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Binance Cryptocurrency Platform To Introduce Exchange Operation in Euro And Other Fiat Currencies

Binance cryptocurrency exchange platform will offer its customers the option of trading in Euro and other fiat currencies, according to Zhao Changpeng, its chief executive officer, in an interview with the Bloomberg news agency.

Changpeng said on Monday, June 11th, that Binance will allow the exchange with Euros at the end of 2018 and will add other fiat currencies, although he did not indicate which ones. These operations will be carried out through the headquarters of the Binance cryptocurrency exchange platform’s offices in Malta.

This exchange platform is the third with the highest volume of exchange worldwide and handles 12% of the total amount of the cryptocurrencies market, being surpassed only by OKEx and bitFlyer, according to data from Coinhills.

In March, Binance suffered an attack on its platform that led to a massive unauthorized sale of coins by a group of users through a malicious bot. However, this event did not negatively affect the performance of the bureau de change, which continues to be used by a large number of investors.

Binance will allow exchange operations in Euro and other fiat currencies via its offices in Malta

The Maltese government has expressed its interest in creating a legal framework to encourage the development of projects using blockchain technology, as well as the use of cryptocurrency, according to the Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri, at the end of April.

The Executive has already approved and presented to the legislative body three bills to regulate operations with cryptocurrency, cryptocurrency exchange platforms, and blockchain, without limiting their potential.

Thanks to this plan, large companies in the sector are moving their operations to the European country, including OKEx and Binance.

After this move to Malta, Zhao Changpeng said that “after reviewing the draft law, we are convinced that Malta will be the next seedbed for innovative blockchain companies and a center of the blockchain ecosystem in Europe.”

Now, Binance cryptocurrency exchange platform will allow exchange operation in Euro and other fiat currencies via its headquarters established in Malta.

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Crypto

Huobi Develops Its Own Blockchain, Huobi Chain, For A Decentralized Huobi Cryptocurrency Exchange

The Huobi exchange house, based in Singapore, wants to migrate its operations to a decentralized and participatory blockchain, for whose development it opened a competition to select the leaders who will carry out the plan. The project is called the Huobi Chain Project (HCP) and was announced by the Huobi Group on June 6th through its blog, adding that the initial investment will be 30 million Huobi Token (HT)(approximately $174 million).

In this regard, the company’s CEO, Leon Li, said that the main objective of the project is to gradually transform Huobi’s centralized platform into a decentralized and open source one, where the community can freely participate and regulate its operation. Thus, in Huobi Chain, the exchange of values, monetary collection, and other applications will be carried out in a decentralized manner.

The plan includes the gradual migration of Huobi to this new public blockchain and the upgrade of Huobi Token (HT) from a general token in Ethereum (ETH) network to one based on the new Huobi blockchain, according to the briefing note.

Huobi announced a Huobi Chain competition for attracting devs to help them move to a decentralized Huobicryptocurrency exchange

To launch its blockchain, Huobi also announced the bases of the Huobi Chain Superhero Championship (HCSCP) program, through which the company will choose the developers of the project, which will be implemented in 18 months, distributed in four stages. The first three months will be dedicated to the election of these leaders through this program, which began on June 6 with a public call for candidates and teams, which can be registered until July 5th.

It is also indicated that after the election, the Huobi Chian project will be led by these leaders, who will work with board members to oversee the process and contribute to its progress into new phases.

It is worth mentioning that Huobi is not the first cryptocurrency exchange platform to implement its own decentralized blockchain. Last March, another important exchange, Binance, announced a similar project when it launched Binance Chain which is a public blockchain designed to facilitate the transfer, commercialization, and generation of blockchain assets, which also required the update of its Binance Coin (BNB) cryptocurrency.

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Ripple (XRP) Price Surged As Binance Listed XRP/USDT Pair On it Cryptocurrency Exchange Platform

Binance cryptocurrency exchange reported quoting the XRP/USDT currency pair, which has caused the Ripple (XRP) to increase by 8% in only 1 hour. The listing has been great tidings for Binance traders, as the majority of XRP liquidity for Binance was represented by the XRP/BTC pair. The new trading paring facilities traders straightforward entry into a “safe haven” currency that they can resort to in the event of high volatility in the cryptocurrencies market.

Ripple (XRP) rallied 8% in just a single hour today just to come back slightly towards $0.90

CryptoCompare data reported that the XRP rallied 8% in just a single hour in cryptocurrencies markets. In all XRP markets, the volumes rose substantially to $635 million in the previous 24 hours.

Ripple (XRP) is strengthening against fiat currencies

Ripple (XRP) has publicly announced that it intends to expand the liquidity and availability of its proprietary XRP token. In so doing, it has become actively market-driven focusing on XRP to fiat currency pairings.

At the moment of this article, XRP is trading at $0.90, gaining about 2.12% in the last 24 hours. Now, with the aim of supplying a reliable liquidity pool, this, in turn, reinforces the use of the Ripple and the Ripple network solutions.

Binance cryptocurrency exchange XRP/USDT listing might reduce the correlation between Ripple (XRP) and Bitcoin (BTC)

Miguel Vias, Ripple’s XRP Market Manager, was very busy with the mission of strengthening XRP’s markets and narrowing its reliance with Bitcoin (BTC). In only one year, XRP/BTC’s overall share of the cryptocurrencies market has dropped to below 25%.

Binance’s XRP/USDT listing is expected to boost this under 20%, and Ripple’s proponents anticipate that it will diminish the powerful price link between BTC and XRP which exists at the moment.

In conclusion, Binance cryptocurrency exchange has listed the XRP/USDT pair which is expected by the Ripple (XRP) enthusiasts to diminish the correlation between XRP and Bitcoin (BTC).

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