A recent report from Binance Research claimed Facebook’s Libra is as disruptive for the payments industry as SpaceX was for interstellar travel — but why? When it entered the rocket sector, SpaceX found an industry laden with high entry barriers and largely dominated by public market players, a Binance Research representative told Cointelegraph in an email. Therefore, the industry also yielded “little movement, as there were hardly any incentives to innovate beyond incrementally improving the product,” the rep said. “The same is true for the current payments landscape.” Borders…
Tag: Binance
Binance Sees 2,000% Employee Increase in Under 3 Years
Major crypto exchange, Binance, now has over 1,000 employees, showing tremendous company growth since its 2017 start. “When Binance first started in 2017, there were under 50 people,” Binance co-founder, Yi He, told Cointelegraph on April 23. “We have more than 1,000 employees today (currently at 1,002 and counting; we are welcoming new hires almost every day).” Binance kicked things off less than three years ago Binance conducted its ICO in July 2017, garnering $15 million in capital. The exchange opened one month later. “Though our team during this time was…
Binance Research Finds Libra Could Rattle Payment Sector Foundations
Binance Research dove into Libra’s most recent whitepaper, surfacing with a lenghty report, in part claiming Facebook’s proposed asset could significantly alter the payments world. “Libra’s envisioned global payment system could do to the payment industry what SpaceX did to the space industry: shake the foundations of a well-established sector with high entry barriers,” the April 22 report said, adding: “The mere advantage of issuing widely-available programmable money would already initiate manifold efficiency gains.” Libra’s outlook after a year of regulatory pushback After releasing its initial whitepaper in June 2019,…
Binance Issues ONT-Backed Token For DEX Trading
Growing the library of assets built on its own blockchain, Binance recently issued a new token backed by the crypto asset, Ontology (ONT). Built on Binance’s blockchain and governed by a series of parameters known as BEP2, the new token goes by the name ONT-33D, a Binance spokesperson told Cointelegraph in an email. Tokens are backed by ONT coins Each ONT-33D token holds a backing of one ONT coin, the spokesperson said. In theory, this should keep the token’s price the same as the ONT tokens traded on the open…