have already transitioned to it. The cryptocurrency is already quite popular in Venezuela with over 2,600 merchants accepting it.
We expect the latest political crisis in Venezuela to attract more people to Dash, and this will highlight the importance of cryptocurrencies during times of unrest and crisis. Anypay and eGifter have partnered with coin, allowing customers to turn their DASH into eGift cards without converting to fiat. Can these fundamental factors propel the price? Let’s find out.
The long-term trend in the DASH/USD pair is still down. The bulls are attempting to form a higher low around $67. However, both moving averages are trending down, and the RSI is also close to the oversold levels. This shows that the sellers currently have the upper hand. If the bears sink the cryptocurrency below $56.214, the downtrend will resume.
The pair will show signs of strength if it breaks out of the overhead resistance zone of $103–$123. If that happens, a rally to $175 and above it to $224 will be probable. Another possibility is that the bears defend the immediate resistance at $103.261, resulting in a consolidation.
Monero (XMR) managed to end the week with minor gains even though it was in the news for the wrong reasons. A study published by academics from Spain and the UK has highlighted that about 4.3 percent of Monero’s total supply was mined illegally.
The crypto exchange Gemini chose to list Dash instead of Monero because its founders, the Winklevoss Twins believe that the regulators would be more favorable to Dash. When the price doesn’t fall even amidst adverse news, it is usually a positive sign. So, is it a good time to buy? Let’s find out.
The XMR/USD pair has been consolidating in a tight range of $38.5–$60.147 for the past eight weeks. A breakdown of the range will resume the downtrend and can push it towards the next support at $28.
On the other hand, a break out of the range can propel the cryptocurrency to the overhead resistance at $81. The downsloping 20-week EMA is located just below this level. Hence, we anticipate a strong resistance at $75–$81.
As the price is currently trading close to the yearly low, we are not suggesting any trades. We might suggest long positions if the pair sustains above $81.
On Friday (14 December 2018), Changpeng Zhao (nickname: “CZ”), the CEO of crypto exchange Binance, said that his firm felt more comfortable with venture capital (VC) investing now than when the crypto market was in a much more bullish mood and cryptocurrency prices were at their all-time highs.
The Binance CEO made his comments via Twitter earlier today:
While many VCs have “paused”, we are actually more comfortable investing now.
Valuations are more reasonable, most have prototype/product, only strong teams left. Much better investment opportunities than at ATH. https://t.co/fJKeB6MQdX
When CZ says that many VCs have “paused”, he is probably referring to comments made by Barry Silbert, the Founder and CEO of crypto-focused venture capital firm Digital Currency Group (DCG), on Wednesday (December 12th):
We’ve seen half a dozen fundraising deals fall apart over the past month after the lead pulled out. All is not well in crypto VC investor land
Good time to remind founders that a signed term sheet does not equal cash in the bank
So, how “comfortable” does Binance really feel about VC investing at the moment? Well, yesterday, the VC arm of Binance, which is known as Binance Labs, told crypto news outlet Coindesk that it “will launch new incubator programs in Berlin, Buenos Aires, Lagos, Singapore and Hong Kong come March 2019.”
Last month, Outlier Ventures, a VC firm that focuses on blockchain, IoT, and AI technologies, published a research report titled “State of Blockchains Q3”. This report said that “VC investments in the space at all time high as professionalisation of the industry continues”, and that this was due to the “drastic reduction in the frequency and size of token sales”:
“The drastic reduction in the frequency and size of token sales have created a gap that is now being filled by venture capital. VC financing is moving earlier in the funding cycle at Seed or Series A instead of the later stage, pre-ICO rounds we witnessed in Q2. Legal expenses, marketing costs and community building efforts are part of the reason why startups that don’t necessarily require a network or token have been avoiding token generation events completely. Until we see a recovery in Bitcoin’s price, it is likely that the model of token generation events that took center stage in 2017 would never return.”
In particular, the report found that:
“VC investments have surged from a total of $900 million in 2017 to $2.85 billion so far this year, a 316% increase”
“VCs are active across all funding stages with 119 deals disclosed this quarter the most ever as quality projects with developed products continue to receive financing”
“The US is still the dominant source of VC investments in the crypto space”
And yesterday, blockchain-focused investment firm Pantera Capital noted in its December newsletter (“Pantera Blockchain Letter”) that “there are many advantages of venture capital over ICO funding” (such as lower volatility), and that, in fact, “the majority of blockchain projects are better suited for equity rather than tokenization.”
Less than a week ago, the team at Binance announced that it was launching a Combined Stablecoin Market (USDⓈ) that would add more stablecoins in addition to Tether (USDT). The move was considered by many, as catering for institutional clients who would prefer multiple stablecoins rather than just one.
Binance already has the following stablecoins.
Paxos Standard Token (PAX) – listed on the 21st of September
TrueUSD (TUSD) – listed on the 16th of May
USD Coin (USDC) – listed on the 15th of November
PAX First To be Added To the Stablecoin Market
Soon after the aforementioned announcement (and on the 29th of November, Paxos Standard Token (PAX)was added onto the stabelcoin market to be a base currency paired with BTC, BNB, ETH, XRP, EOS and XLM.
True USD (TUSD) Added Onto the Stablecoin Market
Earlier today, Binance announced that it was also adding True USD (TUSD) to the stablecoin market. TUSD will be paired as follows:
Technical Delay for BTC, ETH and BNB Pairs
The trading pairs for TUSD had been scheduled to go live tomorrow, December 7th at 10am UTC. However, the team have delayed the listings of BTC, ETH and BNB pairs due to technical reasons. They have since updated the crypto trading community as follows.
Due to technical reasons, we will delay the listing of BNB/TUSD, BTC/TUSD, ETH/TUSD trading pairs to a later date. As such, we will keep the TUSD/BNB, TUSD/BTC, TUSD/ETH trading pairs listed until this date.
This means that only TUSD pairs with XRP, EOS and XLM will be listed tomorrow.
The CEO of Binance, Changpeng Zhao, took to twitter to apologize about the delay. He explained there was a bug that needed to be fixed. His tweet can be found below.
USD Coin (USDC) Likely To Be Next
With two out of three of the stablecoins listed on the new market, it is only natural to assume that it is only a matter of time before USDC is added with similar pairs on Binance.
Binance, a leading bitcoin and cryptocurrency exchange today unveiled a preview of their new (DEX). In a few months, the community-driven decentralized exchange will launch and enable traders to issue and exchange digital assets without having to deposit onto the central exchange. Development has gone from concept to built interfaces, check out a sneak peek of how it works below.
Send tokens to others on the DEX, and receive some in return
Burn tokens as needed
Freeze some tokens, and unfreeze them later
Propose new trading pairs, with the whole community having a say on the merits of the pairing
Send buy and sell orders through trading pairs the community created
Binance DEX makes it possible for funds to be more ‘SAFU’ than ever before. Users can have their DEX funds secured through decentralized wallet applications like Trust Wallet, which will store private keys only on a user’s personal device, so traders can retain full control over their funds and private keys.
Binance DEX will be maintained as a community project and is expected to launch early next year, while details on when Binance Coin will transition from ERC20 token to native Binance Chain asset will be revealed shortly.
To see an earlier preview of the Binance DEX, which shows how the coding works for the decentralized exchange, see below:
On Tripio, a blockchain-based hotel booking platform, Binance Coin (BNB) users are now able to book 450,000 hotels and residential accommodations using the BNB crypto token.
On December 4, Tripio officially announced a strategic partnership with Binance to enable more than 10 million active users in the Binance ecosystem to utilize BNB as one of the main currencies on the Tripio platform to process bookings.
Throughout the past two years, many large-scale conglomerates like Expedia, Microsoft, and Steam have announced cryptocurrency integrations. In July, a major Japanese point of sale (PoS) service provider was set to integrate Bitcoin for its hundreds of thousands of retailers.
Several weaknesses of cryptocurrencies as an asset class led leading merchants to temporarily give up on adopting digital assets as a payment method, and all of the abovementioned initiatives came to a halt.
Long verification periods, high volatility, and lack of liquidity were the three major factors which created a difficult ecosystem for merchants in the past, which have been solved through the implementation of scalability solutions, emergence of fiat on-ramps, and stablecoins.
In May, PayPal CFO John Rainey said:
“Because of the volatility of the cryptocurrencies, the merchants saw swings in crypto that threatened the viability of their businesses. If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction.”
Merchants have been actively exploring alternatives to PayPal and legacy systems for many years because of their high fees. On PayPal, conversion and base transaction fees often result in 5 to 6 percent of the transaction, not just for merchants but for buyers and individual users.
Cryptocurrencies offer an efficient and practical alternative to existing centralized systems for merchants, and incentive for merchants to ditch high fee platforms to adopt consensus currencies.
However, the cryptocurrency sector is still yet to capture the awareness of merchants, and there exists a significant number of steps to be taken to achieve mainstream merchant adoption.
Until merchants adopt cryptocurrencies, critics will most likely continue to push the narrative that even if it costs less than a dollar to process hundreds of millions of dollars on the Bitcoin blockchain network, if users cannot use it to purchase products and services with both online and offline merchants, the use case of the asset is limited.
The partnership with Binance and Tripio to open BNB to more than 450,000 hotels, following Tripio’s $20 million funding round in March led by major venture capital firms including OK Blockchain Capital, Ceyuan Ventures, Node Capital, F2Pool, and GENESIS Capital, represents an important milestone for cryptocurrency merchant adoption.
The next step in driving cryptocurrency merchant adoption is to lead major platforms like Expedia, Microsoft, and Steam to reconsider the integration of cryptocurrencies.
As the infrastructure surrounding the asset class strengthens and the awareness of digital assets generally increases in the long-term, leading platforms could naturally reconsider the possibility of adding digital assets as payment methods.
The volatility of cryptocurrencies, which the PayPal CFO described as an issue for merchants, have also been addressed with the emergence of regulated and audited stablecoins.
The cryptocurrency community has to continue building and strengthening the infrastructure surrounding the asset class to encourage merchants and large-scale conglomerates to consider the integration of digital assets.
The Binance Coin token (BNB), which currently entitles users to a 25% discount on exchange fees, has seen some serious trading activity over the past 24 hours, running it up by about 20% to over $6.00 before a slight pullback to $5.85.
There are a number of factors that could be at play. Increased trading as a result of Binance’s listing new stablecoins and subsequently attracting new traders is one possibility.
Another is that BNB is rallying on the news that Tripio had added the crypto token as as payment option to allow Binance’s 10 million users to make reservations at 450,000 hotels worldwide.
A third factor could be that the exchange is set to begin the process of conducting its quarterly buy-back commitment. Part of the deal with BNB is that they will use up to 20% of the exchange’s profits – which are sizable, it being the world’s largest crypto exchange and one of the largest exchanges in general, moving an incredible amount of money, over half a billion dollars a day.
Binance buys back up to 20% of its profits’ worth of BNB tokens and then destroys the repurchased tokens, as part of its design. The initial amount generated was 200 million, and there are 190 million left in existence.
During the first four years of its existence – now being in its 17th month of operation – a gradually decreasing discount is applied to regular exchange fees if they are paid in BNB. Demand for the token is therefore generated by traders who want to save on fees, and those who purchased at lower prices can now also garner a profit on the tokens themselves, while essentially trading them for free.
BNB is primarily traded on Binance, with very minor (by comparison) trading also happening at HitBTC, LBank, AirSwap, and others.
It’s hard to put a ceiling on the value of BNB since its primary use case is not an exclusive one. Being that people are not required to pay exchange fees in BNB – although they are incentivized to do so – if the price of a BNB gets too high, it can become less desirable to use for its intended purpose and instead become more of a commodity for exchanging. The less that people want to use it for paying fees, the lower its demand will go. Thus, it’s one of the harder tokens to assess and predict performance on.
Yet, whatever the case, it’s doing well in a mediocre overall crypto market.
An exchange is only as good as its liquidity. There are hundreds of exchanges to choose from, and many have chosen Binance, which was originally based in China and funded through an ICO. Binance is far and away the largest exchange in the world by volume and users, most days almost doubling the volume of its nearest competitor.
As we reported yesterday, Binance is in the process of creating a combined stablecoin market they’re calling USDⓈ, and now within that market Paxos Standard is to be a base token, CCN has learned.
At time of writing, PAX was still only trading against USDT in the market, but according to a press release received Tuesday morning, several other pairs will soon be added to the exchange.
When trading commences, PAX will have six trading pairs listed on Binance’s USDⓈ Markets against BNB, BTC, ETH, XRP, EOS and XLM.
USDT is still by far the most used stablecoin on Binance, but it seems they are testing the waters with other tokens. The situation prior to the addition of the above-named pairs was that the user would have to convert PAX to USDT in order to trade on most of the pairs in the USDⓈ market listings. While this is still somewhat the case following the move, it demonstrates that Binance is looking to experiment. And, for what it’s worth, at time of writing PAX was trading at a premium against USDT – 2 cents. Over the course of $1 million that adds up to a $20,000 arbitrage opportunity. For its part, Paxos’ Dorothy Chang, head of Marketing, says that clients who want to see more pairs should use the Pax token on the exchange and request more pairs be added:
More will be added according to customer demand, so if people want more- they should keep asking Binance to add more pairs to trade with PAX.
Trading of the new PAX pairs should open on the morning of November 29th. If the volume on these new pairs is significant enough, Binance will add more pairs, as it has done with USDT. There is still no word on when or if Binance will integrate USDC or GUSD. To be fair, these tokens are both issued by competing exchanges – in the case of USDC, the creator, Circle, owns Poloniex, which is senior in age to Binance and would love to unseat it as the king of exchanges. But Paxos is issued by itBit, which also operates an exchange.
The creation of the USDⓈ Market on Binance opens speculation that Binance may be working on its own stablecoin offering. They certainly have the scratch to back it, but historically they have shied away from too much interaction with the banking system, preferring to be a clearinghouse and premier trading platform for multiple cryptocurrencies.
Binance is advising its remaining users in Iran to withdraw their money as the cryptocurrency exchange seeks to comply with international sanctions.
“If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible,” reads an email received in recent days by Iranian users, according to several local sources.
Sepehr Mohamadi, chairman of the board of the Blockchain Association of Iran, said emails like this have been trickling in for months, but their numbers recently increased following renewed U.S. sanctions, which activated on November 5.
At first, Malta-based Binance, which declined to comment for this article, was mainly shuttering accounts of users who provided Iranian passports as part of the know-your-customer (KYC) process, according to sources in Iran. But this week it also began warning accounts connected to Iranian IP addresses to get their crypto out, several Iranian traders said.
“Iranians are not really able to trust cryptocurrency exchanges,” Nima Dehqan, a researcher at the Tehran-based blockchain project Areatak, told CoinDesk. “That isn’t really something new.”
Indeed, BitMex and Bittrex are just a few of the many exchanges that banned Iranian users over the past year, sometimes without refunding the crypto they held for these customers.
“It would be difficult [for the exchanges] to serve users in these jurisdictions if they want to serve American citizens,” John Collins, a partner at the FS Vector consulting firm in Washington, D.C., and former head of policy at Coinbase, told CoinDesk. “It’s logical to say that many companies are looking to the States right now and adapting to the U.S. regulation.”
As such, Dehqan said this has forced the Iranian bitcoin community to band together to create local businesses and support networks.
“We do actually have cryptocurrency groups in Telegram or WhatsApp for people who want to change their cryptocurrencies in person,” Dehqan said. “People have to trust each other. It’s a bit of closer-knit community in Iran.”
Some vendors have even set up physical shops and conduct traditional KYC, just in case Iranian authorities ask about their activities.
Stepping back, U.S. regulatory crackdowns against trading platforms such as EtherDelta have inspired some exchanges that serve American customers to start being more cautious about KYC requirements. And, according to SimilarWeb, roughly 13 percent of Binance’s website traffic comes from the U.S.
“Regulators are starting to focus more on exchanges,” said attorney Nelson Rosario, who specializes in legal issues related to cryptocurrency at the Chicago-based firm Smolinski Rosario Law. Regarding Binance’s moves to de-risk, he added:
“This is an example of how operating a business that deals with people all around the world can be extremely complex and it is nearly impossible to identify all the potential pitfalls in advance.”
However, Rosario noted, Binance doesn’t have any operations in the U.S. and regulators have been paying the most attention to local companies.
Mining for themselves
Binance is cutting ties with Iranian customers at a time when Iranian authorities are reportedly moving forward with plans for a national cryptocurrency akin to Venezuela’s petro.
Mahmoud Eskandari, a Binance user and blockchain developer in Tehran, told CoinDesk he worries the government wants to “completely dominate the economic crisis” by controlling the crypto market.
Such concerns are driving many Iranian crypto fans to establish small mining operations, rather than rely on external platforms.
The narrowing range of exchange options has not dampened crypto fever among Iranians, however.
Dehqan said the Binance news isn’t having a dramatic impact on Tehran’s bitcoin community because more Iranians mine cryptocurrency or hodl their assets, to hedge against inflation, than engage in speculative trading. He added:
“The sanctions don’t have much effect on mining bitcoin. It’s actually profitable in Iran, compared to other countries.”
Over the past year, Dehqan said Areatak has received inquiries for more than 1,000 colocation mining contracts, setting up the infrastructure and charging miners a percentage of their earnings, because electricity is so cheap.
Dehqan estimated cryptocurrency mining in Iran requires a quarter of the electricity costs, less than a single cent per kilowatt hour, than mining in most industrialized countries.
“Many people from other cities come to Tehran to buy mining devices,” said Eskandari, who also mines both bitcoin and ethereum. “My friend sells Antminers and mining devices in Tehran. He sold about 100 devices in the past month.”
According to Iranian news reports, local regulators are also hammering out a legal system for tallying this burgeoning mining industry.
“We have a lot of investors that have visited Iran since the World Mining Summit,” Dehqan said. “All and all, you can actually access buying cryptocurrency in Iran and that’s the only thing that matters.”
Crypto-keen travelers in Japan may soon be able to use digital tokens to pay their way as they move around the country – with airport taxi services and luggage storage facilities in major cities launching crypto pay pilot initiatives.
The operators of a nationwide baggage storage service and a Ethereum ERC 20 protocol token say they have partnered with stores, guesthouses, tourist information centers and storage facilities in Tokyo and Osaka, as well as businesses on the island of Hokkaido – a popular destination for domestic and international tourists. Partner companies agreed to take part in a pilot scheme whereby travelers settle their luggage storage bills using digital tokens rather than Japanese yen.
The coin’s operators say their token, NinjaCoin, has recently been listed on British exchange platform Mercatox.
Meanwhile, per Bloomberg, Hinomaru Limousine – a Tokyo-based airport pickup service with a fleet of some 500 vehicles – has begun on an ambitious three-month pilot whereby customers can pay for their rides in Bitcoin, Bitcoin Cash or Ethereum, travelling from either Narita or Haneda, the country’s two busiest airports to the metropolitan Tokyo area.
The company’s pilot is being conducted in conjunction with Remixpoint, the operator of Financial Services Agency-licensed exchange platform Bitpoint.
Remixpoint is one of Japan’s largest energy companies, and last month announced it would begin integrating Bitcoin pay “to address growing demand” – allowing Bitcoin customers access to a range of discounts and special offers.
Last year, Peach, a Japanese budget airline, made headlines all over the world when it announced that it intended to begin accepting bitcoin ticket purchases – although over a year later, the airline’s crypto pay service is still yet to materialize.
However, cryptocurrencies find their way into the travel industry not in Japan, only.
As reported in October, local government authorities in Australia have given their blessing to a deal that will see cryptocurrency exchange giant Binance invest USD 2.5 million into TravelbyBit, an Australian crypto startup – potentially opening the door for crypto pay options for travelers at international airports.
Earlier this year, the company announced that “travelers from all over the world are now able to pay using digital currency at Brisbane Airport, the world’s first digital currency airport.”
In January, TravelbyBit published a story about Robert, an eighty-year-old Singaporean Bitcoin investor, who traveled Australia on crypto.