Binance, the world’s largest crypto exchange by transaction volume, has announced the launch of a new hub in Georgia. The exchange has said it intends to use the outpost to fuel further adoption of cryptocurrencies and create new jobs for Georgia residents.
Binance announces a new ‘Web 3 outpost’
The crypto exchange has announced that it will open its newest branch in Georgia by the end of 2023 and has already employed 25 people to run it. Via its official blog, the exchange explained that it targets to attract talent in Georgia, promote blockchain industry education and create new employment opportunities there.
The exchange explained that it’s already working with public and private sectors to organize education and hackathon events in the country. The exchange’s presence in the country has been gradual and has gone through several milestones.
Binance’s CEO first visited the country in November 2022 and met with its Prime Minister, Irakli Garibashvili, and crypto stakeholders. During his visit, Chang Peng Zhao said that the country was stable and favorable for businesses and praised its governance for the “significant opportunities” it offers investors.
In his press conference, Zhao revealed fruitful discussions about integrating Web 3 and blockchain systems in the country: “We discussed all kinds of support from recruiting programs to educational efforts and investments. The meeting was very positive. After this meeting, our confidence in Georgia increased significantly, empowering us to invest in the country more heavily”.
Crypto adoption continues in Georgia
Georgia has been on the front line of crypto adoption. The capital city, Tbilisi, brags hosting over 100 Bitcoin ATMs. The country has over 1187 crypto ATMs and tellers, which is notably high.
The country also plans to promote crypto adoption with TBC bank, having signed a memorandum of understanding earlier with Binance. The bank will allow investors to use its financial tools to trade on Binance if KYC and AML procedures are in place.
Keep watching Fintech Express for updates on this and other related stories.
NFT investor Brandon Riley has lost $135K by burning his crypto punk NFT when trying to get a loan by collateralizing it. He used the wrong method permanently removing his NFT from circulation.
‘Hard-to-use’ UI costs an investor a $135K NFT
Brandon has gone on Twitter to mourn his massive five-figure loss earlier today, claiming that his process of borrowing money has cost him 77 ETH. Riley had purchased the crypto punk NFT alongside another BAYC NFT earlier this month and said he hoped to hold them through to the next decade.
Now feels like an appropriate time to introduce #BAYC 586 to #Punk 685 (acquired a week ago). Hope to hold both for a decade… LGF! 🚀 pic.twitter.com/SLb68rY6MR
In a tweet, he said he believes he has the stomach to ride the bull and bear runs and can manage to watch the assets get a 90%+ downturn. He added that he believes the assets will most likely have appreciated by far in the next decade.
I will. These hands aren’t made of glass. I know (from experience) I have the stomach for +90% downturns. The probably of be being down (in $) a decade from now is almost zero.
Now, his dream of holding his beloved punk has gone in flames. Riley is a seasoned NFT collector who knows the need to buy NFTs before a bull market. However, he needed some cash and opted to get a loan against his punk NFT.
Some Twitter users asked him what happened, and he explained that the unfamiliar wrapping of the NFT cost him. He accidentally sent that asset to a burn wallet after completing the process.
I did do the first part with my own address I’m step 2. But then when I got to step 5 the burn address was the one listed under “9. proxyInfo” and I was told to follow the directions exactly, so I did. I just shouldn’t have attempted this on my own I guess.
Riley explained that he was not wrapping the asset to sell it on Blur but wanted to make it his “forever punk.” He added that the asset was beloved to him as its number was the exact reverse of his BAYC, and he was wrapping it only because he needed to draw some liquidity from it.
Some onlookers believed Riley had “deep pockets,” which he denied by claiming that he bought the asset with borrowed money. While concluding and conceding the mistake, Riles noted, “I just shouldn’t have attempted this on my own, I guess,” which should be a lesson for everyone.
Blockchain technology has been a phenomenal sensation in the fintech industry over the past decade following the launch of bitcoin. Bitcoin ushered in an era of digital money and changed how money functions for good. Here is how blockchain technology can be used to improve the finance sector.
Increased transparency: One of the most significant benefits of blockchain technology is that it enables increased transaction transparency. This is because all transactions are recorded in a public ledger accessible to all interested parties. This increased transparency can help increase the credibility and trust of fiscal deals, thereby reducing the liability of fraudulent activities.
Advanced effectiveness: Another crucial benefit of blockchain technology in finance is the improved effectiveness of processes. Transactions can be reused briskly and with lower bureaucracy than traditional financial systems. As such, this technology can help financial institutions save time, enabling them to offer more competitive services to their customers.
Decentralized Operations: Blockchain technology operates on a decentralized system, meaning no central authority controls it. This makes the system more resistant to malicious attacks and reduces the threat of time-out caused by system failures.
Better Data Management: With blockchain technology, financial institutions can store, manage, and track their data more effectively. This can help ease the delicacy and trustability of data and ensure that it’s fluently accessible when demanded.
Increased Security: Blockchain technology uses advanced encryption to secure data, making it more difficult for hackers to steal sensitive information. This increased security can help prevent fraud and other malicious conditioning, giving financial institutions and users peace of mind.
Further Accessible Services: Blockchain technology can make financial services more accessible to a broader range of people. For illustration, people who don’t have access to traditional banking services can use blockchain-grounded fiscal services to store and transfer their finances securely.
Enhanced Compliance: This technology can help ensure financial institutions behave fluently with nonsupervisory conditions. This is because all transactions are recorded in a public tally, making tracking and covering them easier.
Reduced Costs: By reducing the need for interposers, blockchain technology can help financial institutions save on its expenditure. This can help reduce the cost of services for clients, making them more affordable and accessible.
Increased Competition: The use of blockchain technology can increase competition in the financial sector, enabling new entrants to enter the request and offer innovative services. This can help drive invention and facilitate the overall quality of financial services.
Better Tracking of Finances: Blockchain technology can help fiscal institutions track the inflow of finances, enabling them to cover and help counter money laundering and other illegal uses. This can help reconfirm the character of banking institutions and increase public trust in the financial sector.
Conclusion
In conclusion, blockchain technology is implicit in bringing about numerous positive changes in the finance sector. This technology can help financial institutions offer better services to their clients and contend more effectively by perfecting transparency, effectiveness, security, and availability.
Still, it’s important to note that while blockchain technology has numerous benefits, it’s still a relatively new and untested technology, and its full impact on the finance sector remains to be seen.
The price of Polygon Matic has risen by 48% in 2023, regardless of the ongoing crypto bear run. The price surge follows an increase in its usage of blockchain, becoming the second one in the most recorded daily transactions.
Polygon Matic price defies bear run
Ethereum’s scaling solution, Polygon, has been experiencing a surge in daily usage. As a result, its native coin, MATIC, is gaining in price. It has risen by 48% in 2023, with a 12% rise in the past 24 hours.
The Polygon team has been busy developing it and making strategic partnerships. In December, it announced that it had increased DAUs, which may be a reason behind its surge in usage and price of its crypto.
It is also anticipating the mainnet launch of its zero knowledge-EVM early this year following its successful test net launch in October 2022.
Binance has announced that it will offer over 30K Web3 and crypto scholarships in 2023. This crypto exchange has been ramping up efforts to educate the masses and even started its Binance Academy to pass the knowledge to the world.
Binance to continue offering crypto education
Binance, the world’s largest crypto exchange, has revealed that it will offer over 30K Web 3 scholarships in 2023. Many colleges and universities have introduced crypto courses globally since the 2021 boom. Now, Binance wants to sponsor people to pursue these courses.
Some of the institutions Binance’s program will collaborate with include colleges in Australia, Germany, Cyprus, Ukraine, and Nigeria. It will also send some to the Women in Tech organization. Binance also revealed via an official blog that the 2023 scholarships program would be funded by its philanthropic arm, Binance Charity. It also explained its interest in spreading crypto knowledge to people via an official blog post.
An excerpt from the post reads:
“We recognize that digital education and skills development can be out of reach for many, resulting in a blockchain industry that lacks diversity and talent. The Binance Scholar Program changes all that, covering the costs of tuition and course fees at some of the world’s leading institutions.”
Binance
Crypto education becomes a key strategy for driving adoption
Crypto education has become a key tool to drive adoption globally, considering that the blockchain industry is relatively young. Few people have ample knowledge of how it works, making it get slower adoption as many tend to stay away from what they need help understanding.
As such, organizations like Binance have been dedicating their resources to the cause. Its blog revealed that it had over 82,000 applicants for this year’s scholarship program but will only come through about 37% of them.
On Dec. 30, 2022, the exchange also tweeted detailing the statistics around its crypto education program. It stated that it had spent over $15M educating people with over 300K beneficiaries. It also added that it reached out to 20 regions, dedicating 293,215 hours to crypto education. It also added that 71,205 people benefited from its scholarship program that year.
Our @BinanceBCF team has travelled across the globe this year, offering help and education to those in need.
These developments show a growing interest in crypto education, which means there will be more awareness surrounding the crypto industry. Keep watching FintechExpress for cryptocurrency and other finance-related news.
