Crypto Guides, Knowledge & Insights

Binance CEO CZ Believes BNB Has The Potential To Become Bigger Than Apple And Amazon

Binance Coin could certainly topple the market value of leading traditional firms. The asset has recorded an incredible upsurge in value, and to speculate that it could continue in the same direction, resulting in a sky-high market cap that could outperform leading tech giants like Amazon and Apple is objectively valid.　　However, the head of the Binance exchange and the Binance blockchain, which the BNB coin is built upon, is not predicting that the above will be the case. He is in fact totally certain that BNB knocking out either of both companies will become a reality in no time.　　BNBUSD Chart By TradingView　　Can BNBs market cap surge past $1 trillion？　　Popular Bitcoiner and Crypto YouTuber Davinci Jeremie caused the CEO to make the big reveal when he tweeted the following:　　“I believe Binance coin BNB will be bigger than Apple or Amazon because its a stock, a crypto, and smart chain.”　　CZ, although disagreeing that BNB is a stock, responded in affirmation to the other parts of Davinci‘s tweets saying “Not a stock, but the other parts are spot on. Where we are going, we don’t need stocks.”　　Looking at current market metrics, CZ‘s assertion seems like a long shot. At press time, BNB’s market

2021-06-04Deep Dive

Banking and Financial Services Reignite the European Industry Region

Digital technology firms such as Backbase, SmartMessage, Abaka, and Creatio joined the foremost edition of Finnovex Europe to formulate evolutionary strategies for re-igniting the banking and Financial Services Industry (FSI) of the European Region.　　The Leading Summit on Financial Services Innovation and Excellence, which kicked off from May, 24 – 25, 2021 on the hosts virtual platform witnessed the attendance of CEOs, CDOs, COOs, CIOs, CISOs, CTOs, CROs Senior Vice Presidents, Vice Presidents, Directors, and Heads of departments from the Banking and FI industry. The event, being organized by Exibex, which took place virtually is a part of the Finnovex Global Series.　　This years edition was themed “Evolution Strategies for Reigniting the Industry” to reiterate the requirement for banks to build up their digital identity by leveraging technologies to stay relevant in the current digitalization era.　　The Head of CEE at Backbase, Pierre-Alexandre Boulay highlighted the “One-Platform Vision” roadmap for banks and financial institutions. These include – delighting customers, empowering employees, ochesterating value, and digitising operations.　　Backbase is a fast-growing fintech software provider that empowers financial institutions to accelerate their digital transformation and effectively compete in a digital-first world. It was founded in 2003 and privately funded, with headquarters in Amsterdam (HQ Global) and

2021-06-04Deep Dive

Elon Musk’s reputation plummets following his Bitcoin energy attack

Earlier this year, Elon Musk was considered a crypto hero following Teslas $1.5 billion Bitcoin buy. But according to sentiment tracking firm Awario, public opinion has since swung the other way.　　This change of heart comes following Musks announcement that Tesla would no longer accept Bitcoin as payment for its vehicles. The now infamous tweet gave an environmental justification for the action.　　Many considered this as an attack on the leading cryptocurrency. As such, its not surprising that attitudes towards the eccentric billionaire have sunk to a new low. But just how bad has it become？　　Awarios findings　　Data from Awario shows tweets of a positive opinion on Musk reached a new low last month. This corresponded with his U-turn on Bitcoin and the subsequent crash in its price.　　At the start of this year, tweets in favor and against Musk were level pegging in number. But by May, the ratio of positive-to-negative sentiment dipped by about a quarter hitting its lowest proportion since October 2020, which was when Awario first began tracking this metric.　　Back then, neutral tweets about Musk formed the biggest category, accounting for 66% of tweets. This was followed by negative tweets at 19.2%, and positive tweets bringing up the rear at

2021-06-04Deep Dive

Institutions Gobbling Up Cardano and Two Additional Altcoins During Crypto Market Plunge: CoinShares

Digital assets manager CoinShares says institutional investors are buying Cardano (ADA), XRP and Polkadot (DOT) as the crypto market struggles to recover from a massive correction.　　In a new report, the firm says that investors are adding positions to their crypto holdings amid the widespread plunge in the prices of digital assets.　　The report shows cryptocurrency investment products recorded a net inflow of $74 million last week after two weeks of record outflows worth $151 million.　　Data shows that Ethereum (ETH) attracted $47 million worth of investments in that period, accounting for nearly 27% of the inflows last week.　　CoinShares adds that proof-of-stake coins are the other most popular assets among crypto buyers with ADA, DOT and XRP attracting inflows worth $5.2 million, $3.8 million and $4.5 million, respectively last week.　　“Investment product flows indicate that altcoins remain popular with inflows into all altcoin investment products.”　　In the same time frame, Bitcoin witnessed outflows of $4 million.　　Overall, the amount of ADA, DOT and XRP under management (AUM) is valued at $27 million, $41 million and $45 million, respectively.　　Bitcoin (BTC) remains on top with over $30 billion in AUM, followed by ETH with $11.82 billion.

2021-06-04Deep Dive

Blockchain.com Hops on Miami Hype Train, Moves US Headquarters Away From NYC

Blockchain.com, which runs a crypto wallet and exchange, is moving to the Magic City.　　Miami Mayor Francis Suarez announced the news alongside Blockchain CEO Peter Smith this morning, not far from where the Bitcoin 2021 Conference officially kicks off tomorrow.　　According to Blockchain.com, the firm wants to hire 300 full-time employees by the end of next year, and in his City Hall announcement Suarez said the salaries would be between $80,000 to $140,000. The company certainly has the capital to expand its workforce. Its raised $420 millionin financing in the last several months—$120 million in a strategic growth round in February followed by $300 million for a Series C in March.　　At the time, Smith said the company planned to expand its product line, look to acquire other companies, and hire more employees, many of whom work out of London, San Francisco, and New York. While its moving its US headquarters from New York, it continues to list London as its global headquarters.　　Blockchain cited Miamis “welcoming regulatory environment” and its status as a financial center for Latin America as key factors behind locating there.　　Suarez has been a key pitchman for the city, attempting to lure FinTech firms and make Miami “the most crypto

2021-06-04Deep Dive

Security tokenization may be the next big use case for blockchain tech

Tokenized Apple, Tesla and GameStop stocks have surpassed $1 million per day in trading on cryptocurrency exchanges Binance and FTX.　　Is tokenization of securities the way of the future？ In an interview with Raiffeisen Bank International, the bankers leading its blockchain research hub stated that indeed, by 2030, most securities will have been tokenized. To gain a deeper understanding of how blockchain technology can transform traditional stock exchanges, Cointelegraph Research compiled a dataset of all security token offerings and found that almost $5 billion was raised in 2020.　　Cointelegraphs first report on security tokens explains how bond and stock tokenization works, how many assets have already been tokenized, what returns they have provided, and how they are regulated in different countries.　　A new opportunity　　A recent trend is the self-custody of securities and the reemergence of bearer financial instruments. Tokenization of financial instruments allows investors to remove securities from an exchange and send them to a new exchange with a private key.　　Exchanges can attract investors to deposit securities by offering them interest on their deposits for lending their securities to the exchange, which will in turn lend the shares to other borrowers. Exchanges may also allow investors to use their securities as collateral for

2021-06-04Deep Dive

The Biggest Online Bank In Russia Wants To Offer BTC To Its Wealthy Clients, But There’s A Problem

A top online banking institution in Russia, Tinkoff is interested in offering investors an opportunity to invest in cryptocurrencies, but it appears that this quest will be troubled by the highly uncertain regulatory policies in Russia.　　Tinkoff ranks as the largest online bank in the country, and according to its CEO, Oliver Hughes, various investors are already asking for crypto-based services.　　Unclear Legislation　　However, Oliver says that the current regulatory climate in Russia is unclear as pertains to the crypto market. First off, back in 2020, the Russian government approved and recognized Bitcoin as well as other cryptos as currencies, but that recognition doesnt seem to benefit the banks since the Russian Central Bank has outlawed crypto payments. Apparently, the Russian Ruble is still the only currency allowed to be used for payments.　　During an interview, the CEO told CNBC that under this unfavorable climate, Tinkoff doesnt have a clear framework to offer crypto services to Russian investors without ruffling feathers with the Central Bank.　　While there are issues like money laundering that bedevil the crypto world, CEO Oliver Hughes believes that the positives outweigh the negatives and that serious investors are already sold to the idea of crypto investments.　　Still, the Russian government, just like

2021-06-04Deep Dive

A decentralized platform is rebuilding the way freelancers find work

With the gig economy booming, a decentralized jobs site wants to rethink the way job providers and freelancers meet.　　By 2027, more than half of the U.S. workforce will be freelancers.　　That means that 86.5 million Americans will be part of the gig economy at least part time, according to a recent study by Statista. Thats up from 67.6 million this year, and the pandemic has only accelerated this trend, as a recent study of the $1.2 trillion industry showed 12% of the U.S. workforce tried freelance work for the first time in the past 12 months.　　And all of those decentralized workers will need to find and work with clients, which is where HYVE comes in.　　A decentralized platform designed to cut intermediaries out of the freelance and workforce industry, HYVE isnt planning to fix the business, which it says is broken.　　“We‘re not touching that with a 10-foot pole,” the company says. “We’re building it from scratch.”　　A community-governed ecosystem, HYVE wants to bring the power of the decentralized blockchain technology to every part of the gig economy. That means connecting workers with people and companies that want to hire them is just the first step. It also plans to bring smart contracts and

2021-06-04Deep Dive

Biden’s Crypto Tax Evasion Crackdown Could Also Hit Non-US Traders

The American President Joe Biden appears ready to go to war with tax evaders, particularly those seeking to make use of crypto – and has put forward a plan that could hit crypto traders outside the United States, as well as domestic users.　　In a set of Treasury proposals released last week, the department called “tax evasion using cryptoassets” a “rapidly growing problem.”　　The department wrote:　　“Since the industry is entirely digital, taxpayers can transact with offshore crypto exchanges and wallet providers without leaving the United States. The global nature of the crypto market offers opportunities for US taxpayers to conceal assets and taxable income by using offshore crypto exchanges and wallet providers.”　　The Treasury has proposed to remedy this by forcing America-based crypto “brokers,” namely exchanges and wallet providers, to pass on information to the Internal Revenue Service (IRS), the nations top tax body, on foreign customers that indirectly hold accounts on their platforms.　　The idea, it appears, would be to create a global network of tax bodies that shares information about overseas crypto tax evasion. The IRS would share its data with overseas governments – expecting to receive data on Americans hiding crypto on exchanges and wallet providers abroad in exchange.　　The Treasury wrote:　　“In

2021-06-04Deep Dive

Apple co-founder Steve Wozniak loses Bitcoin scam case against YouTube

A recent court ruling said that video hosting giant YouTube is not responsible for cryptocurrency-related scams posted on its platform.　　Apple co-founder Steve Wozniak failed to support his lawsuit against YouTube over an advert using his image to promote a fake Bitcoin (BTC) giveaway, Bloomberg reports.　　Santa Clara County Superior Court Judge Sunil Kulkarnia said in a tentative ruling Wednesday that YouTube and its parent firm Google are protected by Section 230 of the Communications Decency Act — a federal law shielding internet platforms from responsibility for content posted by users.　　Wozniak sued YouTube in July last year over a typical bogus crypto giveaway that stated that anyone who sends cryptocurrency to a certain address will receive more cryptocurrency in return. The Apple co-founder argued that YouTube not only failed to remove the fraudulent ads but “materially contributed” to the scam by selling targeted ads driving traffic to the videos and falsely verifying the YouTube channels that carried the videos.　　“If YouTube had acted quickly to stop this to a reasonable extent, we would not be here now. What human would see posts like these and not ban them as criminals immediately？” he said. In the suit, Wozniak reportedly noted that similar crypto scams

2021-06-03Deep Dive

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