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HitBTC Exchange Analytics: ATOM, DASH, MIOTA, BTC, BCH

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Cryptocurrency Wallet

While markets have looked bullish this week following a sharp surge May 3, traders need to watch out for a correction in the next few days. This pullback will shake out the weak hands and will differentiate between different digital currencies. While some will lose only a part of their recent gains, others will plunge towards their lows again.

The stronger ones are likely to lead the next bull market in cryptocurrencies. Therefore, traders should buy strength after the pullback ends. If our assumption is correct, the current fall should offer a great opportunity to buy for the long-term. Our view will be invalidated if cryptocurrencies give up all the gains made over the past few weeks.

A survey by financial consultancy firm DeVere Group shows that 68% of high-net-worth individuals across the globe will have invested in cryptocurrencies by the end of 2022. One of the major reasons for investing in cryptocurrency is their borderless nature, which makes the assets available across the globe.

ATOM/USD

Atom (ATOM), the native crypto asset of the Cosmos blockchain, made an impressive start as it made a place for itself among the top 15 cryptocurrencies by market capitalization within a very short span of time. Its price received a boost as it was listed on Binance, without even trying. However, while the initial response has been bullish, can the momentum continue in the best performing major cryptocurrency of the past week or is it time to take some chips off the table? Let’s take a look.

ATOM

The ATOM/USD pair has a very short trading history; hence, we are using a daily time frame chart on it. The pair witnessed huge volatility on its listing day. From a high of $8.90 on April 22, it plunged to a low of $2.9277 on April 24. That was a drop of 67.10%. However, since then, the recovery has been sharp. The price has reached close to the 38.20% Fibonacci retracement of the recent fall. A rally above this resistance can push the price to $5.9139, which is the 50% retracement level.

The level between $5.9139 to $6.6186 will act as a stiff resistance. Any breakout of the 61.80% Fibonacci retracement can propel the digital currency to $8.90. However, if the price turns down from the current levels, it can drop to the next support of $3.60.

DASH/USD

The recovery in market prices pushed the mining hashrate of Dash (DASH) to an all-time high of 3.2385 petahashes on April 19, bettering its previous record of 3.237 petahashes set in early November 2018. It has since then again improved on the record to 3.8957 petahashes on May 2.

In order to solve the issues faced by Dash merchants, Dash Retail has released a merchant transaction counter for its point-of-sale app and a conversion rates API to provide accurate conversion rates to fiat currencies.

DASH

The DASH/USD pair corrected to the breakout level of the range in the week before this past one. We like that the price has sustained above the 20-week EMA since breaking out of it. The bulls are currently attempting to resume the recovery. It will pick up momentum after it breaks out of the overhead resistance between $138.709 and the 50-week SMA. Above this zone, the pair can rally to $225.

On the other hand, if the digital currency reverses direction and plunges below $103.261, it will re-enter the range. This will weaken it and can result in a fall to the yearly low.

MIOTA/USD

Car manufacturer Jaguar Land Rover will reward drivers by giving them MIOTA tokens for data reporting. These tokens can thereafter be redeemed for various products. The Austin Transportation department in the city of Austin, Texas has collaborated with Iota Foundation to work towards a more interoperable transportation ecosystem.

IOTA

The MIOTA/USD pair has been range bound between $0.244553 and $0.385033 since the end of December last year. The bears attempted a breakdown of this support in the week before but failed. Buyers quickly pushed the price back in the range. However, the pair is facing resistance at the 20-week EMA. If the price can scale above this resistance, it will challenge the top of the range at $0.385033.

A breakout of the range is likely to start a new uptrend that can carry the price to the psychological resistance of $0.50. On the other hand, a breakdown below $0.244553 will sink it to lows. The longer the digital currency remains in the range, the stronger its eventual breakout will be.

BTC/USD

Bitcoin (BTC) prices have risen sharply over the past seven days. Fundstrat analyst Robert Sluymer believes that this is the start of a new uptrend and investors should buy more on any pullback. He expects the price to zoom past $6,000 in the second half of the year.

It is interesting to note that bitcoin’s dominance has increased from about 50% to 55.5% in about a month. This shows that traders are currently favoring bitcoin over other altcoins. More and more people are now aware of Bitcoin and about 11% of the American population has already invested in it, according to a survey by Spencer Bogart of Blockchain Capital.

Grayscale Investments has started a “Drop Gold” campaign where it portrays BTC as an alternative to gold investments. With all these bullish noises, should one buy now or wait?

BTC

The BTC/USD pair has reached the stiff overhead resistance of $5,900. This is a critical level because the pair had repeatedly taken support close to it since February to early November, before breaking below it. Now on the way up, we expect a lot of supply to hit around these levels.

But the price has risen above both moving averages, which is a positive sign. If the bulls can continue the momentum and ascend $5,900, the digital currency can rally to $6,480.54. We do not expect the zone between $6,000 to $6,480.54 to be crossed in a hurry. A minor correction or a consolidation around these levels is likely.

On the downside, support is at $4,914.11. If this level breaks, it will dampen sentiment and can drag the price to the next support at $4,255. Traders who have missed out buying in this recovery can wait for dips to buy, instead of chasing the rally.

BCH/USD

The next hard fork on bitcoin cash (BCH) is slated for May 15. Schnorr signatures, a scaling and privacy code change, will go live on the coin’s mainnet to improve the cryptocurrency’s privacy and scalability.

BCH

Since the surge in early April, the BCH/USD pair has largely been consolidating between $255 and $335.62. The attempt by the bears to plummet below this range in the last week found buyers at the 20-week EMA. Currently, the bulls are attempting to push the price towards the top of the range.

If the pair breaks out of the range and the minor resistance at $363.30, it can rally to the 50-week SMA and above it to $600. The digital currency has a history of vertical rallies; hence, it is likely to surprise to the upside.

Our bullish view will be invalidated if the digital currency plunges below the support of the 20-week EMA. In such a case, a fall to $166.25 is probable.

Market data provided by HitBTC exchange. Charts for analysis provided by TradingView.

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Sylo announces top-tier exchange listing for SYLO Token

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Sylo

Global software development house Sylo announced today the listing of their SYLO cryptocurrency token on major global exchange KuCoin. The SYLO token is available for public trading on the KuCoin platform effective immediately.

The release of the SYLO token has been a much-awaited next step from the creators of the Sylo Network, Sylo Protocol and next-generation decentralised app, the Sylo Smart Wallet. The successful release of the SYLO token is now just the latest in a string of authenticating milestones for the company.

“This is a very exciting time for our team and all our partners, collaborators and stakeholders around the world. This event has been a long time in the making and adds to a series of awesome developments we’ve seen here at Sylo over the past half a year,” says Dorian Johannink, Sylo Co-Founder and Business Director.

A utility token, SYLO, is an ERC20-compatible cryptocurrency token that fuels the Sylo Network. SYLO tokens are used on the network for a range of purposes, such as to allow users to become Service Peers or to access additional services available in the Sylo Smart Wallet.

A key zone of application for the SYLO token, the Sylo Smart Wallet is the New Zealand-based technology studio’s game-changing app that combines a digital wallet with a decentralised private messenger.

Released in global app stores just six months ago, the popularity of the Sylo Smart Wallet has been successfully climbing since its launch and the app now boasts over 200,000 users.

In the Sylo Smart Wallet, users can connect from the safety of a wallet address, send and receive digital assets in chat, make audio and video calls, and store Bitcoin or any ERC-20 compatible token, such as SYLO or Ethereum, in a non-custodial wallet.

Known as “The People’s Exchange”, KuCoin is a global cryptocurrency exchange with millions of users across more than 100 countries. Renowned for their human-centric motivation for Web3.0 and “user-first” approach to software development, the choice for Sylo to list their namesake token on KuCoin is a meeting of like minds.

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Crypto.com Exchange Features ETH on The Syndicate Lite

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Crypto.com is pleased to announce the listing of Ethereum (ETH) on The Syndicate Lite platform. All Crypto.com token (CRO) token stakers will be able to participate in a discounted sale event for 250,000 USD worth of ETH at 25% off. The listing event will commence on Tuesday, 14 April 2020 on the Crypto.com Exchange.

Syndicate Lite Allocation: Each participant’s maximum amount of CRO that can be applied towards the listing event will depend on the amount of CRO Staked on the Crypto.com Exchange, as shown in the table.

Syndicate Lite Allocation Subscription:

  • Crypto.com Exchange users will be able to subscribe for ETH by contributing an amount of CRO tokens not exceeding their respective maximum allocation.
  • Staked CRO tokens may not be used to subscribe for ETH in this event.

Listing Event Timeline:

Syndicate Lite Allocation Distribution: Listing Event participants will receive their finalised ETH allocation at Distribution Time. If the total contributed amount for the listing event is above the total discounted allocation, each individual participant’s final ETH coin allocation will be calculated in the table.

Notes:

  1. Crypto.com reserves the right to cancel or amend The Syndicate Lite campaign rules at its sole discretion.
  2. Citizens and residents of the United StatesChina and Hong Kong will be excluded from The Syndicate Lite campaign.
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Stellar Development Foundation Announces Strategic Investment in DSTOQ

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Stellar Development Foundation (SDF) announces the closing of a strategic investment in DSTOQ Group AG. The investment of $715K, paid in lumens, is the first made by SDF through their new Enterprise Fund. DSTOQ, a Liechtenstein-based FinTech company, helps make investing accessible and affordable for people in emerging markets, through a borderless digital interface for security tokens built on the Stellar network, a global, decentralized open source blockchain. Through the DSTOQ interface, users have easier access to blue chip shares, such as Tesla or Amazon, as well as bonds, indices and commodities using fiat or cryptocurrencies.

DSTOQ’s first market will be Vietnam, followed by South Africa and other African, South American, and Asian developing countries. DSTOQ users require only a smartphone to access global financial markets, which thanks to Stellar’s infrastructure layer, makes the entire process not only more accessible but also more efficient.

About the investment, Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation (SDF), said: “At SDF, we seek to unlock the world’s economic potential by making money more fluid, markets more open, and people more empowered. DSTOQ’s sharp focus on cross-border investing and their unique approach to helping people in emerging markets to gain access to investment opportunities abroad speaks directly to our mission at SDF. Together, we hope to improve the lives of millions of people while simultaneously creating exciting new business opportunities.”

Craig Mc Gregor, CEO and co-founder of DSTOQ, said, “We are grateful for SDF’s vote of confidence and continued support towards our shared vision of building and improving the global financial system. Together, DSTOQ and SDF aim to improve financial inclusion in markets that desperately need better access to global products. For too long these markets have been ignored – we look forward to changing that with this exciting technology.”

DSTOQ made the strategic decision to use blockchain technology in the development of its architecture due to some unique properties that benefit their business model. For example, Stellar enables the tokenization of assets, such as shares of Apple, in a far more efficient manner that allows users in emerging markets to invest at a fraction of what it would otherwise cost. The use of the Stellar blockchain proved to be a game-changing decision for the company, as they mention in their blog.

Jed McCaleb, co-founder and Chief Architect of Stellar, said, “DSTOQ is making markets accessible to new geographies, connecting the world’s global infrastructure in an exciting and innovative way. We are really excited to see companies like DSTOQ take the use cases for our technology to the next level.”

DSTOQ has focused on the building blocks of an entirely new financial system, developing the technology and partnerships required for its success. In the months to come, DSTOQ will share more insights on these foundational steps, including a new partnership with an innovative European bank with strong ties to Asia.

About DSTOQ
DSTOQ helps make investing accessible and affordable – for people in emerging markets. The group of DSTOQ companies provides services such as Token Generation for the creation of security tokens, as well as a digital interface for transactions of security tokens, through which users have easier access to blue chip shares, such as Tesla or Amazon, as well as bonds, indices and commodities using fiat or cryptocurrencies.

About Stellar
Stellar is a decentralized, fast, scalable, and uniquely sustainable network for financial products and services. It is both a cross-currency transaction system and a platform for digital asset issuance, designed to connect the world’s financial infrastructure. Dozens of financial institutions worldwide issue assets and settle payments on the Stellar network, which has grown to over 4 million accounts.

About Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit organization that supports the development and growth of Stellar, an open-source network that connects the world’s financial infrastructure. Founded in 2014, the Foundation helps maintain Stellar’s codebase, supports the technical and business communities building on the network, and serves as a voice to regulators and institutions. The Foundation seeks to create equitable access to the global financial system, using the Stellar network to unlock the world’s economic potential through blockchain technology.

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Dash and Cryptobuyer Announce Partnership to Serve Burger King Venezuela

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Dash, the leading cryptocurrency for payments and e-commerce, has announced a new milestone in its partnership with Cryptobuyer, the leading platform to buy and sell cryptocurrencies in Latin America. Through the Cryptobuyer platform, Burger King restaurants in Venezuela will now accept Dash payments. Cryptobuyer’s point of sale system has been rolled out as a pilot, initially in Burger King Caracas at the Sambil store, as cryptobuyer and Burger King are aiming to serve all 40 locations nationwide in 2020. This development is the result of receiving significant demand from Dash users and local merchants in Venezuela.

“Dash usage continues growing at a rapid rate in Venezuela, as it provides an alternative that is a more reliable payment method and store of value,” said Ryan Taylor, Dash Core Group CEO. “We are happy to collaborate with Cryptobuyer to keep growing the Dash ecosystem and serve Burger King and its customers.”

This franchise roll-out marks yet another milestone in Dash’s expansion plans in 2019, as Venezuela continues to be a key target market for Dash. Already, around 1,000 verified merchants in Venezuela accept Dash at point of sale.

“The growth of Cryptobuyer in South America, especially in Venezuela, is another example of how this region is ahead of the curve in adopting cryptocurrency as a real method of payment,” said Cryptobuyer CEO Jorge Farias.“Venezuela portraits a mix of situations that make it a perfect ground to deploy real-world cryptocurrency solutions, such as hyperinflation, cash shortages, deteriorated banking and communication infrastructure. The factors,in conjunction with the government’s initiative to use cryptocurrency as a payment method, will push use and adoption of these cutting-edge technologies, and we are really proud to lead this push.”

Burger King has been training its teams and stores during the past weeks and will slowly roll out Dash payments into all stores in Venezuela, with plans to also accept the other cryptocurrencies in Cryptobuyer’s portfolio.

For more information on Dash, visit dash.org. For more information on Cryptobuyer, visit cryptobuyer.io.

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Korean Government Seeking to Levy Taxes on Cryptocurrency

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Korean

The government is seeking to impose taxes on capital gains from transaction of virtual currencies, including bitcoin, according government sources, Sunday. The Ministry of Economy and Finance confirmed it is pushing for the measure to be reflected in tax regulations next year.

“Related discussions have been taking place,” a ministry official said. “The revised bill will be drawn up by the first half of next year.”

A move to pass a related bill has also been taking place at the National Assembly.

A bill on enhancing the transparency of the trading of virtual assets awaits passage at sub-committee level. If the bill passes the Assembly’s plenary session, it will go into effect one year after the regulation is promulgated.

The government’s is seeking to include capital gains tax on virtual currency regardless of the bill’s passage.

But for this to be reflected in regulations, there needs to be a more precise definition of virtual assets.

The government also needs to decide if it will consider gains from the trading of virtual assets as the type of gains coming from stock trading or real estate transactions.

If this is the case, the government needs to obtain trading records from virtual currency exchanges, to be able to levy taxes accordingly.

The bill on trading of virtual assets requires virtual currency exchange operators to identify traders and retain separate records for each trader.

However, unlike share prices the price of virtual currencies varies according to exchange, so it is more complicated to determine market price at the trading point.

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BitMEX platform now in Trade-mate.io

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BitMEX

Nowadays, the monitoring of all the statistics regarding exchange accounts and the management of all the potential forces that can lead to alterations, crucial data for all the traders, has become more accessible thanks to a well-known platform, called Trade-mate.io.

This platform constitutes the project of a very experienced team with significant contributions in the field of automated systems. In this platform, the traders can carry out exchanges either automatically or manually, and they can use Binance and Poloniex crypto exchanges as well. Other than that, the users can also benefit from the BitMEX trading platform via Trade-made.io, making their life easier.

Trading on BitMEX

BitMEX is a trading platform that provides to his users the ability to participate in the financial market worldwide by using the so-called bitcoins. This platform is the first one where investors are provided with crypto derivatives that give the possibility to execute transactions with a higher profit margin, with leverage up to X100.

Although, because of the emerging technical issues during the implementation of BitMEX via API have prevented many large exchange platforms of adopting it, that didn’t dissuade the Trade-mate.io of integrated it, widening its users’ potentials even more.

Minimizing the risk of loss

Even though the X100 leverage scenario is very attractive to all the traders, the risk of loss must not be overlooked. Even the most experienced traders are not fully protected from such a great risk ratio, as the price of the triggered order is too close to the elimination zone, which can lead to an X100 loss. On the grounds of that, Trade-mate.io has set an X20 limit at the trading leverage to protect its investors from a great loss of their deposits.

Cross-margin

Cross-leverage hides big risks, as it uses all the available funds in an account’s balance to cover an open position. If the price is moving in the right direction, the leverage will be reduced as well as the collateral due to the accumulated profit. Albeit, in the case, that the leverage will escalate, as a consequence, there will be a total loss of the initial funds. In other words, when the position is opened and the order is liquidated, the entire balance will be reset.

Because of its highly risky nature, the cross-leverage is not recommended for risk-averse investors. It may be advisable for risk-neutral users, as it offers the ability to calculate again the size of the leverage, which will vary within acceptable values.

Because of its high-risk nature, the Trade-mate.io does not support cross-leverage.

real_1572955193

Why use Trade-mate.io platform

One of the most important features of the Trade-mate.io platform is the fact that an order is placed with a take profit and stop loss simultaneously and, they can be altered either automatically or manually, providing to the investor with the opportunity to make Smart Trade functions.

A Smart Trading process consists of two types of orders, the limit order, and the market order. In the first case, an order is placed at the price of interest and when it riches the specified level, the order is activated. In this case, the order is pending. In the case of the market order, the purchase or the sale of an instant market asset is made at that moment.

Trailing mode

The trailing mode is a Smart Trade’s function that rearranges the orders based on the specified parameters, allowing the trader to minimize the risk and to increase his profits. Trailing mode consists of three orders:

1. Trailing take profit

In this case, the order parameters change the value of floating take profit and the default setting is 1%. As the price attains the level of the determined take profit, the take profit is being automatically moved to the set value until the price is no longer changing.

2. Trailing stop loss

The difference with taking profit is that, in this case, instead of taking profit, the taking loss is the one that is moved as the price increases and it remains stable when the price is decreased.

3. Trailing ladder

Here, as soon as an order is opened, the take profit and stop loss are triggered concurrently. In more detail, when the price approaches the first level of taking profit, the stop loss is moved to the break-even point. This will continue until the price crosses the stop loss line and the sell is activated.

It should be emphasized that this mode is not included in the BitMEX platform or any other crypto exchange.

real_1572955202

Edit a task

In the trade-mate.io platform, the traders are also able to edit the current task without canceling it, unlike with other crypto exchange users where the users are obliged to cancel the old task in order to create a new one.

In the Trade-mate platform, the task can be edited before the order is been activated. The traders are able to cancel the task, to change it in case they want to sell cryptocurrency when the price has reached desirable levels or to average it. By this can be benefit traders dealing with leverage, as once they have created an order, they are able to edit it in the meantime, making the whole process more simple.

Last but not least, in this platform, the traders possess the ability to change even the control panel and to make it comfortable for them to use it. They can move the elements in the control panel and adjust them at the most convenient for them positions by just dragging them around the screen.

Copy on BitMEX

BitMEX gives the opportunity to its traders to copy trades from other trades, the so-called auto trading. In addition, traders who execute successful trading on the crypto market, they receive incomes from the subscribers. That’s why Trate-mate.io selects only the traders with the highest ratings in order to guide others. Again, for the safety of its users, the leverage for auto trading will be no more than X5. In this way, liquidating balances are prevented.

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Cryptocurrency confirmed by the only stable resource on the planet – ERTC

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Each of us is familiar with the phenomenon of cryptocurrencies – someone was mining, someone is earning on a change of course, sellers and a buyer, someone is investing their money and now sits on Corvalola, In all cases when no one uses cryptocurrencies to store all their savings. It is all about high volatility and their extreme instability – it is impossible to accurately predict the course, which can change the order in a short time.

At the same time, cryptocurrencies have all the advantages compared to financial money – additional security, low transaction fees, transfer speed, transparency, reliability and independence from external financial institutions. All this is done in accordance with the format of financial relations, which continues to develop dynamically.

Solutions to problems related to the voluntariness and reliability of the contribution to steel – and cryptocurrencies with a stable exchange rate.

Which resource is the most stable? The most sought after and reliable. Which resource is the patron of all existing resources? The situation and other factors affect the dependence on cataclysms. – This is the land. The Genesis 2.0 group of companies has developed the ERTC platform, which includes:

  • ERTCoin – stablecoin, confirmed by legal ownership of land
  • Private ERTC blockchain in which any device can be a mobile node
  • SmartWallet – an electronic wallet on which ERTCoin and other currencies are stored, all transactions and purchases / sales are also carried out
  • ERTCoin with legal confirmation of ownership
  • The electronic payment system, which provides mobile communications, provides new opportunities and opportunities for paying for goods and services, converting, saving funds and transactions from anywhere in the world.

The issue takes place on the ERTC platform thanks to the Validation process – the procedural verification of land ownership must be confirmed.

Validation takes place in four stages:

  • The user uploads a pool of documents confirming his ownership.
  • The legal service and AI verify the authenticity of documents and request data in specialized services.
  • ERTCoin according to the number of square meters of land
  • The user receives half of the issued ERTC in their electronic wallet

Conference participants from 13 countries have already registered more than a million ERTC platforms.

Today, the ERTC team completed the first two stages and has already begun to conclude the third stage – the development of a full-cycle electronic payment system for individuals and legal entities. lack of.

The possibilities of EPS are not limited when purchasing goods, services, geography of participants, jurisdiction and economy, are not determined by geopolitical factors and are dependent on the right field and legal requirements.

A personal online bank, a private block bank with a unique technological mobile network, all these requirements make it possible to confidently assume that the electronic payment system ERTC is a promising medium-term financial one.

The ERTC project represents full-fledged opportunities for interaction with other states – “money”, in which virtually any individuals and legal entities are used — using an electronic payment system. cost of commission, convenient and affordable.

ERTC erases the geographical boundary and makes financial interaction of any level safe and comfortable.

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Binance Delists Trading Pairs

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Binance

Binance: to improve liquidity and user trading experience among our wide range of available assets, Binance will remove and cease trading on the following trading pairs (as requested by most project teams) at 2019/09/30 8:00 AM (UTC):

ANKR/PAX, ANKR/TUSD, ANKR/USDC, BCPT/PAX, BCPT/TUSD, BCPT/USDC, BTT/BTC, DENT/BTC, DOGE/PAX, DOGE/USDC, ERD/PAX, ERD/USDC, FTM/PAX, FTM/TUSD, FUEL/ETH, GTO/PAX, GTO/TUSD, GTO/USDC, LUN/ETH, NCASH/BNB, NPXS/BTC, ONE/PAX, ONE/TUSD, PHB/PAX, PHB/USDC, TFUEL/PAX, TFUEL/TUSD, TFUEL/USDC, WAVES/PAX, WIN/BTC.

Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Binance will make best efforts to choose high quality coins, but will not be responsible for your trading losses.

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Metaverse Foundation Launches New DNA Token on RightBTC

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Goldman Sachs

Metaverse announced today that their Dual Chain Network Architecture, has officially launched the native DNA token on RightBTC, a leading cryptocurrency exchange, with trading having commenced at 6:00 am UTC, September 10th

“The listing on RightBTC will provide huge liquidity to the DNA token, as well as a valuable new stable coin on-ramp through USDT,” said Eric Gu, CEO of Metaverse Foundation. We’re very proud of the fast development and the market entrance of the Dualchain solution, and we will keep on delivering technology improvements to the industry.”

Founded in 2016, Metaverse is a pioneering public blockchain that solves three of the major pain-points for blockchain technology – scalability, security, and true decentralization. Having emerged as a top 100 blockchain project by market cap despite the tough market conditions of 2018, Metaverse is now poised to launch its full suite of blockchain products. However, Metaverse is distinctly different from other blockchain projects, bringing together multiple distributed ledger technology (DLT) innovations within one unified ecosystem.

So, what makes Metaverse different from other DLT projects, and how is their Dualchain solution disrupting the current structure of blockchain protocols

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Binance Partners with Paxos to Launch USD-Backed Stablecoin ‘BUSD’

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Binance

The regulated financial institution that digitizes and mobilizes assets, Paxos Trust Company, and global cryptocurrency exchange and blockchain ecosystem, Binance, today announced its partnership to launch a USD-denominated stablecoin, Binance USD (BUSD), which has received approval from the New York State Department of Financial Services (NYDFS).

Rich Teo, Paxos Co-Founder and CEO Asia, commented, “NYDFS’s approval of BUSD is a vital step towards long term stability in global crypto markets. We are proud that our stablecoin as a service offering enables trusted companies like Binance to introduce products customized for their users. The Paxos brand symbolizes regulatory integrity, consumer protection and transparency for all of our partners.”

Later this month, BUSD will be available on the Paxos platform for direct purchase and redemption 1:1 for U.S. dollars and available on Binance.com for trading initially against BTC, BNB and XRP. Paxos will serve as the USD custodian and issuer of BUSD.

“Paxos is leading the digital trusts space and we are excited to work with them in developing our native stablecoin,” said CZ (Changpeng Zhao), Binance CEO. “We hope to unlock more financial services for the greater blockchain ecosystem through the issuance of BUSD, including more use cases and utility through the power of stable digital assets.”

Additional details regarding this partnership will be revealed on-stage at Invest: Asia 2019 where Paxos’ Rich Teo and Binance’s CFO Wei Zhou will discuss it live on September 12, 2019, at 4:20 pm local time.

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