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Binance gains regulatory approval for New Zealand branch

  • Binance New Zealand will offer customers access to spot trading, NFTs, staking, among other services.

Leading cryptocurrency exchange Binance has officially been granted regulatory approval to enter the New Zealand market, and allowed to launch its local branch Binance New Zealand, Changpeng Zhao, the crypto company’s founder and CEO announced on Friday.

In a video announcement posted on Binance Twitter account, Zhao said the exchange had successfully registered in the country as a financial service provider.

Binance seeks ‘serious’ presence in New Zealand

The regulatory nod from New Zealand’s Ministry of Business, Innovation and Employment (MBIE) also saw the official launch of Binance New Zealand. General Manager Ben Rose, previously Chief Commercial Officer at tech company CodeHQ, will head the New Zealand team.

According to the Binance founder, New Zealand may be overlooked as a small market. However, the country does boast of a strong history within the fintech innovation space.

“A lot of major tech firms are slow to open a New Zealand office. I guess for some, it’s easy to overlook as it’s a smaller market but we see significant value in having a serious New Zealand presence. The history of fintech innovation in New Zealand is very well known, with one of the earliest and most rapid uptakes of digital transactions in the world,” the Binance chief said in a blog post.

Binance expects to bring the best crypto services to the Kiwis, including spot trading, NFTs, staking, among others. 

Major regulatory push

Binance applied for registration with the MBIE on 10 September, and the latest approval adds to the exchange’s scores amid a global regulatory push. The exchange is increasingly looking to provide the best for consumers, but in compliance with local regulations.

Over the past few months, Binance has acquired licenses and registrations in Italy, Spain, Canada and France among other countries.

The post Binance gains regulatory approval for New Zealand branch appeared first on CoinJournal.

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Is Filecoin’s FIL a good buy ahead of the FVM launch?

Filecoin price mirrored that of other cryptocurrencies like Bitcoin and Litecoin. FIL was trading at $6 on Friday, which is slightly above its year-to-date low of $4.9. It has crashed by more than 84% this year, making it one of the worst performers in the cryptocurrency industry.

Filecoin is still growing

Filecoin is a leading blockchain project that seeks to solve some of the biggest challenges in the tech industry. The platform helps to simplify the file storage industry that is now dominated by a few large companies like Microsoft and Google.

Filecoin makes it possible for anyone with a computer or smartphone to share their storage and then receive compensation. These users are paid using FIL, the native token for the ecosystem. 

According to the developers, the number of people using the platform to store files and provide data is increasing. There are now over 20,000 such users who are storing more than 50 million data objects. At the same time, the number of developers using the network has risen to over 7,000. Most of these developers are from the United States, South Korea, and Hong Kong.

The next major catalyst for Filecoin is the upcoming upgrade that will introduce the Filecoin Virtual Machine (FVM). The upgrade, which will happen in early next year, will be a virtual computer that developers can use to build their applications.

Still, there are concerns about the future of Filecoin and other similar decentralized storage platforms. For one, most people and companies find using centralized platforms like AWS and Azure being fine. 

Another challenge is that many file storage providers could find it difficult to be paid in FIL. Unlike stablecoins, the cryptocurrency is highly volatile and has lost more than 80% of its value this year.

Filecoin price prediction

The daily chart shows that the FIL price has been in a tight range in the past few days. As a result, it is consolidating at the 25-day and 50-day moving averages. It has formed a head and shoulders pattern whose neckline is at $4.95. 

At the same time, the MACD and the Awesome Oscillator are hovering at their neutral levels. Therefore, there is a likelihood that the coin will have a bearish breakout. This view will be confirmed if the coin manages to move below the important support at $4.95.

The post Is Filecoin’s FIL a good buy ahead of the FVM launch? appeared first on CoinJournal.

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HBAR price prediction: Last chance for Hedera Hashgraph bulls

HBAR price has been in the defensive in the past few months as demand for the coin slips. Hedera Hashgraph dropped to a low of $0.57 on Friday, which is an important support level. This price is about 90% below the all-time high of $0.5800. Its market cap has slipped to more than $1.3 billion.

ServiceNow launches ESG Ledger

Hedera Hashgraph is a leading blockchain project that counts some of the biggest companies in technology as its partners and validators. Some of these firms are Google, IBM, Avery Dennison, and Deutsche Telekom as its partners. Most of these firms have used Hedera’s technology to build some of their blockchain projects.

Servicenow became a Hedera Hashgraph validator a few months ago. And this week, the company unveiled its first project that is built using the technology. The Now Platform is a new ESG Public Ledger. This ledger tracks all the audit logs and orchestrates token-related activities verifiably.

This ledger is important because of the number of entities involved in ensuring that companies meet their ESG goals. For example, there is a marketplace or exchange that allows the matching of demand and supply through a price discovery mechanism. There are also financial intermediaries, the ecological project, and the financial intermediary.

Servicenow selected Hedera because of the significant speeds of its network and the fact that it is one of the greenest blockchains in the world. For example, according to the Center for Blockchain Technology, it uses about 0.04 Wh per transaction.

HBAR price has also lagged even as Hedera’s DeFi ecosystem makes some progress. According to DeFi Llama, the total value locked (TVL) in Hedera has moved from zero to over $17 million. This growth was helped by Stader, a new liquid staking project. 

HBAR price prediction

The daily chart shows that the Hedera Hashgraph price has been under intense pressure in the past few months. This performance was in line with that of other cryptocurrencies like Bitcoin and Litecoin. Indeed, the coin has remained in a tight range at $0.06 just as BTC is hovering at $20,000. 

HBAR remains below all moving averages while the MACD has remained at the neutral level. Therefore, the outlook of this coin is neutral with a bearish bias. A drop below the support at $0.05 will signal that bears have prevailed, which could push it much lower.

The post HBAR price prediction: Last chance for Hedera Hashgraph bulls appeared first on CoinJournal.