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#CryptoCorner: Binance Announces Binance X, Telegram Expecting to Release TON Code on Sept 1 and Samsung's Galaxy S10 Adds Stablecoin Support

 

Point Roberts, WA and Delta, BC - August 30, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: Binance Announces Binance X, Telegram Expecting to Release TON Code on Sept 1 and Samsung's Galaxy S10 Adds Stablecoin Support

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Crypto Corner

Stocks discussed: (KSE:005930)

Crypto exchange giant Binance announced Binance X yesterday. The project is described in a blog post as "a new initiative to foster innovation on the Binance platform and blockchain ecosystem at large". Binance X will see an expansion in the company's suite of products, including: an exchange, blockchain and crypto education, a charity foundation, an information platform, an incubator for top blockchain projects, a token launch platform, institutional-grade analysis and reports, and an official crypto wallet. An excerpt from the blog post reads:

Our core exchange already has APIs to programmatically access exchange functionality. And that includes margin trading and very soon will also include lending and futures as well. Beyond the exchange, we also have a multi-chain, non-custodial wallet called Trust Wallet, a public blockchain with native DEX capabilities called Binance Chain, and a platform that tracks charitable donations via the blockchain offered by our Binance Charity Foundation.

In other words, we have become a platform that third-party developers can build and leverage for their own products and services. As a platform that is rapidly evolving, there is a need to provide a cohesive way to engage and support developers in our ecosystem, and thus, Binance X is conceived.

Binance has also released a report analyzing expected characteristics of China's central bank digital currency (CBDC). According to the report the currency will operate on a two-tier system, wherein "...the first layer, the PBoC would issue and redeem China's CBDC via commercial banks" and "On the second layer, commercial banks would be responsible for re-distributing China's CBDC to retail market participants". An excerpt from the report conclusion reads:

The Chinese Central Bank Digital Currency (CBDC) is a proposed digital legal tender centrally issued by the People's Bank of China (PBoC), backed 1:1 by fiat reserves. It aims at replacing the M0 supply, through the digitization of cash and hence, would also rely on the credibility of the central bank. Some of its core features relate to manageable anonymity and encryption along with China's CBDC not necessarily requiring a bank account (but may require KYC) to use the currency.

CoinDesk reports that messaging app Telegram is expecting to release the code required to run the company's Telegram Open Network (TON) blockchain project on September 1. This was gleaned from unnamed sources affiliated with the project. An excerpt from the report reads:

With the upcoming code release, a broader range of users will be able to run their own nodes. Users can only run nodes on testnet, with a mainnet launch expected for Oct. 31, according to the purchase agreement for Telegram's 2018 token sale.

News outlet Uº Today reports that Samsung's (KSE:005930) Galaxy S10 will support 33 digital coins in total. Binance Coin (BNB), as well as the stablecoins TrueUSD (TUSD), Maker (MKR) and USD Coin (USDC), have all been added for the phone's wallet support.

Sam Mowers, Investorideas

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