Over $250M in Binance Coin (BNB) Locked to Farm BEL Tokens

John P. Njui   •   BINANCE (BNB) NEWS • COINMARKETCAP • DEFI   •   SEPTEMBER 9, 2020

Quick take:

• Over $250 million in Binance Coin has been staked to farm Bella Protocol (BEL) tokens
• Binance launched its newest launchpool feature to offer a secure way of yield farming
• The aim of launchpool is to allow investors to stake BNB, BUSD and other tokens to farm other tokens belonging to new projects

Bella Protocol (BEL) token farming on the Binance Launchpool platform was officially launched today, September 9th, at 0:00 UTC. Since then, investors on the platform have staked over $250 Million in Binance Coin (BNB) – in less than 24 hours – to get a chance at farming BEL tokens. The team at Binance captured this milestone via the following tweet.

A quick glance at the Bel Protocol (BEL) launchpool page reveals that the following digital assets have been staked thus far.

• 11,075,858 Binance Coin (BNB) – Approximately $262.94 Million using $23.74 per BNB
• 57,697,617 Binance USD (BUSD) – Approximately $57.697 Million
• 114,016,303 – ARPA Chain (ARPA) – Approximately $4.56 Million using $0.04 per ARPA

Binance LaunchPool: A Secure Way to Farm New Assets

In the months of August and September, the crypto exchange of Binance has ventured into the DeFi industry by listing multiple DeFi tokens. To keep up with the warp speed at which Yield Farming is evolving, the exchange decided to launch Binance Launchpool as a secure way for investors on the platform to farm new assets.

Binance aims at providing a safer way for investors to venture into DeFi and Yield farming without the additional risks as seen with the collapse of Yam Finance (YAM) and the SushiSwap (SUSHI) debacle. In line with the current processes of Yield Farming, investors on Binance launchpool have the freedom to unstake their digital assets anytime they please.

In the case of BEL protocol (BEL), staked assets will be recorded over a 30 day period with rewards in BEL allocated daily and depending on which pool the user decides to participate in.

BEL will also be listed on the 16th of this month and trading open for BEL/BTC, BEL/BNB, BEL/BUSD and BEL/USDT pairs.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Crypto Lending Platform Cred Joins Visa's Fintech Fast Track Program

By RTTNews Staff Writer | Published: 9/9/2020 11:04 AM ET

Crypto lending and borrowing platform Cred has joined the Visa's Fintech Fast Track Program to enable it to easily leverage the reach, capabilities, and security offered by Visa.

By joining the program, Cred will also be able to expand its reach to facilitate lending and borrowing of digital assets around the world wherever Visa has its operating network, thus enabling its global expansion in the most efficient way possible.

This includes sending interest payments directly to customer bank accounts through Visa's network, issuing Crypto Line of Credit (C-LOC) cards that allow customers to access a credit line without liquidating their crypto assets, and an easy way to acquire digital assets using Visa payment products.

"Cred has always served as a bridge between traditional banking and blockchain based financial services and having a direct relationship with Visa will enable the company to scale much more rapidly to support the significant growth occurring with digital asset lending," said Dan Schatt, CEO and Co-Founder of Cred.

The fintech fast-track program provides a new commercial framework to support fintech and startup companies that includes access to Visa's payment capabilities, reduced fees and streamlined processes.

The program provides turnkey access to Visa's ecosystem partners, online licensing, APIs, as well as extensive go-to-market toolkits, online education and expert advice to help Fintechs scale their business.

Cred is already serving customers in more than 190 countries. It allows its customers to earn a yield or interest of up to 10 percent on more than 30 crypto and fiat currencies through its partner network. It also provides loans with cryptos as collateral.

Cred is a licensed lender headquartered in the San Francisco Bay Area, supporting crypto exchanges, wallets, foundations and financial applications with its industry-leading crypto-backed lending and borrowing platform. It harnesses the power of blockchain to allow everyone to benefit from low-cost credit products.

Cred is a founder of the Universal Protocol Alliance (the UP Alliance), a coalition of the world's leading blockchain companies solving some of crypto's hardest challenges. The Alliance is working to create the future generation financial infrastructure needed to support the next 100 million users of crypto.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Morgan Stanley exec says this demographic prefers Bitcoin over gold

"Millennials are buying more of the Bitcoins and the cryptocurrencies," says Ruchir Sharma.

Image courtesy of CoinTelegraph

            SEPT 08, 2020

According to a Morgan Stanley executive, the young and adventurous usually go for crypto, while older investors stick to more traditional assets.

In a Sept. 8 interview with CNN anchor Julia Chatterley, Morgan Stanley’s head of emerging markets and chief global strategist Ruchir Sharma stated that the generational divide when it comes to investments has many millennials choosing Bitcoin (BTC) over gold.

“I think some of the older [investors] are still buying gold, and millennials are buying more of the Bitcoins and the cryptocurrencies,” said Sharma.

Part of the younger generation’s drive to look towards crypto may be related to Sharma’s prediction that inflation could come as early as 2021 in the United States. He cited a number of monetary and fiscal measures officials have taken to deal with the economic fallout of the pandemic.

“There is this lingering feeling out there that given what central banks are doing in terms of printing so much money, there is a search for alternative assets.”

“To have about 5% or so of your portfolio in gold is not a bad idea,” said the Morgan Stanley exec. “If you're a bit more adventurous — and I guess it’s more to do with demographics — then obviously search for Bitcoin and other cryptocurrencies."

Crypto Twitter saw this example played out in real time yesterday as famous gold bug Peter Schiff put it to the internet to decide who was more trustworthy when it came to financial advice: a 57-year-old goldbug with 30 years’ experience as an investment professional or an 18-year-old unemployed college freshman who favored Bitcoin. Of the 82,906 people surveyed, 81.3% chose “the kid.”

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Original article posted on the CoinTelegraph.com site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe

Gold Pundit Peter Schiff Admits He Was Wrong On Bitcoin. Here’s Why

By Brenda Ngari – September 7, 2020

Stockbroker and gold bug Peter Schiff’s animosity against bitcoin is well known. However, Schiff has basically admitted that the king of cryptocurrencies recently defied his bearish portents. Given bitcoin has obliterated gold’s year-to-date returns, such a conclusion should be obvious.

‘I Was Wrong On Bitcoin’

The Twitter debate between bitcoin hater Peter Schiff and Gemini co-founder Tyler Winklevoss on Sunday (September 6) was quite interesting. The two were talking about bitcoin’s rally to $12,000 and the subsequent drop below $10k. According to Tyler, $10K is now the new baseline because bitcoin did not spend too much time below that level. He also observed that the benchmark crypto is now consolidating before the next huge move.

For Schiff, however, bitcoin is consolidating before the next meltdown. “Consolidations after sharp moves typically continue the move that proceeds them. The more the 10K support level is tested the weaker it gets. Markets rarely give investors that many chances to buy the bottom,” he explained.

A Twitter user going by the online alias sharkybit chimed in on the conversation, attaching a screenshot from July 5 where Schiff had predicted that bitcoin would collapse while gold rallied.

After being called out for his failed bitcoin prognostication, the gold proponent conceded that he was wrong on bitcoin. He further posited that bitcoin’s surge to $12K was boosted by the extensive TV advertisements conducted by investment firm Grayscale and gold’s bull rally.

However, Schiff is not completely budging on his bitcoin-bearish stance. He went on to say that bitcoin’s recent drop to $10K means the bear market has returned.

Schiff’s Logic Is Flawed

As aforementioned, bitcoin’s gains this year outpace those registered by gold. Bitcoin is currently hovering at $10,193.86. It has rallied 41.65 percent since the beginning of the year, according to data provided by blockchain analytics firm Skew. By comparison, the precious metal is up approximately 27.22 percent in the same timeframe.

Although bitcoin has dropped over 20% from the early August $12.5K high, its status as a potential substitute to gold is solidifying. Besides performing better than gold on a year-over-year basis, pundits have poignantly pointed out that the flagship cryptocurrency is becoming a better store of value than gold.

Where To Now?

While Schiff theorizes that bitcoin tapping the $10K level implies that it is due for a deeper retracement, other crypto experts are noting that the asset’s resilience is an indication that an exponential rally could be on the horizon.

The CEO of hedge fund Three Arrows Capital, Su Zhu, was actually surprised by bitcoin’s ability to hold above $10,000. Zhu suggested that this simply means the top crypto is more likely to head higher than plummet.

“$eth 320 as a bottom made sense and played out; $btc I am actually flabbergasted by the strength shown at 10k and prob means 100k is more likely than 5k at this stage.”

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe