Kategorie: Crypto Markets

• BNB worth more than $600 million have been removed from circulation, Binance announced on Tuesday.
• This was the 22nd BNB burn, with data showing over 44 million BNB tokens have been cut from the total supply.
• Binance launched BNB in 2017 with a maximum supply of 200 million and has planned to cut the supply to 100 million.

BNB Chain today completed its 22nd burn event, with the quarterly burn for the first installment in 2022 seeing the blockchain platform remove over 2 million BNB worth more than $500 million.

As announced earlier Tuesday, BNB Chain burned a total of 2,064,494.32 BNB worth approximately $617,696,701. The programed burn occurred at around 0800 UTC on 17 January 2023, with the transaction ID also showing the burn was completed at block height 290943059. The total fee a measly 0.002 BNB.

Coin burning is when a certain amount of crypto is destroyed & permanently removed from circulation to reduce the supply of the crypto.

To burn coins you send them to a black hole address, after which cannot be used for anything.

They are burned. Destroyed. Gone forever.

— Binance (@binance) January 17, 2023

Despite the BNB burn news, the price of Binance Coin remained muted and mirrored the slowdown across crypto after last weekend’s massive pump.

BNB is up more than 10% in the past week and nearly 25% higher in the past 30 days, having rallied to $314 per token – its highest price level since late November. However, as noted, today’s announcement hasn’t seen a major reaction from BNB holders. 

The token currently trades around $302 with slight gains of 1.3% over the past 24 hours.

BNB Chain to burn 100 million BNB

While the maximum supply of BNB was initially 200 million when the cryptocurrency launched in 2017, an exploit on the BSC Token Hub bridge on 7 October, 2022 impacted total supply and thus affected the Q4 BNB burn. This is because the incident saw the minting of an extra two million BNB, which had then increased the token’s maximum supply to 202 million.

According to data from bnbburn, the circulating supply of BNB currently stands at roughly 157 million. Approximately 44 million coins from the total supply of 202 million has so far been destroyed, almost halfway to the target of removing 100 million BNB from circulation.

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• Binance’s off-exchange settlement solution Binance Mirror to benefit institutional investors.
• The solution is offered via Binance Custody, a regulated institutional digital assets platform.
• Binance Mirror currently accounts for more than 60% of assets on Binance Custody.

Binance is looking to grow confidence among institutional investors through a brand new service dubbed Binance Mirror.

In an announcement published on Monday, the global crypto exchange giant said the service will be accessible via Binance Custody, the exchange’s regulated institutional crypto custody solution.

Binance Mirror, according to the press release, is an off-exchange settlement solution designed to help institutions to trade and invest in products across the Binance ecosystem through cold custody.

Security key for investors

The crypto space remains much within the chaos that followed the collapse of FTX, with centralised exchanges including Binance seeing a significant slash of customer deposits as uncertainty mounted. Amid this has been the push for self-custody, which has been fueled by the fears around more CEXs folding.

But Binance says its new product protects institutional investors.

Instead of posting collateral directly onto the Binance exchange, institutions will leverage Binance Mirror to lock specified asset balances in the cold storage solution, with these mirrored on their exchange accounts at a 1:1 balance.

On the security of these assets, the Binance team wrote:

“Their assets remain secure in their segregated cold wallet for as long as their Mirror position remains open on the Binance Exchange, which can be settled at any time.”

Binance Custody launched in December 2021, a custodian platform separate from the Binance exchange – it has a segregated cold wallet system. The unveiling of Binance Mirror is already seeing adoption of the custodial platform reach new levels. As noted in today’s announcement, the new product currently accounts for over 60% of the total assets on Binance Custody.

Athena Yu, the VP of Binance Custody, emphasised on the issue of security for investors.

“Security is a top priority for institutions, who also desire the deep liquidity that the Binance Exchange offers. Binance Mirror brings the best of both worlds,” Yu said in a statement.

According to the exec, Binance spent most of 2022 refining its operations as it looked to enable clients to tap into benefits of unlocked liquidity. Mirror’s launch therefore offers the crypto company an opportunity to introduce new features aimed at taking the cold custody functionality to the next level.

The post Binance rolls out off-exchange settlement solution for institutions appeared first on CoinJournal.

• DeFi protocol Frontier Wallet brings in-browser wallet support for Sui, Aptos, and 33 other cryptocurrencies.
• Besides transactions, users will also be able to stake and transfer tokens between networks.
• The wallet basically offers a one-stop platform for users to interact with dApps.

Decentralized finance (DeFi) protocol Frontier has officially launched the Frontier in-browser wallet extension.

The wallet extension brings in-browser wallet support for 35 cryptocurrencies including Sui and Aptos. Users will be able to stake tokens, transact using the allowed cryptocurrencies as well as store and transfer NFTs.

In a nutshell, the wallet will give users the privilege of interacting with any decentralized application (dApp) without needing to switch between different applications, which can be quite tedious for DeFi users. Additionally, the wallet supports some of the newer blockchains like Aptos and Sui which have become so popular in the recent past.

Transferring tokens between networks

In addition to the features mentioned above, the in-browser wallet will also allow users to transfer tokens between different blockchain networks, a process commonly referred to as bridging within the crypto space.

The Frontier team has built APIs for networks like  Near, Solana, Cosmos, and others. Users can use these APIs to get their balances and transactional history.

The wallet is a game changer since a majority of other popular crypto wallets including Zerion and MetaMask do not offer similar features to their in-browser wallet users.

Frontier also claims that its wallet has a security feature that detects phishing attacks and fraud to help keep users safe.

The wallet currently has over one million users worldwide and the new feature is expected to drive that number even higher.

The post Frontier in-browser wallet supporting Aptos goes live appeared first on CoinJournal.

• Bithumb had a one and half hour outage that caused customers to lose funds.
• South Korean Supreme Court has ordered the exchange to pay the customers for the damages.
• Initially, a district court had ruled in favour of the exchange but the ruling was later overturned.

The local courts in South Korea have ordered that Bithumb is supposed to pay just about $200,000 for damages to 132 customers affected by a service outage on January 12, 2023.

On January 13, The South Korean Supreme Court ruled that Bithumb exchange should pay damages caused to customers after the 1.5-hour service outage. According to the Supreme Court, the exchange was to pay damages equivalent to $202,400 (251.4 million won). Customers are supposed to be paid as little as $6 to as much as $6,400.

According to the final ruling by the Supreme Court:

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service.”

Initially, a district court had ruled against the customers before the matter was moved to the Supreme Court which overturned the earlier ruling and issued a final ruling on the matter.

Bithumb in South Korea

Bithumb is the largest cryptocurrency exchange in operation in South Korea and the service outage was caused by a sudden surge in the average amount of orders per hour coupled with bottle-necked transaction flows.

Bithumb has also been under investigation for the sudden death of one of the largest shareholders following embezzlement claims. There is also a special tax investigation on the exchange after authorities suspected the exchange of possible tax evasion.

Bithumb headquarters were actually raided by the National Tax Service (NTS) on January 10.

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