Binance Sets Up Blockchain Focused Research Firm in China

Binance Sets Up Blockchain Focused Research Firm in China
March 31, 2020

 

As investors across the globe look for alternative assets to safeguard their wealth during periods of uncertainty, the cryptocurrency market has turned bullish. Bitcoin (BTC) has gained over 8% in the past 24 hours to trade at $6,493.22. Ether (ETH) has gained 5.9% to trade at $133.77. XRP has gained 3.8% to trade at $0.1726. Other major altcoins which have gained in the past 24 hours include Monero (XMR-$47.08, 5.4%), Tezos (XTZ-1.62, 8.5%), EOS (EOS-$2.25, 5.6%), Tron (TRX-$0.0116, 7.4%), Stellar (XLM-$0.0405, 5.6%), Ethereum Classic (ETC-$4.99, 2.5%), Cardano (ADA-$0.0304, 7.7%), Binance Coin (BNB-$12.33, 7.5%), Cosmos (ATOM, $1.98, 5.0%), Dash (DASH-$65.97, 7.1%), LEO (LEO-$1.04, 2%), Huobi (HT-$3.31, 7.6%), Bitcoin Cash (BCH-$223.22, 7.1%), Litecoin (LTC-$39.19, 4.4%), ChainLink (LINK-$2.16, 6.5%), OKB (OKB-$4.33, 10.6%) and IOTA (IOTA-$0.1431, 6.4%).

 

Government level initiatives

Certain crypto firms exempt from holding a PSA license – for now.

Singapore went forward to implement a cryptocurrency specific law, the Payment Services Act (PSA), in January this year. However, the Monetary Authority of Singapore (MAS), regarded as the country’s central bank and financial regulatory authority, has excluded cryptocurrency firms such as Coinbase, Ripple, and Binance, holding a financial license, from complying with the PSA.

The aforesaid crypto-focused firms are permitted to offer their exclusive payment services without having a PSA license until July 28th, 2020. Currently, subsidiaries of Ripple, Binance, and Coinbase, operating in Singapore, are allowed to provide digital token service.  Before the specified time limit, the companies must apply for a license under the PSA. Notably, BitGo Singapore, a subsidiary of Gemini Trust company (crypto exchange and custodial service) headed by Winklevoss twins, were provided a 12-month relaxation.

The MAS has clarified that the companies are permitted to offer account issuance services, inward cross-border money transfer service, and domestic money transfer service until January 28th, 2021. OKCoin (cryptocurrency exchange), PundiX (decentralized offline cryptocurrency sales network), and Cumberland (cryptocurrency trading division of DRW Holdings) are other crypto-focused firms which have received the temporary relaxation.

Private level initiatives

Lukka launches Lukka Library

Lukka, which provides services related to cryptocurrency accounting, has rolled out Lukka Library, an interactive bunch of scientific articles solving judicial, accounting, and tax queries related to crypto-assets. Lukka co-CEO, Robert Materazzi, pointed out that the company was initially established under the name ‘Libra’ in 2014, after the founder was unable to find a suitable reply to his Google search on capital gains tax related to cryptos. In the same year, the company introduced a cryptocurrency gains calculator, but didn’t succeed as “people weren’t interested in paying their taxes in 2014 relating to crypto.”

Bitcoin (BTC) hogged the limelight during the bull run in 2017, resulting in the creation of several crypto-focused hedge funds. That encouraged the founder to concentrate on serving institutions. Lukka Library creator and head of tax and regulatory affairs, Roger Brown, underlined that the library covers 75 topics, including a broad range of taxation techniques for cryptocurrency traders and ideas on how to evaluate highly volatile cryptos.

The library offers articles published by over two dozen prominent organizations, namely the University of Pennsylvania, in addition to law firms McDermott Will & Emery, Mayer Brown, Steptoe & Johnson, and Baker & Hostetler.

 

Microsoft to create crypto mining system using body movement data

Microsoft intends to create a cryptocurrency system that will facilitate individuals to mine cryptos using their body movement data, removing the necessity of dedicated mining machines. Furthermore, the software behemoth has released the corresponding patent document titled “Cryptocurrency system using body activity data.” The report explains a way of mining cryptos by making use of data related to a user’s body function to conduct a new kind of PoW (proof-of-work).

The published document reads as follows: “For example, a brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider, such as viewing an advertisement or using certain internet services, can be used in the mining process.”

To execute the plan, a server gives a task to a participant’s gadget, which is interactively bonded to the server. A unique sensor then provides info regarding the body activities of an individual. At the same time, a cryptosystem validates whether the body activity data confirms to rules laid down by the cryptosystem. Finally, the participant is rewarded with crypto after validating the body activity data.

 

Miscellaneous

Binance Academy now has a contract to open an office in Shanghai

Binance Academy has inked a deal with the Shanghai government to establish an office in the country. The efforts will be focused on blockchain research. Specifically, Binance Academy will setup the Lingang Blockchain Technology and Industry Research Institute in Shanghai’s Lingang special economic zone.

The endeavor is the outcome of cooperation with local institutions in the Lingang zone. The joint venture is established to foster China’s blockchain technology research and industrial application, in addition to furthering talent training within the country.

Helen Hai, head of the new institute and Binance Charity foundation, detailed about the venture: “In establishing the Lingang Research Institute with our local partners, Binance Academy endeavors to build a leading think tank and research hub that contributes to large-scale developments in blockchain technology.”

Don Tapscott, founder of the Blockchain Research Institute in Canada, will play the role of honorary dean of the Lingang Research Institute.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world


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