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Binance Updates over AMA: BUSD Progress, Binance Card & CMC Acquisition

Known for its open and transparent approach in engaging its community, Binance held another Ask-Me-Anything (AMA) session last Friday where Binance’s CEO Changpeng Zhao (CZ) gave viewers a brief update on the numerous new products and developments announced in the past two weeks, and also the opportunity to have some questions answered. The 50-minute livestream covered a range of topics including recent Binance news on the launch of the Binance Card and Binance KR, but the focus of the session was centered around Binance’s CoinMarketCap acquisition. Here are the main highlights:

BUSD – Transparency and Efforts to Comply with Regulations Go A Long Way

Launched last December, the Binance stablecoin (BUSD) has been growing exponentially with a 400% gain in the first quarter of 2020. In the last three weeks, the BUSD saw its market cap double. CZ attributed the growth they experienced last month partially to the global financial market turmoil, but noted that there is a definite demand for stablecoins as it is the only instrument that acts as a bridge between the “pure blockchain and crypto world”, and also the “pure fiat world”. Moreover, the BUSD prides itself on transparency. It is fully audited and complies with regulations as set by the New York Department of Financial Services. As results have shown, Binance has created sustainable demand for a transparent stablecoin, especially in these times of uncertainty.

Binance Card – Beta Launching in Asia 

According to a previous announcement by Binance, the much anticipated Binance Card will be beta launched first in Malaysia and Vietnam. The next countries to get access to the card have not yet been determined, and those interested should register on card.binance.com/en/ so Binance can decide which regions to prioritise first. The Binance Card can be used with the Binance Card App as the virtual version of the card will be made available first, with a physical card to come later.

CoinMarketCap Acquisition – Binance Will Compete Independently in the Industry

Binance’s announcement of the rumored $400 million USD CoinMarketCap (CMC) acquisition deal was met with both positive and negative reactions in the past week, with many individuals concerned with Binance possibly manipulating information on the data analytics platform, thereby compromising the neutrality and independence CMC is known for. CZ took to the AMA livestream to assure viewers that the CMC team will function separately from Binance.

“We want CoinMarketCap to continue being the most authoritative source of information and data in the industry,” CZ said.

Binance’s goal is to further improve and develop the platform’s functions and add more data options such as futures, derivatives and more to provide greater insights into the crypto industry as a whole. He is also looking to improve CMC’s mobile application. CZ noted that it is important for all their products and businesses to “stand on its own” when a Twitter user asked if Binance would only promote CMC over other data platforms from now on. The only thing that may change with the acquisition, CZ noted in a mirthful manner, is that exchanges may be more polite when speaking to him in the future.

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© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

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