New proposal aims to raise Binance Coin value by burning BSC fees

Amid the ongoing rally of Binance’s native token, Binance Coin (BNB), the developers of Binance Smart Chain (BSC) have proposed more measures to maintain the token’s deflationary model and improve its intrinsic value.According to a new Binance Evolution Protocol, BEP-95, BSC developers are considering introducing a real-time burning mechanism for a portion of gas fees to reduce BNB supply and drive BNB value higher by increasing the demand. According to the BEP, BNB holders will decide how to dispatch the BSC gas reward.Releasing the proposal on Friday, BSC developers noted that the new BEP might decrease the total amount of BNB that validators and delegators obtain from staking. The burning mechanism will be enabled by introducing governable parameters for two system smart contracts for collecting gas fees.Created by Binance in 2017, BNB is a deflationary token by design, meaning that Binance burns a percentage of the BNB supply every three months to maintain the token’s value. Binance will stop burning BNB once 50% of the initial supply has been burnt and only 100,000,000 BNB remain.The latest BNB token burn took place last Monday, with Binance burning 1,335,888 BNB ($640 million) in its 17th quarterly burn.The proposal comes amid BNB seeing a major rally recently, with the token breaking above $500 on Wednesday. At the time of writing, BNB is the third-largest cryptocurrency by market capitalization after Bitcoin (BTC) and Ether (ETH). The token is trading at $495, up around 44% over the past 30 days. BNB’s all-time high was recorded in May 2021, with the token surging to as high as $686, according to CoinGecko.Related: Ethereum miners are hoarding a record $70B in ETH following EIP-1559 activationThe latest BIP, which occurred in August, is similar to a new transaction fee mechanism implemented for Ethereum’s London upgrade. According to Etherchain, the current average ETH burn rate amounts to 3.76 ETH or $15,448 per minute.

Continue Reading
Posted On :

Blockstream raises $16M for its Bitcoin mining STO in a matter of hours

Major blockchain technology company Blockstream has completed six tranches of its Bitcoin (BTC) mining security token offering (STO), securing a total of 30.9 million euros ($36 million).Blockstream officially announced Thursday that the company raised 13.9 million euros ($16.1 million) in the sixth tranche of its Bitcoin mining-focused security token known as Blockstream Mining Note (BMN).According to the announcement, the latest raise was the largest tranche that Blockstream has ever issued, marking increasing interest from individual and institutional investors. The raise brings the total BMN supply to more than 122, with the total number of investors amounting to 70.Blockstream officially introduced its BMN security token in March 2021, offering non-US qualified investors an alternative to mining Bitcoin or investing in Bitcoin mining stocks by mining BTC using the associated hashrate of BMN. Issued on the Liquid sidechain of Bitcoin, each BMN1 entitles investors to up to 2,000 terahashes per second of Bitcoin mined at Blockstream’s enterprise-grade mining facilities.The BMN token can be traded with other qualified investors, delivering associated BTC to the BMN holder upon maturity of a three-year term from July 2021 to July 2024.Related: Bitcoin-based security token offering approved in GermanyThe news comes amid Blockstream preparing to list its BMN security token on Bitfinex Securities, a new STO platform by Bitfinex cryptocurrency exchange and regulated in Kazakhstan’s national financial hub, the Astana International Financial Center. As Bitfinex Securities progresses with its launch, BMN is set to become one of the first assets listed on the new platform.

Continue Reading
Posted On :

Crypto-to-fiat liquidity startup Xanpool raises $27M

Cryptocurrency-to-fiat infrastructure provider Xanpool continues expanding operations in the Asia Pacific (APAC) by securing fresh funding.The Hong Kong-based startup raised $27 million in a Series A funding round led by Valar Ventures, the venture capital firm co-founded by PayPal co-creator Peter Thiel.Other participating investors included crypto-focused venture capital firm CMT Digital as well as angel investors like TransferWise co-founder Taavet Hinrikus, Xanpool announced Friday.Running operations in 13 countries across APAC, Xanpool is looking to further consolidate its presence in the region with new funding. Xanpool CEO Jeffery Liu told Cointelegraph that the startup operates in countries like India, Hong Kong, Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand, and Japan.“In the coming quarter or two, we are primarily expanding our services into a few more APAC countries. As well as consolidating our hold in existing markets,” Liu noted.Since its launch in March 2019, the platform has so far amassed over 500,000 users and 400 business partners, according to the announcement. “By the end of 2022, we aim to have grown our user base by 20x to 10 million users across the APAC,” the CEO said.XanPool is a peer-to-peer crypto-to-fiat platform and a liquidity network relying on the liquidity of its participants. The platform deploys unused money by individuals and businesses to settle cross-currency and cryptocurrency transactions, reducing the counterparty risk and costs and also allowing liquidity providers (LPs) to earn up to 2% on their idle capital.Xanpool CEO told Cointelegraph that the startup is running software similar to that of decentralized finance platform Uniswap. “Except that instead of crypto-to-crypto, our automated market maker automates between crypto and fiat,” Liu noted.Related: Crypto fintech MoonPay reportedly aims for $3.4B valuation in first VC funding“Instead of crypto native LPs, our LPs range from traditional import-export businesses to money service operators, to crypto funds. This liquidity is essentially used to settle local currency and cryptocurrency transactions immediately from the individual’s or business’s wallet,” the CEO said. Liu stressed that Xanpool never touches money on individuals’ or businesses’ wallets.“We simply make software which allows the individual or business to automate their buying and selling, and in return earn a fee,” the executive said.The latest funding brings XanPool’s total raised to around $32 million, including previous funding by individual investors. The company raised $4.3 million in a pre-A financing round last November in conjunction with its official launch.

Continue Reading
Posted On :