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Binance to Launch NFT Marketplace in June

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The to-be-launched Binance NFT platform will offer two major services: Premium events and trading.

Cryptocurrency exchange platform Binance has revealed plans to launch its own non-fungible token (NFT) marketplace. Binance users will be able to create and trade NFTs on the new platform. The exchange platform announced the launch of the NFTs marketplace on the 27th of April.

The NFT market has been expanding over the past months. Celebrities, athletes, and companies have ventured into the sector, thereby fuelling the adoption of non-fungible tokens. Now, Binance marketplace may come as a rival to the popular marketplace Nifty Gateway. Notably, Nifty Gateway is the most used platform artists use in offering their NFTs to interested buyers. Already, a lot of people have shown their NFTs on the well-known marketplace. 

In the announcement, Binance stated that the marketplace for NFTs will be launched in June.

Despite its speedy expansion lately, the NFTs activity is currently on a decline. According to data provided by The Block, the weekly trading volume of NFTs has plunged after reaching its peak in February. Back in February, there was a fuzz around the NFTs space, resulting in a spike in trading volumes. However, the data compiled by The Block stated that there is a drop in weekly users and transactions on NFTs platforms.

Binance launching its marketplace during a period of decline has raised questions in the NFTs marketplace. Speaking to The Block, a Binance spokesperson referred to the decision as a “strategic move.” He added that the exchange believes in the “fundamental value and potential of NFTs applications in the long run.” 

Speaking further, the spokesman added:

“We aim to build the largest NFTs trading platform in the world by leveraging the fastest, cheapest, and most secure NFT solutions powered by Binance blockchain infrastructure and community.”

According to the spokesman, Binance is confident that its large user base could help its NFT platform attract “millions of potential NFT collectors in the world.” The exchange platform boasts millions of users across 180 countries and regions.

Features of Binance NFT Marketplace

The to-be-launched Binance NFT platform will offer two major services: Premium events and trading. Creators will be able to display and auction their work on the Binance NFT platform using premium events. The creators’ profit will be 90% of the proceeds while the remaining 10% goes to Binance. The 10% profit allocated to Binance represents the platform’s fees for these events.

With the trading feature, creators will be able to mint their NFTs. In addition, the trading feature will allow users to deposit their existing NFTs for sales or auctions. Binance will charge creators and depositors 1% as the processing fee, and they will continuously receive 1% royalty. 

Also, the spokesperson said the Binance NFT platform would mainly support the Binance Smart Chain. He added that the platform might support Blockchain networks, including Flow and Tron, in the future.

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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.



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Safello Planned Initial Public Offering (IPO) Oversubscribed by 1,240%

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Shares of Safello Group are expected to start trading on Nasdaq First North Growth Market under the ticket SFL on May 12, 2021.

Safello Group, the Swedish cryptocurrency broker, has announced that its initial public offering (IPO) has recorded an oversubscription of 1,240%. The company’s initial offering of new shares worth 40.5 million Swedish kronor (almost $4.8 million) was met with subscription bids of up to 502 million kronor ($59 million) worth of shares.

Safello Group also announced that, regardless of the insanely high demand for the company’s shares, it will only allow $4.8 million worth of shares to ‘some’ 1,500 new shareholders and will issue total proceeds of 40.5 million Swedish krona ($4,771,714) before deductions for issue costs, which are estimated to amount to approximately 4.8 million Swedish krona ($565,598).

Safello Group received subscriptions from a total of 15,622 accounts and had subscription commitments amounting to 32.4 million Swedish krona ($3,820,034) from both new and existing owners even before the subscription period began. Frank Schuil, co-founder and CEO of Safello Group, speaking after the announcement expressed their delight to see the unprecedented interest in Safello’s shares and what it signals for the future of the industry.

“The future of a cryptocurrency-based financial system has gained grounds, maturity, and validation in the established financial industry in Sweden as well as across the globe. Companies that are well-positioned to work with traditional players will have a great advantage in facilitating and driving the transition. We look forward to executing our plans to accelerate the transformation, as well as create long-term value for our existing and new shareholders,” Schuil stated.

Shares of Safello Group are expected to start trading on Nasdaq First North Growth Market which is an alternative stock exchange for relatively smaller and medium-sized growth companies in Europe, under the ticket SFL on May 12, 2021. The firm first announced its plans to go public on February 16 and received preliminary approval from Nasdaq Stockholm for listing on Nasdaq First North. The Safello IPO subscription opened on April 19 and closed on April 30. The firm boasts of strong investors including White Star Capital, Northzone, and Currency Group, the parent company of CoinDesk.

Safello group now adds to the already standing list of crypto exchange or brokers going public via a direct listing. Coinbase, the US crypto exchange went public last month on Nasdaq through a direct listing, making it the largest direct listing in history. Kraken and Gemini, both rivals of Coinbase could also go public with Kraken planning on doing it through direct listing in 2022.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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CME’s Micro Bitcoin Futures Go Live for Trading

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The CME micro Bitcoin futures allows retail players and individual crypto investors to deal with small-sized contracts thereby ushering more market liquidity while giving the smaller players equal exposure to a regulated environment.

On Monday, May 3, the Chicago Mercantile Exchange (CME) announced the launch of the Micro Bitcoin Futures in a move aimed at expanding its crypto derivative products. Over the last year, Bitcoin has gained significant price appreciation and momentum.

Thus, the demand for Bitcoin derivative products has also surged. While CME was indeed the first to launch the Bitcoin Futures, it was largely available only to institutional players. The cash-settled CME Bitcoin futures is one of the most popular Bitcoin derivative products.

However, to give retail investors and small players access to BTC derivatives, CME has now launched the micro BTC futures. The CME micro Bitcoin Futures represent one-tenth the size of one Bitcoin. Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products said:

“We are pleased to introduce this new contract at a time when we continue to see consistent growth of liquidity and participation in our crypto futures and options. At one-tenth the size of one bitcoin, Micro Bitcoin futures will provide an efficient, cost-effective way for a broad array of market participants – from institutions to sophisticated, active traders – to fine-tune their bitcoin exposure and enhance their trading strategies, all while retaining the benefits of CME Group’s standard Bitcoin futures.”

Micro Bitcoin Futures: The Power of Small-Sized Contracts

Bitcoin’s popularity is at its peak in the current times. Thus, such small-sized contracts will allow participation from sophisticated individual clients in the market. Besides, it also addresses one of the major issues associated with Bitcoin i.e. the high cost of owning an asset and the desire to engage in a regulated environment.

With the small-sized contracts, the options for CME’s micro Bitcoin futures will also attract retail buying. Daniel Ryba, Executive Director of futures at E*TRADE Financial said:

“Offering Micro Bitcoin futures allows us to provide our customers with even more choice and precision in how they trade Bitcoin futures. The smaller contract size enables traders of all sizes – from institutions to active retail traders – to get exposure to bitcoin prices, or hedge their spot bitcoin positions. We are excited to support this product.”

As said earlier, the micro futures offers more granular exposure on BTC futures. Similar to the larger derivative product, the CME micro BTC futures is also cash-settled.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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Ethereum (ETH) New All-Time High of $3194 Makes Co-Founder Vitalik Buterin Billionaire

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ETH price rally has helped its market dominance surge past 16% making it formidable crypto in the market. Analysts expect ETH price to surge to $10K by the end of 2021.

Simply stunning is an understatement for the Ethereum performance in recent time. The world’s second-largest cryptocurrency ETH has been on an indomitable rally and today’s all-time high of $3194 makes its co-founder Vitalik Buterin the youngest crypto billionaire in the market.

The public ETH address of Vitalik Buterin which he disclosed in 2018 has hit over $1 billion in balance with Ethereum’s meteoric rally. As per the data by Etherscan, this VB address holds 333,500 ETH coins. Thus, the balance as of the current price ETH shows $1.043 billion.

Growing ETH Dominance that Boosts Wealth of Buterin

Ethereum (ETH) has largely dominated the crypto market in recent times while Bitcoin (BTC) seems under consolidation. The ETH year-to-date returns stand at a massive 300% as of the current price. Meaning, Ethereum (ETH) has gained 4x since the beginning of the year 2021. On the other hand, BTC price has gained 2x or 100%. Clearly, Ethereum outclasses Bitcoin with a 3:1 margin.

With the recent price rally, Ethereum has hit fresh milestones on multiple fronts. For e.g. Ethereum has outgrown some of the biggest traditional financial institutions and companies. After toppling PayPal last week in market size, ETH has outgrown giants like Disney and Bank of America today. As per the data on Infinite Market Cap, Ethereum (ETH) is the 27 most valuable global asset currently. The next target for Ethereum would be taking on payments giant MasterCard.

Ethereum Gains in Crypto Market Domination

With its price rally this year, Ethereum has extended its crypto market domination. At its current price, ETH dominates more than 16% of the overall crypto market cap. On the other hand, Bitcoin (BTC) is seeing a stop in its market domination.

Over the last month, the BTC market domination has dropped more than 10% and is currently under 47%. Let’s take some of the positive on-chain developments driving the ETH price rally.

  • In April, the ETH gas fee dropped below $10 for the first time in three months. This drop gave investors the flexibility to move their coins without paying too many fees.
  • In April 2021, the Ethereum blockchain network registered a massive 41.7 million transactions. Thanks to the outbreak in DeFi and NFT activity on the blockchain.
  • The ETH supply at exchanges was on a drop. This supply-demand gap helped to drive the price higher further.
  • The CME Ether Future open interest jumped from $68 million on March 1 to $373 million by the end of April. The aggregate open interest for ETH futures across all exchanges has crossed $8.3 billion.
  • In April 2021, the Ethereum-based decentralized exchanges facilitated more than $14.5 billion in trading volumes.

Many analysts predict that the ETH rally won’t stop anytime soon and ETH will hit $10K by the end of 2021.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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