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Binance will Delist $BUSD in 2024

By
Paul Ugbede Godwin
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0

Binance, one of the largest cryptocurrency exchanges in the world, has announced that it will stop supporting $BUSD, its own stablecoin Issued by Paxos Trust and it’s pegged 1-1 to the US dollar, by the end of 2024. This decision comes as a result of regulatory pressure and compliance issues that have affected Binance’s operations in several countries.

Binance launched $BUSD in September 2019, in partnership with Paxos Trust Company, a regulated financial institution that also issues other stablecoins such as $PAX and $PAXG. $BUSD was designed to offer traders and investors a convenient way to access the US dollar market without having to deal with fiat currency conversions or bank transfers. $BUSD is backed 1:1 by US dollars held in reserve by Paxos and is audited monthly by a third-party firm.

Since its launch, $BUSD has grown to become one of the most popular and widely used stablecoins in the crypto space, with a market capitalization of over $12 billion as of August 2023. It is supported by more than 100 platforms and services, including Binance’s own ecosystem of products such as Binance Smart Chain, Binance Pay, Binance Card, and Binance Earn. $BUSD is also integrated with several DeFi protocols and applications, such as Aave, Compound, Curve, MakerDAO, and Uniswap.

However, despite its success and popularity, $BUSD has also faced some challenges and controversies in the past year. In June 2021, Binance was reportedly under investigation by the US Department of Justice and the Internal Revenue Service for possible tax evasion and money laundering activities involving its users and employees.

In July 2021, Binance was ordered by the UK Financial Conduct Authority to stop offering regulated services in the country without proper authorization. In August 2021, Binance was sued by a group of investors who claimed that the exchange manipulated the price of $BUSD to benefit itself and harm its customers.

These and other regulatory actions have prompted Binance to take several measures to improve its compliance and transparency standards, such as hiring former regulators and experts, implementing stricter KYC and AML policies, limiting leverage trading and derivatives products, and cooperating with authorities and industry partners. However, these measures have not been enough to appease some regulators and watchdogs, who have continued to scrutinize Binance’s activities and operations.

As a result, Binance has decided to phase out $BUSD by the end of 2024, citing “the changing regulatory landscape and customer demand”. According to a blog post published by Binance on August 31, 2023, the exchange will gradually reduce the supply of $BUSD over the next three years, until it reaches zero by December 31, 2024. During this period, Binance will continue to support $BUSD for trading, depositing, withdrawing, and redeeming on its platform and other services. However, Binance will also encourage its users to migrate to other stablecoins that are more widely accepted and regulated in their respective jurisdictions.

Binance has also assured its users that their funds are safe and that they will not lose any value or functionality during the transition process. Binance has stated that it will work closely with Paxos and other partners to ensure a smooth and seamless migration for its customers. Binance has also thanked its users for their support and trust in $BUSD over the past four years and has expressed its commitment to continue providing innovative and compliant products and services in the future.

Interestingly, Binance Japan, the Japanese subsidiary of the global cryptocurrency exchange Binance, announced that it will list 100 new tokens on its platform, tripling the current number of available tokens. This is a major expansion for the exchange, which aims to provide more options and opportunities for its users in the Japanese market.

According to a press release, Binance Japan will list the new tokens in batches, starting from September 1st. The first batch will include 20 tokens, such as Ethereum (ETH), Cardano (ADA), Polkadot (DOT), Solana (SOL), and Chainlink (LINK). The second batch will follow on September 15th, and the third batch on September 30th. The remaining tokens will be listed gradually over the next few months.

Binance Japan said that the new tokens were selected based on their popularity, liquidity, innovation, and compliance with the Japanese regulations. The exchange also said that it will conduct regular reviews of the listed tokens to ensure that they meet the standards and expectations of its users and regulators.

The CEO of Binance Japan, said that the listing of 100 new tokens is a milestone for the exchange and the Japanese crypto community. He said that Binance Japan is committed to providing a safe, secure, and diverse platform for its users, and that it will continue to explore new ways to enhance its services and products.

“We are thrilled to offer our users more choices and opportunities in the crypto space. By listing 100 new tokens, we are not only expanding our portfolio, but also supporting the growth and innovation of the crypto industry in Japan. We believe that this will benefit both our users and the entire ecosystem,” he said.

Los Angeles-based VC Firm Black Ostrich Ventures, Announces $20M Pre-seed and Seed-stage Funds for African Startups

By
Ojukwu Emmanuel
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0

Los Angeles-based venture capital firm, Black Ostrich Ventures, has announced the raise of $20 million in pre-seed and seed-stage funds for African startups.

The fund will cover only startups in the tech, cleantech, supply chain, and ag-tech sectors, with a diversion from the Fintech startups that have continued to receive the most funding on the African continent.

The funds, which are backed by LPs in New York and high-net-worth individuals, will be specifically used to support startups in Tanzania, Zambia, Uganda, and Morocco, with cheque sizes ranging from $50,000 to $200,000.

Speaking on why the funding is happening outside of the big four African markets (Nigeria, South Africa, Egypt, and Kenya), the General Partner of Black Ostrich Ventures Ajani Windsor Areago said,

“If you look at the capital inflows into VC in Africa, the big four countries attract all the capital. But most exits do happen in these markets where it is currently funded. A lot of the Western VCs invest in Africa without having an exit strategy. There’s no IPO for you. What a lot of VCs in the West do not understand is that when a company reaches Series A in Africa, that’s an exit for someone who invested in the pre-seed.

“I’m speaking to a lot of the African VCs and they’re teaching us how to exit businesses on the continent. We will be working with founders in a very unusual way. We’re going to surround founders with growth experts and marketing experts to help them grow their businesses. It’s one thing to be great at starting a company, understanding the marketing aspect of the business is another.”

Black Ostrich Ventures further stated that it intends to concentrate its investments in venture-investable businesses and countries with promising exit opportunities. The firm hopes to leverage Windsor-Areago’s experience in the VC industry.

In addition to the first checks, the firm will offer a follow-on investment of up to $1 million if the company reaches Series. It is worth noting that Black Ostrich Ventures’ $20 Million Pre-seed and Seed-stage fund for African startups, is coming weeks after Founders Factory Africa announced the raise of $114 million to fund African startups.

African startups have continued to receive an increase in funding, which saw the continent raise a total of $123.4 million in July 2023. The trail was led by East Africa with startups in the region securing 37.5% of the funds raised in July.

However, the total funds raised was a 46.5% YoY decrease from the amount that was raised on the continent in July 2022.

Last month, July, was however a reflection of what the tides have been since H2 2022. The year 2023 has been slow following the funding market reset, which began in 2022. However, some regions, like East Africa and Central Africa, have continued to show promising signs with impressive fundraising by startups.

Ethereum (ETH), Pepe (PEPE), Or Everlodge (ELDG) – Where Is The Community Heading To?

By
TI Partners
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0

In recent days, there has been a lot of buzz around a new project, Everlodge. This new project has mesmerized investors, and experts with its massive growth potential. Analysts have forecasted this project to grow by at least 30x in the coming months.

On the other hand, market conditions are tough for both Ethereum (ETH) and Pepe (PEPE). Investors of both these projects are looking to shed their tokens to join ELDG.

Join the Everlodge presale and win a luxury holiday to the Maldives

Ethereum’s (ETH) Exchange Supply Increases

The latest data from Glassnode has revealed that the monthly transaction volume of Ethereum (ETH) has surged. As per data, the transaction volume of Ethereum (ETH) has surpassed $93 million.

However, a close analysis of the data reveals that the transaction volume of Ethereum (ETH) has surged largely because of the ongoing downtrend. Notably, in recent weeks, there has been a significant influx of Ethereum (ETH) tokens on exchanges.

Experts believe that a surge of Ethereum on exchanges denotes an increasing selling pressure on ETH. Meanwhile, the trading price of Ethereum (ETH) has taken a dip of 11% in the past seven days. Subsequently, Ethereum (ETH) is now changing hands for $1,654.37.

Pepe (PEPE) Suffers A Massive Dump Event

Pepe (PEPE) has suffered a severe dump event, which has caused a steep fall in its price. Recently, a wallet transferred about 16 trillion Pepe (PEPE) tokens on crypto exchanges. Soon after this dumping event, Pepe’s (PEPE) price dropped by about 20% within hours.

Thus, Pepe (PEPE) is now changing hands at $1,654.37, a fall of 11% in the past month. At press time, a Pepe (PEPE) token is available to trade at $0.00000089. However, Pepe (PEPE) has seen a surge in whale activity.

This, according to the Pepe (PEPE) community, can trigger the demand for the token, thereby increasing its price.

Everlodge (ELDG) Is Considered The Best Option

Everlodge has developed a new platform that allows users to own luxury holiday homes, villas, and hotels for as low as $100. As per a research report, the current value of the global hospitality market is more than $4.548 trillion. Therefore, this new project has been able to make a big impact on the crypto world.

It will create NFTs against villas and luxury holiday homes, and fractionalize them to help small and retail investors. The value of its NFTs will directly be related to the price of real estate properties. Since the real estate market experiences continuous price increases, the value of these NFTs will increase too. These NFTs will also qualify as collateral for short to medium loans.

The platform has also planned to roll out a Launchpad. This will provide developers with a place where they can raise money for their upcoming real estate projects. Besides, users can invest in projects early, and maximize their ROI.

The platform has begun the first stage of its presale, and its price has surged from $0.01 to $0.012. Meanwhile, the platform uses a dynamic pricing model. So, the market value of ELDG tokens will increase at each presale stage, with $0.016 being the next rise. Experts are confident that the market price of the project can reach $0.038 by its launch time.

Find out more about the Everlodge (ELDG) Presale

Website: https://www.everlodge.io/

Telegram: https://t.me/everlodge

Pick Your Seat At Next Tekedia Mini-MBA Which Begins Sept 11

By
Ndubuisi Ekekwe
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0
cover design car

What is your journey? Tekedia Institute is a top-grade business school, and we can drive you to that professional, business or entrepreneurial destination. I will be the driver, and together we will get there safely. But you need to pick your seat as we’re taking off on Sept 11 for a 12 week knowledge cruise.

We will pass through Strategy, Innovation, Technology, Business Law,  Operations, Marketing, Sales, and many other “cities” in the business marketplace. Knowledge will determine the empires of the future; acquire and win with knowledge.

At Tekedia Institute, we’re fueled with knowledge for all journeys. With close to 350 eminent drivers of knowledge, you will like it. Hahahaha. This is the temple: pick your seat here with early discounts. Voom voom voom… Fasten your seatbelt. #glory.

Axie Infinity and The Sandbox See Recovery, While Pomerdoge Looks To Dominate P2E Space

By
TI Partners
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0

Play-to-earn (P2E) games have become a major part of the gaming and crypto community over the years. Unfortunately, top P2E gaming platforms like Axie Infinity (AXS) and The Sandbox (SAND) have been on a decline. According to data, gamers are currently moving to a new gaming project called Pomerdoge (POMD).

Click Here To Find Out More About The Pomerdoge (POMD) Presale

Axie Infinity (AXS) Sees Rapid Recovery

Axie Infinity is a blockchain-based P2E game that allows players to collect, breed, and battle digital pets called Axies. Despite its features, the Axie Infinity marketplace has been struggling with user activity and transaction volume in 2023.

Users have been turning away from the project to other P2E gaming projects. Fortunately, there might still be hope for a major recovery. According to statistics from DappRadar, the number of active wallets and transaction volume in the Axie Infinity game is on the rise.

In the past month, the number of active wallets and transaction volume have increased by 60% and 72.39%, respectively. In terms of price, the Axie Infinity token has been moving slowly. Following its rebound on the $4.50 support, the Axie Infinity price has climbed to $4.95, failing to reclaim $5.

The Sandbox (SAND) Launches TURKISHVERSE LAND Sale

The Sandbox coin (SAND) has been on a long-term decline since its August 14th token unlock. Selling pressure had increased after the unlocking. The Sandbox is now looking to recover along with the broader crypto market, rallying to the $0.327774 level.

In general terms, The Sandbox crypto has been making efforts to attract more users to the platform. It has launched a raffle registration for its TURKISHVERSE LAND Sale. Winners of the raffle draw will be announced on August 31st.

Meanwhile, analysts are bullish on The Sandbox in the long term. According to Changelly, The Sandbox price will reach a maximum price level of $0.969903 before the end of 2023.

Pomerdoge (POMD) To 20x Ahead of P2E Market Domination

Pomerdoge (POMD) has been stirring waves within the cryptocurrency sphere right from its presale inception. The gaming project has garnered attention from various corners of the crypto landscape. The project has sold over 158 million tokens and secured $1.42 million in funding within two months.

The fascination surrounding Pomerdoge arises from its attempt to integrate blockchain gaming with the memecoin industry. It is building a platform where participants can earn substantial rewards. Also, they have to do is grow their avatars and participate in the buying and selling of valuable assets like skins.

Pomerdoge primary goal is to establish a leading position in the competitive meme-coin market, supported by a utility-driven ecosystem. Moreover, SolidProof and Cyberscope have already proofed Pomerdoge’s smart contracts, making them secure for users.

Cryptocurrency experts predict a potential price surge of up to 20x for the POMD token. This is due to the ongoing influx of both gamers and investors into this ecosystem. Meanwhile, Pomerdoge tokens are available for sale at $0.009 per token. A 20x surge will elevate the price of POMD to as high as $0.18 before the end of  2023.

Find out more about the Pomerdoge (POMD) Presale Today:

Website: https://pomerdoge.com/

Telegram Community: https://t.me/pomerdoge

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