Binance Review, Month 40: Innovating to Make Crypto Better and Safer
During Binance’s Month 40 (October 15 to November 15, 2020): We launched BNB Vault for better BNB staking and BTokens on Ethereum. We also revealed two instances of how we protected user funds.
The Big Story:
Between October 15 and November 15, the total market cap for crypto soared from $359 billion to as high as $468 billion around the end of the latest week, representing a 34-month high. Much of this record growth is due to the climb in Bitcoin (BTC) price from as low as $11,200 in mid-0ctober to as high as, before rising to a 35-month high of $16,400 in mid-November.
Ethereum (ETH) also showed a bullish trend this month, with lows in the $370 range and highs at around $470 toward mid-November. During this period, BNB was on a slight downturn, from a high of almost $32 by the end of October to $26 by the start of November, before stabilizing at around $27.50 mid-November.
For Binance, Month 40 was about showing how we use blockchain technology to help you benefit more from crypto while also increasing the safety of everyone’s funds and data.
We recently introduced BTokens on Ethereum. To further support the growth of DeFi and help bridge it with CeFi, we launched wrapped tokens on Ethereum as part of our upgrade to the Token Canal program. We support deposits and withdrawals of these token formats on Binance and the token reserve for these wrapped tokens.
Meanwhile, we have also revealed the lengths we go to protect our users. Recently, the Binance Security team helped recover 99.9% of an estimated $345,000 worth of funds stolen due to an exit scam, exemplifying how we continue to put our users first and take action in the best interest of the industry and our community.
We also awarded a $200,000 bounty to the investigators who helped us identify phishing attackers. As a result of our work with them, the U.S. Department of Justice recently indicted two people responsible for an attempted hack on our exchange in March 2018, while the U.S. Department of the Treasury’s Office of Foreign Assets Control simultaneously announced sanctions targeting the individuals.
These are just some of the innovations that are made possible with the application of blockchain technology, which was the focus of our recently concluded Binance Summit: Blockchain Applied. Thanks for joining us at the event!
You can watch it all again here.
Let’s also look into more of the latest updates from the past month.
In Other News
- Binance Labs Leads $1.25 Million Extension Round for Audius. Binance Lab has made a strategic investment in Audius - a decentralized streaming protocol giving everyone the freedom to distribute, monetize, and stream any audio content. Binance Labs led an extension round for Audius worth $1.25 million.
- Increase Your Bitcoin Mining Profit. Bitcoin’s price and hashrates are reaching new heights. Make the most out of it. Learn how to increase your Bitcoin profits by more than 2 BTC in just three months by joining Binance Pool with our latest blog article.
- Crypto Against COVID Official Results: $4 Million Raised, 20+ Countries Helped. Binance Charity had made a significant contribution and impact worldwide through its Crypto Against COVID campaign.
- Our $100M Accelerator Fund now supports five more projects. There are currently 11 projects building on BNB Smart Chain that are supported by the fund. We’re still accepting fund applications for both existing and new projects. See below for our latest BSC landscape.
- Binance Futures Now Available on Desktop App. Users can now directly login to their Binance account on our Desktop App (Windows, Linux & Mac) and begin trading futures. Click here to download the app.
- Binance Cloud Now Offers Perpetual Futures, DeFi Enterprise Solutions. Binance Cloud now offers services for building DeFi products on BNB Smart Chain and Ethereum for its partners globally and a direct network with leading payment providers in the space.
- All in on DeFi: Why the Days of Centralized Exchanges Are Numbered. Read CZ’s latest article, originally published on CoinDesk, where he shares his thoughts on how DeFi can both challenge and complement centralized exchanges.
- Binance pledges $100,000 donation to Gitcoin grants. During the Binance Summit: Blockchain Applied, our CEO CZ, pledged to donate $100,000 to the next Gitcoin Grants Matching round to support up-and-coming Ethereum projects.
- Binance Pool launches the Ethereum mining pool. Enjoy Zero pool fees for the first month! Our Binance Ethereum mining pool utilizes the FPPS mining method and charges only a 0.5% pool fee for Ethereum mining. Binance Pool has deployed mining nodes worldwide to support participation from the global mining community.
- Is Bitcoin Finally Going Mainstream? Bitcoin recently crossed $16,000, reaching almost 125% YTD growth. What does this mean for everyday buyers and sellers of Bitcoin, and what can you do to capitalize on this trend? Read our article to learn more.
Updated on July 27, 2022