Mediaboss Marketing

Binance [BNB] has cemented its place as one of the top centralized exchanges in the crypto sector. Its native stablecoin BUSD, however, did not see the same dominance and has struggled to keep up with the likes of Tether [USDT] and Circle [USDC].

Is your portfolio green? Check out the BNB Profit Calculator

Binances recent burn of BUSD could improve its position in the stablecoin race. Arkham Intelligences data indicated that Binance burned 700M BUSD to the Null Address on 18 May. They also burned $250M USDC by the Mint and Burn address.

For context, a Mint and Burn address is used in cryptocurrency systems for creating new tokens (minting) and permanently removing tokens from circulation (burning). It serves as a mechanism to regulate token supply and maintain stability.

Burning tokens can be seen as a measure taken by Binance to enhance stability and instill confidence in the remaining token holders. By reducing the overall supply, Binance aims to mitigate inflationary pressures and maintain the value and integrity of BUSD and USDC tokens.

However, the burning of these tokens did not result in much positivity for the stablecoins. According to Santiments data, the market cap for BUSD and USDC continued to decline, whereas USDT dominated in this sector.

Even though the BUSD stablecoin still had a long way to go to get to the top of the stablecoin market, the Binance protocol was doing relatively well.

According to data from Coingecko, there has been a significant increase in trading activity on the Binance exchange over the past week.

The increased trading activity on the Binance exchange suggests growing market interest and participation, which can potentially lead to higher revenue for Binance through transaction fees.

It may also indicate a strengthening position for Binance as a preferred platform for cryptocurrency trading, attracting more users and fostering liquidity.

Realistic or not, heres BNBs market cap in BTCs terms

Despite the popularity of the Binance exchange, the state of its native token BNB continued to see problems. Notably, BNBs price reduced from $342.58 to $309 in the last week. In tandem with the declining price, the volume of BNB being traded also fell materially during this period.

Read the original here:

Binance burns BUSD, USDC: How will the stablecoin market react - AMBCrypto News

Binance, the worlds largest cryptocurrency exchange, is set to celebrate the 13th anniversary of Bitcoin Pizza Day with global community meet-ups, highlighting the immense growth and acceptance of digital currencies since the first-ever Bitcoin transaction.

The worlds premier cryptocurrency exchange, Binance, is poised to celebrate the 13th anniversary of the momentous Bitcoin Pizza Day. This event marks the day when two pizzas were exchanged for 10,000 BTC in 2010, signaling the dawn of a new era in the world of cryptocurrencies. The celebration serves to underscore the paradigm shift this event instigated within the realm of digital currencies.

Kicking off in Naples, Italy the home of pizza on May 21, Binance plans to host a series of engaging community meet-ups around the globe. The festivities will continue with unique pizza-themed celebrations in ten countries: Brazil, Bahrain, Pakistan, Vietnam, Sri Lanka, Cambodia, Uruguay, Mexico, Argentina, and New Zealand. The festivities will be marked by Binances takeovers of local pizzerias and pizza vans, infusing the crypto theme into this universally loved delicacy.

Simultaneously, the crypto community worldwide is invited to partake in the festivities virtually via social media and the Binance app. Participants stand a chance to win the crypto equivalent of a years supply of pizza by sharing their unique Binance-themed pizzas using the hashtag #BinancePizza, or by successfully collecting all the Pizza Flavours in the Binance app. The online celebration will culminate in a virtual live meet-up on May 22, featuring Binance CEO CZ and prominent Binance Feed creators discussing the enduring significance of Bitcoin Pizza Day.

Binance sees Bitcoin Pizza Day as a powerful symbol of community strength and the growing acceptance of Bitcoin in our everyday lives, says Yi He, Binance co-founder, and CMO. She further emphasizes Binances commitment to fostering mass adoption and creating practical use cases for crypto in daily life. Each Pizza Day event promises activities, rewards, free pizza, and opportunities to win Binance merchandise. For instance, the first 500 event registrants in Naples will enjoy free Binance style pizza and drinks and participate in a pizza-making contest for Binance prizes.

Bitcoin Pizza Day represents a monumental milestone in the crypto industry. It showcases the industrys incredible growth and the path it has paved for digital currencies over the last 13 years. As always, Binance remains steadfast in its mission to enhance monetary freedom, believing that rising crypto adoption will further expand opportunities for financial liberty. Binance is honored to commemorate this significant day alongside its dedicated and progressive community.

Visit link:

Binance Marks 13th Bitcoin Pizza Day with Global Celebrations: A ... - FinanceFeeds

The worlds largest crypto exchange by volume, Binance, is making big bets on M&A this year, paying particular attention to geographical gaps and customer base. And to help the exchange get there is the companys chief business officer, Yibo Ling.

He joined Binance nearly seven months ago, after stints at Bird and Uber. Lings role at the company focuses on VC investments, strategic M&A and business development. And theres a lot to look at there; Binance Labs, the exchanges VC arm, has a portfolio valued at about $9 billion right now, Ling shared. Thats well in excess of 10x return.

I sat down with Ling at Consensus 2023 to learn more about Binances focus for investments, layer-1 blockchains, geographical and product growth for the business, among a ton of other things.

(Editors note: This interview has been edited for length and clarity.)

I know you just started recently, but what are the profitability metrics that Binance looks at as its north star? What are the most impressive or important metrics? And how has performance been?

In my role as chief business officer, I dont primarily focus on operating the exchange, I focus on the deal work that we do. So all the outbound VC investments that focus on strategic M&A, bringing in capabilities to the core exchange I focus on our commercial business development relationships. So Im probably not the right person to talk about that but yeah, the business seems pretty healthy. Clearly the market has meaningful impact, but the business is doing quite well.

When you look at VC investments and strategic M&A, what areas is Binance focusing on and most interested in?

Our VC arm, we call that Binance Labs, and the mission there is really this notion that a tide lifts all boats. So the investments that we do are basically across the board. Thats why its actually good for me to be in places like this [at the conference], because there are so many projects, working on different things. And we very generically invested in almost everything. So let me get more specific in that, but we also invest upstream and downstream.

So we invest in the growth stage, we invest in early stage, seed and [Series] A. Our preference and our focus is on seed and [Series] A going early stage, because thats where we think we can add the most value. But all of that is just to zoom back to the broader thing that were focused on from Labs perspective. We think that theres just so much potential for growth, for disruption, for improvement in many aspects of how people go about their lives. And so that can be enabled by web3 and blockchain technology. And so, ROI and return metrics are important for us there on that side of the house. The value of our portfolio is around $9 billion right now. Thats well in excess of 10x return. Again, mostly in the early stage, some in later-stage investments.

For the most part, we dont exit our investments because were able to buy and hold them really, really long term because of the mission. At this point we have probably over 200 portfolio companies on every continent other than Antarctica. We also have incubation, not just sort of direct investments. And so about a quarter of those portfolio companies come out of our incubation programs.

Read the rest here:

Binance is banking big on M&A and VC deals - TechCrunch

Yuri Molchan

Price of Dogecoin has been making attempts to rise, and anonymous whale decided to sell some of his meme coins

Read U.TODAY on

Google News

Crypto platform @DogeWhaleAlert, which tracks large DOGE transfers, has spread the word about several massive Dogecoin transactions. Together, these wallets have moved more than 100 million DOGE.

One of these large DOGE lumps was sent to the Binance exchange. This happened as Dogecoin has been demonstrating attempts to reclaim part of its recent losses.

The aforementioned source reported that over the past 20 hours, five major transfers of meme coin DOGE were made, shifting chunks of crypto between 10 million and 30 million DOGE.

Over the past 24 hours, DOGE rose by 3.76%. Then a drop followed, and DOGE has risen by 2.35% since yesterday morning. This is enough to lock in some profits selling 14,835,380 Dogecoins that were sent to Binance.

The biggest transaction from the aforementioned ones carried 30,387,325 DOGE; the smallest one constituted 10,000,000 DOGE.

On May 17, DOGE's price rise coincided with Elon Musk's reaction to a tweet about "Doge." A Twitter user wrote about her dog but referred to it as "Doge," tagging Elon Musk and Dogecoin co-founder Billy Markus.

Dogecoin then jumped by slightly over 3%. As early as a couple of years ago, Elon Musk's tweets about DOGE were able to ensure the massive rise of this original meme coin.

Now, however, the great lover of memes and Twitter boss often mentions other coins in his tweet, making them skyrocket. One of the latest examples of that is Milady Meme Coin (LADYS), which soared by over 12,000% on Musk's mention of it in the form of a meme image.

Excerpt from:

Tens of Millions of Dogecoin Moved to Binance as DOGE Rises 2.35% - U.Today

The largest cryptocurrency exchange by trade volume, Binance, is gearing up to establish its dominance in the DeFi landscape with the launch of Ethereum-wrapped Beacon Ether (ETH-wBETH) liquidity pool on Curve Finance.

Binance is incentivizing users with staked Ether rather than native tokens like other protocols. This has helped the pool amass $129.9 million in Total Value Locked (TVL) since its launch on April 27.

Also read: Bitcoin mining difficulty hits record high, signals likely influx of selling pressure on BTC

The wrapped Beacon Ethereum (wBETH) token was launched on April 27 and Binance introduced it in an ETH-wBETH liquidity pool on Curve Finance. Each wBETH represents one Beacon Ether and the accrued staking rewards from the Beacon Chain at the rate of conversion of 1.002.

Within two weeks, 70.9K wBETH tokens have been minted and the current TVL is $129.9 million. wBETH ranks eighth among Liquid Staking Derivatives.

wBETH statistics

Binance can gain an edge over its competitors by inviting users to deepen the liquidity of the ETH-wBETH pool. In order to make this possible, the largest exchange by trade volume needs voting rights and needs to lock Convex Finance (CVX) tokens.

The exchange is currently incentivizing vlCVX (vote locking CVX) holders with 11.381 wBETH, instead of a native protocol token. This opens up an opportunity for vlCVX token holders to gain staked Ether instead of other tokens like wstETH (wrapped staked Ether) offered by Lido Finance that need to be exchanged further for unlocked staked ETH.

The exchanges native token BNB benefits from Binances dominance in the DeFi landscape. BNB is in an upward trend that started in mid-June 2022 and Binances native token is on track to break past the 50% Fibonacci retracement (of the decline from April 2022 highs of $460 to June lows of $184) at $322.

The 50-day Exponential Moving Average at $318.80 is the immediate resistance for BNB in its upward trend.

BNB/USD one-day price chart

In the event of a price decline, the 38.2% Fibonacci level at $289.50 would be key. A drop below this level could invalidate the bullish thesis for Binance Coin. Equal low at $267.7 is likely to act as support for BNB in the event of a decline in the native token of the exchange.

Read the original:

Binance Coin likely to outperform competitors as Wrapped Beacon ETH gets warm welcome - FXStreet