This week, major cryptocurrency exchange Binance teamed up with financial technology and regulated trust company Paxos to launch a new deposit gateway that allows traders to wire fiat to Paxos and receive an equivalent amount of the Paxos stablecoin, PAX, directly in their Binance wallets. From there, the PAX can be exchanged for other cryptocurrencies on Binance's exchange. In another recent event involving Binance, as part of an internal restructuring this week, the exchange reportedly transferred $1.2 billion in binance coin (BNB) from one wallet to another. According to Binance, the $1.2 billion transaction took 1.1 seconds and cost $0.015 in fees, highlighting some of the benefits of blockchain. In another payments headline, a U.S. fintech firm known for its mobile payments and point-of-sale products recently launched new bitcoin features for its Cash App, allowing users to deposit bitcoin from external wallets directly into their Cash App accounts.
A final notable report this week came from Coin Metrics, which published an analysis of blockchain activity of the Kin token, the token that is a subject of an ongoing SEC enforcement action against the token's issuer, Kik. The Coin Metrics analysis indicates that some of Kik's claims regarding the usage and adoption of the company's Kin token may be inaccurate.
For more information, please refer to the following links:
- Binance Partners with Paxos for New Deposit Gateway
- 'Future is Here' Declares CEO as Binance Transfers $1.2 Billion For Under 2 Cents
- Square Rolls Out Bitcoin Deposits for Cash App to General Public
- An Analysis of Kin's On-Chain Activity
- Kik's Claims About Kin Blockchain 'Inaccurate,' Coin Metrics Report Alleges
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.