Malta-based cryptocurrency exchange Binance is opening an office in Beijing, two sources with knowledge of the matter told CoinDesk. The new outpost will join Binance’s current mainland China office in Shanghai.
It’s not clear what exactly the office will do or when it will open, but the move follows a slew of announcements from Chinese authorities, including President Xi Jinping outlining China’s new blockchain ambitions.
Relations between Binance leadership and Chinese authorities appear to have warmed recently, with the exchange publishing a report on China’s plans for a digital fiat currency over the summer and Binance CEO Changpeng Zhao stating this week on Twitter that he believes the Chinese central bank is having a positive impact on the crypto industry. This comes just one year after China’s censorship firewall blocked access to the Binance website.
These days, Binance executives have publicly stated the exchange is working with multiple governments on an upcoming stablecoin project called Venus. Binance co-founder and chief marketing officer Yi He told Bloomberg that Binance will help governments “fully supervise” the cryptocurrency industry through such projects to ensure “stable, sustainable development.”
Although Zhao grew up in Canada, he was born in China and worked at the China-based exchange OkCoin before founding his own empire. Binance made its first investment in a Chinese crypto company, Mars Finance, last September. Many of the exchange’s earlier investors hail from the Chinese tech industry, including Black Hole Capital and Funcity Capital.
Zhao added via Twitter on Tuesday that Binance currently sees a “few million dollars a day” worth of volume from Chinese users, especially via the peer-to-peer functionality that became available in China earlier this month. However, an increased focus on serving Chinese users doesn’t inherently mean the company is working with authorities on products or services beyond the Venus stablecoin project and compliance efforts.
“I don’t have anything that’s not public,” Zhao said in the Twitter video, referring to Chinese government strategies, adding:
“All of my readings are from public sources.”
CoinDesk reached out to Binance for comment and will update the article if we hear back.
Tech startup Nebula Genomics is launching DNA sequencing using blockchain, which eliminates the need for customers to reveal personal information. Per a blog post published on Sept. 19, Nebula has rolled out anonymous genetic testing, enabling clients to purchase whole-genome sequencing and provide their saliva samples without the need to share their personal data such as name, address or credit card number. Eliminating the dependence on data de-identificationTo achieve this, Nebula developed and implemented a blockchain-based product that enables transparent and controllable data sharing, and offers an option to conduct pseudo-anonymous payments using cryptocurrencies. For those customers who do not use digital currency, the company recommends using a prepaid credit card to protect their privacy. “Most importantly, enabling individuals to remain anonymous would eliminate the dependence on …
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As we move into our second decade of Blockchain since its inception, it has certainly become more prevalent in recent years. Many enterprise & Fortune 500 companies have invested broadly in Blockchain, and many patents have been issued.
The intention is to decentralize data across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks. Blocks are files where data in the network are permanently recorded.
A block is a permanent store of records, which cannot be altered or removed since they are distributed among many participants on the Blockchain network. This is also called Distributed ledger technology (DLT); which Blockchain is a type of.
Discussions and commentary about how Blockchain is working through the ecosystem of tech and creating opportunity are forthcoming in this blog. We will also discuss matters of how it relates to industry, health care, commerce, a…