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Binance beats Twitter’s profit by $89M – The Element Group

Sthuthie Murthy

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Binance beats Twitters profit by $89M - The Element Group
Source: Pixabay

The world’s largest cryptocurrency trading platform, Binance has been compared quite a lot to banks and other financial institutions in terms of profit. Binance has been outperforming most of the regular banks and upholding cryptocurrencies reach and capabilities.

The Element group tweeted this earlier today:

Tweet by the Element Group

Tweet by the Element Group

According to various sources, Binance is 3 times more profitable than Twitter as seen in the first quarter of 2018. Binance has not yet announced their profits publicly for this year yet, but the market analysts put up some rough figures from the Binance Coin [BNB] burn that happened recently. 2.2 million ($30 M) worth Binance Coin was burnt on 15th  April 2018, which defines Binance’s profit to be somewhere near $150 million, according to the statistics.

Binance grabbed the top spot after it sprang up seemingly towards the end of last year when the prices in the market were about to blossom. Most of the exchanges were force shut down due to various issues regarding the registration of new users, which is when Binance got an opportunity to gain popularity among fledglings who were keen on cryptocurrency investments.

Lucky Ghosh, a cryptocurrency investor says:

“Best exchange in the world”

Robert Cloud, a Twitterati says:

“Great job you guys. Now please list Bitcoin Private. Thank you.”

Twitter has been ruling the social media world for the last 11 years, while Binance is still a newbie in the market with only 9 months of experience. Binance’s success can be attributed to various factors and off late they have been active more than any other exchange despite some setbacks. They have had a list of announcements and updates to offer for their users. Their recent big announcement that lit up the fire in the market with curiosity and speculation was their introduction of Broom tool to allow conversion of Dust to BNB tokens.

The Element Group, a digital asset investment banker, recently calculated the approximate profits of Binance and compared the results with the 11-year-old Twitter’s net profit which was recently announced. According to them, Binance looks like a clear winner. Based on the reports released by Twitter for Q1 2018 summary, its profit accounted to $61 million, which is $89 million lesser than the largest crypto exchange.

A cryptocurrency enthusiast commented:

“Best Exchange ever. When you’ll get banking at Malta you will rule the world.”

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”

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TRON [TRX] partners with vSport to launch world’s first Soccer Blockchain

Prerana Sarkar

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TRON partners with vSport to launch world's first Soccer Blockchain
Source: Pixabay

On May 25, Justin Sun announced that TRON and vSport have come up with a partnership where the two companies can support each other in the development of the soccer industry’s blockchain technology by sharing content and creating communities that shall increase its reach.

vSport aims to build a sports ecosystem with cross-partnerships with leading networks’ like TRON along with authorized distributors of the World Cup and make payments easier and more scalable. This project is dedicated to creating a public chain for the Global Sports Industry. It is expected to be the world’s first non-profitable blockchain platform, involving tokens.

Qiang Bai, an artificial intelligence entrepreneur who is the mastermind behind the creation of vSport has paired with the famous Dutch footballer Wesley Sneijder. This collaboration also involves the world’s largest sports social media powerhouse 433, and China’s Sport8 which is a successful sports educational platform.

After the launch in Singapore, vSport co-founder, Wesley was quoted as saying:

“I believe Blockchain can help to bring balance to the economics of sports. That is why we launched our sports-chain project. I’m excited to see an open and decentralised sports community that focuses on fans first.”

Both the parties have come to an agreement on sharing its collaborative techniques, resources, and energy to create a decentralized web platform to make the blockchain technology more mainstream. The TRON community believes in rewards for all the people contributing to its progress. A special community is going to conduct an assessment of the participant’s contribution based on which TRX tokens, TRON merchandises like t-shirts and gifts will be offered.

Justin Sun, the Founder of TRON, has put out his views stating:

“Soccer is the biggest sport in the world. It has the largest fan base, and the community has always had a keen sense and great enthusiasm for new things. Combining soccer and sports in general, with blockchain technology will effectively expand community support for blockchain. This will provide people with an enhanced experience of blockchain and even change their lifestyles.”

He mentioned Wesley Sneijder, the former Netherlands national team footballer who Justin claimed to have helped in heading soccer-related projects off the field. He then spoke of him as:

“Wesley Sneijder, who not only helped the Netherlands dominate the field, but also has spearheaded soccer-related projects off the field. As a fast learner that embraces blockchain technology, it’s likely that Wesley will completely change the structure of the soccer ecosystem through this initiative. TRON very much looks forward to this partnership.”

Today he posted on Twitter saying:

 

The TRON protocol provides one of the most scalable operating systems in the world with its blockchain technology. It enables users with large-scale data transmission with a promise of more than 10,000 transactions per second. They also have the feature of smart contracts for crowdfunding and issuing more digital assets.

One Twitter user supports the partnership by replying:

vSport now holds a large traffic with more than 30 million sports enthusiasts and 15 million supporters from China. The 2018 Russia World Cup is scheduled to open on the 14th of June, gaining more importance in what was announced today. TRON and vSport will work towards creating a blockchain based ‘soccer results forecasting platform’ for better quality entertainment for its fans.

According to Qiang Bai:

“With sports models of the past, it is hard for fans to get rewards in exchange for their enthusiasm and contributions, which causes serious imbalance in the value structure. Collaborating with TRON allows us to join forces with another strong company, leveraging our soccer and sports resources to solve difficult soccer and sports industry-related issues. We will work together to build and nurture a healthy soccer and sports ecosystem. I believe this will be a great way to give back to soccer fans around the world.”

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