Binance Earned $446 Million In Profits In 2018, Latest Analysis Shows

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.


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Author: Eduard Watson
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Nasdaq and Microsoft join forces to deliver blockchain services

Blockchain and cryptocurrencies have been an attractive proposition for a lot of traditional technology and financial companies recently and everyone is trying to board the bus in the best way they can. Same has been the case with Microsoft and Nasdaq who are coming together to deliver on the blockchain promise.

The partnership will offer blockchain based software

In the recent news report released by Bloomberg, Microsoft has said that’s its Azure blockchain services will integrate with Nasdaq’s Financial Framework, which offers software for traders, exchanges and clearinghouses to interact with each other.

The partnership will create a blockchain system that helps different technologies work together for Nasdaq customers. For example, it will make it easier to match buyers and sellers, and manage the delivery, payment, and settlement of transactions, the companies said.

Nasdaq Financial Framework plans to offer customers the ability to use different blockchains through one common interface, which the company hopes will ease and accelerate blockchain use and let customers choose which option is best for different situations.

The partnership will be announced Tuesday as Microsoft business development chief Peggy Johnson speaks at Bloomberg’s CIO Exchange conference.

Independently too, Nasdaq and Microsoft are doing their bit of work in blockchain and cryptocurrencies. Nasdaq has already announced plans list multiple cryptocurrencies as early as 2019. A couple of months back, Nasdaq reportedly hosted a closed-door meeting in Chicago with representatives from about half a dozen companies, including Gemini and other cryptocurrency exchanges. As per a report by Bloomberg, the gathering was aimed to encourage the industry to work toward improving the image of cryptocurrency by validating its potential role in global markets.

While Microsoft is supposedly joined hands with The Seattle-based coffee giant, Starbucks, and Intercontinental Exchange, is working to launch a new company called Bakkt that will enable consumers and institutions to buy, sell, store and spend cryptocurrencies on the global network.

In 2015, Microsoft and ConsenSys had partnered to offer Ethereum Blockchain as a Service (EBaaS) on Microsoft Azure so enterprise clients and developers could have a single click cloud-based blockchain developer environment.

With Microsoft and Nasdaq, both taking progressive strides in blockchain and cryptocurrencies is a super positive sign for the industry. Big names like these will contribute to goodwill and enforce trust into the cryptocurrencies industry- something that is very much required in the crypto industry today.


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Author: Divya Bhatia
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Ripple’s (XRP) xRapid Bags Three New Partnerships

Ripple (XRP) enthusiasts have long been complaining that Ripple, the overseer of the altcoin finds more use cases for the cryptocoin, saying many of the partnerships sealed by the company were not in favour of XRP.

Now, Ripple (XRP) has danced to their tune. The blockchain company announced that xRapid, which is one of the most viable tools for cross-border payments, and majorly powered by XRP, has sealed a deal with three exchanges.

LIONBIT

The decision is born of the fact that the success of xRapid depends on a healthy ecosystem of digital asset exchange partners across the world. These exchanges will give room for xRapid payments to be moved from one currency to XRP, and then into another as fast as possible.

In a release by Ripple, the blockchain technology indicated that Bittrex is going to act as the preferred digital asset exchange for xRapid. The exchange will cater for transactions performed through US Dollars.

Also, Bitso and Coins.ph are preferred for Mexican Pesos and Philippine Pesos respectively.

TIP

A statement by Cory Johnson, Chief Market Strategist at Ripple, “Bittrex is one of the biggest names in digital asset trading in the U.S. The same goes for Bitso in Mexico and Coins.ph in the Philippines. That makes today’s announcement an important development for xRapid.”

“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

Meanwhile the CEO of Coins.ph, Ron Hose said, “We are excited to be partnering with Ripple to bring the benefits of blockchain technology to cross-border payments, making sending money home more affordable for 10M+ overseas Filipino workers”.

So, below is what the company feels xRapid payment flow will look like from the U.S. to Mexico:

  • A financial institution, that has an account with Bittrex, initiates a payment in US dollars via xRapid which is instantly converted into XRP on Bittrex.
  • The payment amount in XRP is settled over the XRP Ledger.
  • Bitso – through its Mexican Peso liquidity pool – instantly converts the XRP into fiat, which is then settled into a destination bank account.

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Stellar (XLM) Partnership With IBM Backed By Australian Gov

There are +1,600 cryptocurrencies and platforms out there in the market that each of them presents a solution for the user. Some very user specific, and some in a global scale changing.



The cryptocurrency ecosystem is an on-second excitement trigger as the flux of new inventions that it receives is over-the-roof. That is why many individuals find it difficult to separate good from bad, or a sleeping giant from mere dust.

Stellar XLM

One of them, very worth to mention is Stellar [that goes by the XLM token] which has many arguments supporting to stand upfront over many other altcoins.

Despite the fact that Stellar runs on the same blockchain-tech like Bitcoin does, its advanced speed and resolving transactions within few seconds make it stand out alone.

In another end, Stellar gives users an edge to exchange Lumens with government-supported tenders. What this is saying is that it is possible for you to send fund to your friends in any sphere in a twinkle of an eye, and at the same time, they will receive it without any delay. Interestingly, it is possible they exchange it for any currency.

Money remittance has always been out of reach for the ordinary consumer and the entrance of the various digital currencies has been competing for the marginalized niche that forms the bulk of XLM consumption. With Stellar, banks can adapt their payment systems suit their infrastructural designs to be welcomed by institutional & individuals needs. It is very user friendly and dApp creator-welcoming.

Stellar Teaming Up

Open-source, distributed payments infrastructure Stellar (XLM) is aiming to surpass 3rd largest coin as it teams up with Keybase to improve cross-border transactions. Stellar has revealed that it is working with Keybase, a free security app for mobile phones and computers, to boost cross-border transactions. This is something that Ripple offers through its RippleNet blockchain platform that has over 100 member banks and financial institutions.

However, unlike Ripple, which is a for-profit enterprise, Stellar functions as a nonprofit organisation. Not only that, but while Ripple is considered to operate in a centralised fashion Stellar has taken a more decentralised approach.

Its list of partners is rich as no-other. One of Stellar’s strategic team-up, IBM has been awarded a contract by the Aussie government worth $750 mil. This is a move meant to transform Australia to an e-government using the blockchain technology.

If everything goes by plan, it will rank the nation as one of the leading e-governments to implement blockchain. Accordingly, quantum computing and AI will be set to high priority too.

On top of the cake, the Aussie gov plans to use Stellar’s block-tech to deliver social security welfare while being supported by IBM. Without doubt all the above will raise the token demand and increase the price many times. So keep an eye open for Stellar Lumens XLM as its success is looking very solid.

Trade safely and do not overtrade!


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Alex Tomzack
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Europe’s Cannabis Company, Royal Queen, Adopts Verge (XVG)

The rate at which Verge (XVG) is winning this time when other cryptocurrencies are staggering precariously is surprising. The Verge team seems not to be relenting at all especially this period that the crypto space has witnessed massive downturn.

One may think it is over, but in its latest partnership, the Verge team proves the pessimists wrong. Today, the Verge community woke up to another euphoric move by the team, when it announced a world renowned cannabis company, Royal Queen, is now accepting Verge.



Verge tweeted: “A world known cannabis seeds producer @royalqueenseeds is now accepting @vergecurrency payments via @CoinPaymentsNET. $XVG is the future and we are happy to have you by our side. Thank you for the support and welcome to #VergeFam! https://www.royalqueenseeds.com #XVG #Verge”

The company, which is situated in Europe is amongst the fastest growing cannabis seed companies in Europe, it has built years of experience growing cannabis seeds in the Netherlands. Royal Queen recently decided to launch its own line of cannabis seeds with quality feminized, autoflowering and medical seeds at a very cheap price.

Not long, Verge partnered with Panchanko, a company that designs and produces high-end audio cables. The company is known in the music industry for its efforts in producing well-refined audio cables.

In the same line, Bamb-U has indicated that it is now accepting Verge, favouring TokenPay as well. To add to the news, the company made known that it has put a 50% discount on every transaction made with Verge and TokenPay.

On the side of Verge, even though it is faced with different attacks, at the same time it is trying to proffer lasting solution to it. The Cryptocurrency sees partnership as one major way to shred off the bad talks it has been labelled with. If noticed, after every hack, the altcoin comes up with a partnership, appealing to its lovers and users in the crypto sphere and surely, the partnership may likely spring it up in the community.

Even though this huge development is not coming after an attack, there has been cases where Verge’s collaboration is succeeded with a spell.

After hackers took over the secured Cryptocurrency twitter account asking for fund, Verge requested for crowd fund worth 75,000,000 XVG from lovers to initiate a mystery partnership with traffic giant website, Pornhub.

Not the end, after Pornhub-Verge partnership, collaboration with other companies like Brazzers, TrafficJunky and a listing from Abra exchange surfaced.

Up till this end, Verge has been able to coast several sector of the world industries with its real world use cases. Verge is seen as a viable tool for payment in areas like health and construction sector as the altcoin partnered with DIOXYME and Heightcare.


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Ethiopian Government Partners With Cardano

The Ethiopian government signed a memorandum of understanding (MOU) announcing it was partnering with Cardano to help the local agriculture industry, reported The Next Web on May 3. 

Cardano will educate Ethiopian developers on how to use the blockchain technology with training through this agreement.


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Just signed an MOU with the Ethiopian Ministry of Science and Technology to explore training blockchain developers and use Cardano in the Agritech Industry

Charles Hoskinson

The Director of African Operations at Cardano’s parent company IOHK, John O’Connor, expressed that Ethiopian developers will be using Cardano’s platform by the end of 2018, but no start date has been announced yet.

“This year we will offer our first course in Africa, probably in Ethiopia, and expect the first cohort of Ethiopian developers to be contributing to Cardano code by the end of the year,” he mentioned.

By market capitalization, Cardano is currently ranked number 6 with a value of approximately $9.4 billion. The blockchain startup is using a Proof-of Stake (PoS) protocol instead of using a Proof-of-Work (PoW) protocol, which is more energy efficient.


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Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Porsche Is Using Blockchain In Their Cars (IOTA)

Porsche have announced they have begun testing blockchain applications within its cars. The purpose of this is to create it simpler to unlock and grant usage of their cars, streamline obligations and ultimately lead to much better and safer vehicles.

In late February, Porsche produced the announcement that it had been collaborating with XAIN, the German startup to successfully integrate and check blockchain in an automobile. They believe that it might have benefits, from locking and unlocking your automobile, including being used to provide usage of third parties at a particular date and time.

Porsche are confident that introducing blockchain may enhance the driving experience. Their purpose is that local data that’s collected on consumer blockchains could after that be shared securely with additional vehicles, that will lead to learning results which will make the driving encounter safer for all vehicles which are connected.


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Although they are the first ever to test the blockchain, other car producers have decided to interact. Take Volkswagen will work with IOTA, and BMW also have verified their partnership with VeChain Thor.

There has been a large amount of negative press with regards to car manufacturers and their customers, however the introduction of blockchain could go quite a distance toward putting these issues in it. The matter that is holding them back again may be the lack of confidence that folks have generally towards blockchain and scalability. Up to now, it have not shown that it could be effectively scaled without affecting the efficiency.

Therefore what is the near future for Porsche and blockchain? If it movements beyond the simple proof concept tests and out into real life usage of this technology, blockchain excellent be considered a massive game changer



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Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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