Connect with us

News

Binance offers Instant cash transfer to Nigerian (NGN) users, Fiat on Ramp for Ghanian (GHS) users

Published

on

Binance cryptocurrency exchange

Binance is a leading crypto exchange out of China it now serves crypto traders and hodlers globally. In 2018, Binance was the largest crypto exchange in the world in terms of trade volumes. 

The exchange giant is now offering new financial features to its Nigerian and Ghanian users. This new feature emphasizes Binance’s dedication to increasing freedom of money for users. 

Naira transfer at zero cost

Binance added a new cash transfer function that will help Nigerians transfer cash from one Binance wallet to the other. The new function is available on its app and web.

The recipient of the cash transfer does not have to be a Binance user. The funds could be transferred via email or text message, and the recipients will get a link for them to sign up and instantly withdraw the funds. 

This new function extends the Binance platform from being majorly a crypto exchange to an all-round financial app, providing easy access to cryptocurrencies and making fiat transactions seamless and easy for users.

However, it could also generate more users. Recipients will be forced to sign up and create a Binance account. 

Cash transfers with traditional banks are not free, the fiat saved in banks are also subject to constant deductions. As such, storing fiat on the Binance could very well become a trend, as it is available for use at any time and not subject to heavy fees charged by traditional banks.

We could very well see a crypto hodling trend by more people. When a recipient is sent money and has to create a Binance account, there’s a possibility of exploring the exchange and wanting to get in on the crypto action. 

Binance could very well become a virtual fiat and crypto bank with this new function. 

Fiat on-ramp for the Ghana Cedi

Binance has made buying cryptocurrencies by Ghanian users easier with the new fiat on-ramp feature. Users are now able to deposit Cedi into their Binance Cedi wallet via mobile money, and purchase cryptocurrencies with the balance.

30 GHS cash back promo

Binance 30 GHS cash back promo
30 GHS cash back promo

With the fiat on-Ramp feature, comes the 30 GHS cash back promo. Now that Ghanians can deposit Cedi into Binance to get crypto, the exchange is rewarding users with 30 GHS. 

The rules of the reward distribution on the Binance site reads:

Rewards will be distributed to only users who open accounts and deposit over 120 GHS and trade (cashback on only 1st trade). 

Only KYCed Users can qualify!

Binance reserves the right to disqualify any cheat behaviors, self-trading, or wash trading. 

To participate in this promotion, KYCed users need to complete at least one trade on any listed Coins i.e BTC, ETH, BNB, and BUSD. 

The trading competition only applies to trades through the web or app version of binance.com.

The GHS rewards will be allocated to the Binance user’s wallet, at the end of the campaign (one win per User participating). 

Binance reserves the right to disqualify any participants showing signs of fraudulent behavior immediately. 

Binance reserves the right to cancel or amend the Promotion or Promotion Rules at our sole discretion.

This promo could go a long way in encouraging Ghanians to use the new fiat on-ramp feature, thereby, expanding the already large user-base of Binance.

Comments

Bolu Abiodun is a recent graduate of Theatre and Media Arts, Federal University Oye-Ekiti. A journalist with over a year's experience on the job. A former editor at American Media company Project Forward, he is a skilled content creator, social media manager and digital marketer.

Continue Reading
Click to comment

Leave a comment:

Market Watch

Jack Dorsey‘s Square to develop open source Bitcoin mining

Published

on

Jack Dorsey Bitcoin

On Friday, October 15, Twitter CEO Jack Dorsey announced that American fintech company, Square, would be looking to get into Bitcoin mining. Jack Dorsey who is also Square’s CEO announced this on Twitter which subsequently sent waves through the bitcoin market, surging its price to almost a record high, rising over $62,000 over the weekend. According to the Twitter boss, Square is looking to building an open source Bitcoin mining system that would be available to individuals and businesses.

Sharing his thoughts further on the initiative, he stated that “Mining needs to be more distributed” and that “the more decentralized [mining] is, the more resilient the Bitcoin network becomes. He also mentioned the apparent inaccessibility of mining stating that “Bitcoin mining should be as easy as plugging a rig into a power source.

Dorsey also believes that bitcoin mining “needs to be more efficient and that “clean and efficient energy use” would be undoubtedly beneficial to the digital currency in the long run.

Dorsey ended the thread by saying that a “technical investigation would be undertaken by a Square team led by Jesse Dorogusker, Square’s hardware lead. If successful, this initiative would be another of Square’s bitcoin focused projects which includes a Bitcoin hardware wallet.

Comments

Decentralize Daily

From Crypto and Blockchain to AI, Fintech and Web 3.0 delivered twice in a week (Mondays and Fridays)

Continue Reading

News

Financial Leaders from G7 Release Guidelines for Central Bank Digital Currency

Published

on

Source: World Atlas

At a meeting that was held in Washington, yesterday, October 13, G7 leaders discussed central bank digital currency and endorsed 13 public policy principles with regards to their implementation. The financial leaders from G7 agreed that CBDCs would complement cash and should not be detrimental to the monetary system. The G7 leaders have been discussing CBDCs this week concluding that they should do no harm and meet rigorous standards.

It should be noted that G7 includes finance leaders in advanced economic nations comprising of Canada, France, Germany, Italy, Japan, the U.S and the U.K. the G7 leaders make it mandatory that any newly launched CBDC should not harm the central bank’s ability to perform its duty of maintaining financial stability. In a joint statement by the G7 finance ministers and central bankers, they said that, 

“Strong international coordination and cooperation on these issues help to ensure that public and private sector innovation will deliver domestic and cross-border benefits while being safe for users and the wider financial system.” 

The joint statement further states that CBDCs are complements to cash and could serve as a liquid or safe settlement assets with an added advantage of anchoring existing payment systems. CBDCs issuance should be entrenched in a long-standing public commitment to transparency, rule of law, and sound economic governance. The statement added at CBDCs must be so efficient that they are fully interoperable on a cross-border basis. 

The G7 leaders agreed that they had a duty to minimize the incidence of ‘harmful spillovers to the international monetary and financial system” 

The G7 statement reiterated a similar statement earlier made by G20 that no global stablecoin project should begin operation until such a token has addressed legal, regulatory and oversight requirements. 

Countries like China and Nigeria are ahead of the pack with regards to the adoption of digital Yuan and Naira respectively. China’s crackdown on cryptocurrency may be a step forward for the country’s plan to promote its digital Yuan. Nigeria, on the other hand, postponed the launch of its eNaira in deference to the 61st anniversary of Nigerian independence on Oct 1. 

However, countries like the US and the UK are dragging their foot with regards to the introduction of CBDCs to their financial system. There are insinuations that America is in danger of being left behind technologically and financially if it doesn’t get serious with the implementation of CBDC in its financial system.

Comments
Continue Reading

Learning Guides

Understanding Speculation and Crypto Volatility

Published

on

Everyone who dabbles in the crypto industry learns almost immediately that the market is very volatile and oftentimes things can change very quickly. That volatility is the fundamental reason why some investors make absolutely stunning gains in so short a time and others lose a lot of money as well. Trading in crypto is one of the riskiest ventures any person can undertake and as they say, it’s not for the faint of heart. The risks can be mitigated of course and sometimes depends specifically on the coin or crypto asset being traded on, barring general market trends.

Nevertheless, to get to the bottom of the volatility concept, one must understand speculation in the market. To start off, the concept of speculation isn’t limited to cryptocurrencies, on the contrary, speculation has existed for as long as economics and trading has. But it is worth saying that speculation is often a feature of novel sectors, assets, commodities and the like. So, even though cryptocurrencies have been around for more than a decade, they’re still in their infancy as far as markets go. One could say that the market is still trying to find its feet.

One of the fundamental reasons why cryptocurrencies are so volatile is that they are fundamentally backed by nothing of value outside the attention that they get. Unlike many fiat currencies which are either pegged to another currency’s value or whose value is unilaterally determined by a central authority, cryptocurrencies only derive value as a function of how many people are willing to use is to transact, i.e. trust in the asset because other people trust it. As a rule of thumb, the larger the number of people who accept the asset, the more valuable it becomes.

This is one of the hallmarks of speculative trading. In the crypto world or in any market that’s novel and untested, many people are in it to win it which means their strategies in trade has the objective of making as much profits as possible in the short term. Therefore, the market enters a subtly dangerous cycle of rapidly changing prices of assets. Basically, investors typically buy assets when prices are low and wait. As more investors are attracted to the commodity for its low prices, it sets off a cascade where more people buy in, causing the price to steadily rise. 

However, all good things must come to an end and it almost always gets to a breaking point whereupon the price gets high enough for investors to begin to sell. This reverses the earlier cascade and as more and more investors pull out, the prices can fall dramatically causing even more to sell off in fear of losing whatever investments they have left. The prices having fallen resets the game and primes investors to begin buying again.

Volatility has been one of the talking points of many critics of cryptocurrencies often comparing it to a Ponzi scheme. And in certain cases, persons of interest with large pulls and audiences can substantially affect the rate at which prices rise and fall. Other factors include government regulations. Volatility at its core reflects the often chaotic nature of trade and market interactions and human hopes and fears.

Comments

Decentralize Daily

From Crypto and Blockchain to AI, Fintech and Web 3.0 delivered twice in a week (Mondays and Fridays)

Continue Reading

TRENDING

%d bloggers like this: