Binance to Launch Stablecoin in Partnership with Paxos!!!
We are going to discover a list of five super hot pieces of news. To begin, we will discuss the introduction of Gemini Clearing, a new clearing and settlement product led by the Winklevoss brothers. Second up, it looks like Binance has won the approval from New York regulators to launch their stablecoin Binance USD with Bitcoin, Binance Coin and XRP trading pairs. Moving on, SBI Holdings, a financial services company group based in Tokyo, and its relationship with Ripple appears to be moving forward as Kitao focuses on making MoneyTap, the group’s flagship product.
Next, we got have giant participating in the crypto race. The Korean pop music giant SM Entertainment reveals its plan to launch its own cryptocurrency and blockchain. And for the last piece of news, stablecoin operator Paxos has deployed PAX Gold (PAXG), which is claimed to be “the first crypto-asset redeemable for physical gold.”
The Market Today
It looks like there are no major gains or losses today. Bitcoin is still maintaining its position at $10,569 with a 0.25% decrease. Similarly, ETH and XRP are slightly dropping by 0.38% and 0.93% within the past 24 hours.
The Winklevoss twins introduced Gemini Clearing
According to an article released on Sept 5 by Cointelegraph, the Winklevoss brothers have just announced their new clearing and settlement product named Gemini Clearing, which offers off-exchange or Over the Counter crypto trades. So what exactly is the Gemini clearing? According to the Winklevoss twins, Gemini Clearing is a full digital platform that offers regulated clearing and settlement services for pre-arranged off-exchange or OTC trades, which intends to reduce counterparty risk as well as ensure immediate settlements. According to their announcement, the registered Gemini users can use their existing Gemini accounts to trade on the new platform. The blog post also clarifies that the Gemini exchange actually doesn’t have an OTC trading desk. Here’s something interesting, on September 3, Gemini introduced a sub accounts feature for institutional clients. This allows institutional clients to create an unlimited number of accounts under one master account. Gemini is actually the world’s first cryptocurrency exchange and custodian that has this feature.
New York regulators approved Binance USD
It looks like Binance has just won the approval from New York Regulators to launch their cryptocurrency stable coin with Bitcoin, Binance Coin, and XRP Trading Pairs. The new stable coin was actually a collaborative effort between Binance and Digital asset infrastructure developer Paxos. As seen on the announcement, it looks like we can now buy BUSD and redeem the stablecoin 1 to 1 for the US Dollar on the Paxos Platform. Binance also offers BUSD on its website Binance.com, so that the users can trade against three initial pairs: BUSD-Bitcoin (BTC), BUSD-Binance Coin (BNB) and BUSD-XRP. Commenting on the new approval, CEO Changpeng Zhao stated that,
“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.”
SBI-Ripple relationship will make MoneyTap a flagship
It looks like the SBI-Ripple relationship is moving forward well as parent as Kitao focuses on making MoneyTap the group’s flagship product. It looks like Yoshitaka Kitao, President of SBI Holdings, is doing everyting possible to promote cryptocurrencies in Japan. When he attended a Financial summit dubbed ‘Finsum’ in Tokyo, Japan, he offered to make trading commission-free, even for cryptocurrency assets. In his speech, Kitao said:
“We are focusing on making money taps into the Group’s flagship product. We are going to have various relationships with Ripple in the US, and this alliance is very significant.”
If you are an SBI follower, you may know that in their quarterly report, they did consider integrating XRP into MoneyTap, the Japanese blockchain payments consortium. With MoneyTap, the users won’t have to worry about problems like initial installation costs for its member stores and other issues ailing users of its services.
SM Entertainment will launch its own cryptocurrency
Cointelegraph reported that the largest Korean entertainment firm SM Entertainment announced that it will launch its new cryptocurrency token and blockchain network in collaboration with tech organization CT-AI Labs. Sang-Sik Joo, the CEO of CT-AI Labs announced the initiative while he was attending the developer conference of South Korean crypto exchange UpBit. The project is currently under discussion by both parties. The CEO stated:
“Blockchain from the entertainment standpoint is a decentralized entertainment entity.”
Just to give you guys a bit of context regarding the scale of SM Entertainment. According to crunchbase, the firm’s annual revenue is $350 million. With K-Pop a large industry in South Korea, it’s definitely interesting news to see blockchain technology, tokenization, and cryptocurrencies venture into new territories.
PAX Gold is backed by real and redeemable gold
Paxos, the New York-based exchange and stablecoin issuer, just launched a gold-backed crypto-asset called Pax Gold (PAXG), which is, as its name may suggest, regulated and redeemable for physical gold. Now, this digital asset has been approved by the New York Department of Financial Services, who stated that this is the “first gold-backed virtual currency in New York state.” Furthermore, all the PAXG tokens are legally entitled to a physical bar of gold stored in professional vault facilities in London. As seen on their announcement, Paxos charges fees on on-chain transactions involving the token, as well as PAXG creation and destruction. Speaking of the benefits of the new coins, Charles Cascarilla, Paxos CEO and Co-Founder, shared:
“In a digital and global financial system, owning physical gold is a cumbersome, outdated investment; it’s not easy to trade, divide, move or leverage against other investments.”
Gold purchased through unaccredited retail outlets is not only expensive but also tricky as the quality and provenance of the gold are unverified
So what are your thoughts regarding all the news?
Are you excited to see Gemini Clearing launch?
What are your thoughts on regulators approving the Binance stablecoin?
Do you think the SBI-Ripple partnership will seriously help propel MoneyTap?
Are you excited to see crypto enter the entertainment industry?
And finally, are you going to use PAX Gold?
Please pop your comment right below to share with us your opinion. And guys, please don’t forget to click on the link we commented right below and follow the instruction to win a Safepal Hardware Wallet and $70 in Bitcoin. It’s your girl Cindy with CryptoPig, see you guys next week.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.