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Binance, in One-Two Punch to Rival Exchanges, Readies Margin Trading

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By CCN: Cryptocurrency exchange Binance has given followers a peek into its margin trading screen, and its native cryptocurrency BNB surged as much as 10% in response. Speculation about Binance’s expansion into margin trading has been swirling for a while.

True to the company’s style, they took to Twitter to reveal a screenshot of the upcoming margin trading user interface, posing the question to followers: “Dark mode or Light mode?” According to a report in TechCrunch, the new feature will be rolled out “soon.” With the screenshot comes a warning that while margin trading can deliver “higher profits,” there are also “greater risks.”

Investors Celebrate Binance Coin (BNB)

That’s the beauty of being a private blockchain company. You can tease major announcements like this without any regulatory backlash because BNB is a utility token and not a security.

Binance Coin (BNB) soared roughly 10% on the heels of the development while the broader crypto market also trades in the green. The seventh-biggest cryptocurrency by market cap has shown resilience to the exchange’s $40 million bitcoin hack and is trading at a fresh high of more than $30.

BNB is trading at a fresh high in 2019. | Source: CoinMarketCap

Until now, Arthur Hayes’ BitMEX has been ruling the roost on bitcoin margin trading. Earlier this month, Hayes tweeted that the exchange set a record with trading volume of $10.03 billion over a 24-hour period, thanking both volatility and “wonderful traders.” Not to be outdone, Binance CEO Changpeng Zhao is looking to capture some of that market share.

Meanwhile, popular U.S.-based crypto exchange Coinbase is also exploring the possibility of adding margin trading to the platform for individual investors. Coinbase reportedly already supports margin trading for institutional investors for up to three-times leverage. Nothing could put a fire under the feet of CEO Brian Armstrong to expand to this feature individual investors like one of his company’s chief rivals, Binance, doing it first.

While the details of Binance’s margin trading business are scant, it has the potential to usher in more sophisticated traders to the crypto trading space – possibly to more jurisdictions. According to BitMEX’s website:

“Persons that are located in or a resident of the United States of America or Québec (Canada) are prohibited from holding positions or entering into contracts at BitMEX.”

Given the slow pace that a crypto regulatory framework is unfolding in the U.S., it’s unclear if Binance plans to support margin trading here.

Binance Presses On

The remarkable thing about Binance making a margin trading push is that it is so soon on the heels of the recent bitcoin hack. Granted, the 7,000 bitcoins or so lost were only a small percentage of the company’s BTC holdings. Nonetheless, it was a major blow that could have ended in one of two ways – crippling the exchange and CZ or propelling them further. Binance is nothing if not an example of how to press forward in the midst of adversity.

Disclaimer: CCN reached out to Binance via email but did not receive a response in time for publication. This story will be updated when we do.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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