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Binance Labs, the venture capital and incubation arm of Binance, has committed $15 million to Xterio to boost its Web3 game platform with AI technologies.

Xterio is an operating company and strategic partner for Binance. Xterio aims to bridge free-to-play games and blockchain gaming with in-house and third-party games currently in development. The investment from Binance Labs will help Xterio expand its game development capabilities by integrating AI and launching its tokens.

Xterios founding executive team has experience in tech, Web2 gaming, and entertainment companies, such as FunPlus, Ubisoft, Krafton, Jam City and NetEase. The investment is going into the operating company, Xterio, and not the Xterio Foundation. Xterio has 80 employees.

The team has a lot of expertise in creating and maintaining high-grossing, free-to-play social games on PC and mobile. Binance Labs will support Xterios growth, and Xterios token will become part of the BNB Chain ecosystem as part of the long-term strategic partnership.

Xterio said its ecosystem is growing rapidly, with a diverse suite of cross-platform games scheduled to be released on PC and mobile. The ecosystem will also feature digital collectibles distributed via Xterios web platform and marketplace. Xterio caters to a wide range of gamers with games such as Overworld; the strategic depth of Age of Dino; and intense action through 3T.

Xterio plans to utilize the investment to expand its AI capabilities, develop AI-driven interactive experiences, and resolve AI provenance issues in Web3.

Currently, Xterio is in the process of developing an AI toolkit that generates style-consistent, production-quality 2D and 3D assets while also offering an emotion engine for artificial intelligence. This technology will be accessible to all content partners within the Xterio ecosystem, aiming to provide users with meaningful companionship that goes beyond the utility typically associated with AI.

This significant capital commitment affirms Binance Labs long-term view of Web3 gaming and recognizes Xterio as a top-tier, globally impactful Web3 game platform, said Michael Tong, cofounder of Xterio, in a statement. Binance Labs investment enhances our ability to launch a transformative ecosystem token and high-quality games. In partnership with Binance Labs, we envision unlimited potential and aim to reinforce our position as a leading Web3-focused publisher with a global reach, utilizing our East and West teams.

Xterio Foundation was founded in Switzerland with a council and a team of technology and entertainment leaders with deep free-to-play games experience. Its mission is to develop, publish, and distribute high-quality Web2 and Web3 games and interactive entertainment.

Binance Labs has grown to be worth over $9 billion and has a portfolio that covers 200 projects from over 25 countries across six continents.

The Xterio ecosystem is expanding faster than ever and bridges free-to-play genres with on-chain gaming enhanced by AI capabilities, said Yi He, cofounder of Binance and head of Binance Labs, in a statement. The Xterio core team brings together experienced Web2 professionals with Web3 expertise, we look forward to closely working with them to allow gamers around the world to experience rich on-chain gameplay.

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Binance commits $15M to Xterio to boost Web3 game platform with AI - VentureBeat

The US dollar has become expensive on Binance.US since it lost its banking partners last month, with fiat pairs for cryptocurrencies trading at nearly 8% discount.

In effect, the US dollar has depegged from the stablecoins the opposite of what usually wracks crypto nerves.

Liquidity lower than demand has apparently pushed USD prices higher on Binance.US. Just 0.93 of a pegged stablecoin like tether (USDT) or USDC will get you one whole US dollar on the platform.

That means a whole US dollar would fetch 1.078 USDT, rather than one flat. US dollar values began rising around June 20 after fiat deposits and withdrawals were shut down.

Over at Coinbase, the US dollar trades at a cool one whole stablecoin. Top stablecoins have not varied greatly from their pegs on any other platform, at least not since Circle dropped to $0.94 in March, as the brief US banking crisis struck Silicon Valley Bank.

So, its clear that US dollars have become popular on Binance.US after it halted over-the-counter trading and suspended US dollar deposits and withdrawals in early June.

With the dollar trading at a premium, Binance US crypto prices are all out of whack.

Buying bitcoin (BTC) with USD? Youll pay just $27,900 for a whole one, but if youre buying with tether, youll fork out more than 30,800 USDT the same price reflected across crypto markets.

Similar discrepancies appear in Binance.USs dollar markets, including those for ether (ETH), cardano (ADA), polygon (MATIC) and dogecoin (DOGE).

CoinGecko reports many Binance.US dollar markets are much shallower than their stablecoin counterparts.

About $2 million in BTC-USD volume has been traded on Binance.US over the past day, and about $1.6 million in USD-USDT. A Binance US spokesperson did not immediately return a request for comment.

Binance.US initially warned it could halt all USD trading pairs June 13, pending a potential asset freeze requested by US regulators.

Any USD balances were to be converted to stablecoins after June 15. Neither outcome came to pass after striking a deal with the SEC.

Price differences like these normally present opportunities for arbitrage exploiting market variances for profit.

But to do so would take bringing in US dollars, acquired for $1, to sell at a markup on Binance.US. Thats currently impossible as users can no longer deposit or withdraw fiat.

Binance.US has struggled with odd pricing for months now. In May, BTC and ETH traded at more than 3% premium compared to rival platforms due to poor liquidity.

That gap closed within about two weeks, although the current situation may last much longer.

Updated Jul. 10, 2023 at 11:41 am ET: Corrected exchange rates.

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US dollar shortage drives down bitcoin, ether prices on Binance.US - Blockworks

Leading cryptocurrency exchange Binance has recently announced its delisting its XRPUP and XRPDOWN leveraged tokens on July 25 at 6 am UTC, in a move that comes at a time in which both Binance and Ripple Labs were sued by the U.S. Securities and Exchange Commission (SEC) over the sale of alleged unregistered securities.

According to Binances announcement, both leveraged tokens offering users exposure to long or short $XRP are going to be delisted from the platform at the specified date, and users are advised to redeem their tokens via the wallet function before it arrives.

The announcement details that if users are still holding their leveraged tokens after theyre delisted Binance will convert them into Tethers USDT stablecoin based on the net asset value they had at the time of delisting.

Leveraged tokens, its worth noting, provide traders the opportunity to magnify their exposure to specific cryptocurrencies such as XRP. Using a sophisticated algorithm to adjust the tokens leverage in real time, these leveraged tokens ebb and flow with the price movements of their underlying cryptocurrency. This essentially means that as XRP appreciates, the leverage of its associated token follows suit, and vice versa.

For instance, a 3x long leveraged token pegged to XRP has the goal of mirroring thrice the daily percentage fluctuation of XRPs price. Hence, when XRP experiences a 1% rise, the token should ideally surge by 3% The mechanism works both ways, however, and if XRP slides by 1%, the token should slide by 3%.

The delisting comes at a time in which Binance and Ripple, a major player in the XRP space, are both dealing with lawsuits from the SEC, which alleges both violated securities laws in different ways.

Notably, as reported, large holders of XRP, colloquially known as whales in the cryptocurrency space, have reportedly amassed a staggering 1.1 billion XRP, equivalent to roughly $570 million, since February.

Earlier this month, as CryptoGlobe reported, XRP whales accumulatedover 360 million tokensafter the price of the cryptocurrency tumbled by around 12% within a single week. The dip was enough for whales holdings between 10 million and 100 million XRP tokens to add to their stash.

Notably, a discernible pattern in the activity of daily active addresses might indicate that the native token of the $XRP Ledger, XRP, issetting the stage for a significant price pump. The pattern has seemingly been spotted on multiple occasions in the past, leading to notable spikes.

Featured image viaPixabay.

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Binance to Delist $XRP Leveraged Tokens Amid SEC Lawsuits - CryptoGlobe

Binance's flagship event will bring together the industry's leading innovators, policymakers, thought leaders, entrepreneurs, cultural icons, and blockchain enthusiasts for "The Next Billion: Empowering the Future of Web3"

ISTANBUL, July 13, 2023 /PRNewswire/ -- Binance is excited to announce that its flagship Binance Blockchain Week conference is coming to Istanbul, Turkey on November 8 and 9, 2023. Binance Blockchain Week brings innovative leaders and conversations together to further the development and adoption of blockchain and Web3. The event will focus on the future of Web3, including how blockchain and crypto can empower the next billion people to improve their everyday lives.

The conference will feature over 100 prominent leaders, innovators and influencers as speakers across two stages. People will engage in valuable conversations around Web3 and the latest industry innovations, trends and issues evoking ideas, facilitating development, making connections, and finding solutions to challenges.

More than 2,000 people are expected to attend from all over the world, with millions more tuning in to the event virtually through Binance Live's stream. A wide range of topics and discussions will be explored, including how to empower new blockchain users and participants, as well as the ways to establish a cooperative future between traditional and decentralized finance. The conference will also host immersive exhibitions and workshops on building businesses, bootstrapping, and creating successful projects on the blockchain.

"We look forward to hosting the global community and innovators at Binance Blockchain Week. Our objective is to continue building the Web3 and blockchain industry together, expanding on its potential to improve financial equity and positively impact society overall," said Yi He, Co-Founder and Chief Marketing Officer at Binance.

"Turkey is a strong backbone of the global crypto ecosystem. On top of having one of the highest crypto adoption rates globally, Turkey is also where traditional finance embraces the future of blockchain. It's a dynamic destination for attendees to learn more about blockchain and be part of the new era of finance as we gather in a leading region of innovation to build for the future of the industry together," added Yi.

Join Binance for a vibrant conference exploring how blockchain and crypto can empower the next billion people worldwide. Tickets are on sale now, with early bird specials available for those who are fast.

The upcoming event in Istanbul follows the incredible successes of Binance Blockchain Week in Dubai and Paris last year. Follow Binance for more information and updates on the event. For sponsorship and partnership opportunities, please reach out to the events teamat [emailprotected]binance.com.

About Binance.com

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by trading volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more. For more information, visit: https://www.binance.com

SOURCE Binance

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Binance Blockchain Week Brings the Best of Web3 to Istanbul - PR Newswire

According to crypto security-focused firm PeckShieldAlert, the US Government has moved 9.8K Bitcoin (BTC) worth $324 million into multiple wallets. According to the firm, the coins were moved from wallets connected to government law enforcement seizures.

Out of the total amount moved, 7.76k BTC was distributed among 98 addresses, with each receiving 79.2 BTC. However, PeckShield noted that two addresses have transferred their holdings, worth $4.86 million in total, to Binance.

#PeckShieldAlert ~9.8k $BTC (~$32.4M) from wallets associated with US Government law enforcement seizures were moved ~7.76k BTC has been distributed among 98 addresses, with each address receiving 79.2 $BTC, 2 of them have transferred ~158.4 BTC (~$4.86M) to #Binance ~279.9 BTC pic.twitter.com/1D7WkRrlgJ

Although it is unclear if the Bitcoins (BTC) are from one seizure or many, it should be noted that PeckShieldAlert has used Silk Road as a hashtag. Silk Road was a darknet marketplace for illicit goods and activities, which is now defunct. In November 2022, the US Department of Justice seized $3.36 billion worth of BTC connected to the Silk Road. Therefore, it is possible that the current movement of coins is related to the ones which were seized last year.

Also Read: How much Bitcoin does the U.S. Government Hold?

At the moment, the reason behind the movement is unknown. It is possible that the government is organizing its seized digital assets into various wallets based on different cases.

However, it is important to note that two of the addresses have moved their holdings to Binance. This opens up the possibility that they may be sold and re-enter the market. If the assets are sold, it could lead to a volatile price swing for BTC. Moreover, this could also mean that the remaining BTC, which is now in hard wallets, could also re-enter the market.

Although the picture is not clear as to why government-seized Bitcoins are moving into different wallets, many have pointed out that the flow of BTC into Binance is surprising, given that another government agency, the SEC, is suing the exchange.

The move is ironic given that the Justice Department and the US SEC are under the same Constitution. While one is suing Binance for the alleged sale of unregistered securities, another is using it for potentially selling or storing assets.

The US government is a mess. Suing an exchange while using it

Nonetheless, the US government has not yet made any announcements about its Bitcoin (BTC) transfer. If they are indeed trying to sell the BTC, it would not be the first time they have carried out similar activity. In March 2023, the government sold $215 million worth of Bitcoin (BTC) connected to the Silk Road seizure. Moreover, they expressed plans to sell a total of $1.18 billion worth of BTC over time.

Also Read: US Government to Sell 41,500 Bitcoin ($1.18 Billion) Connected to Silk Road

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Will the US Govt Cause Bitcoin Price Volatility Post 'Binance Move'? - Watcher Guru