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Cryptocurrency and blockchain technology can help reduce India’s remittance fees, says Binance report




Cryptocurrency and blockchain technology can help reduce India's remittance fees, says Binance report
Source: Pixabay

In a recent blogpost, Binance stated that for India to become a global blockchain powerhouse, building and fostering an active community in the country was necessary.

According to reports, India’s remittance was expected to account for $80 billion in 2018.

The report said that low and middle-income countries like India were expected to soar by 4% and touch $549 billion in 2019, while remittances were expected to grow by 3.7% to $715 billion in the same year globally.

These figures are very significant for a developing country like India. When making cross-border money transfers using traditional financial institutions, a significant amount of cash eventually ends up as transaction costs, the Binance post said. In order to curb the flow of money as remittance fees and the unnecessary cost of the entire process, blockchain and cryptocurrency should be used to facilitate transactions without the need of a middleman, the report said.

Additionally, one of India’s national dailies, The Times of India, reported that a massive chunk of $2.3 billion was lost in remittance fess in 2017. Remittance is undeniably a costly affair in India, with the third-party taking away a considerable amount of the fund.

The blog stated,

“Blockchain and cryptocurrencies for cross-border remittances can save the world billions of dollars every year. With blockchain, you can transfer digital tokens to anyone in the world, paying only for the network power or technology used to send those tokens, which costs way lower than the current prevailing fees in the traditional services.”

Citing an example, the exchange’s blog explained that in November 2018, 109,735 Bitcoins, valued at around $600 million during the time, was transferred from one address to another. The entire transfer cost only $7, as opposed to a transaction fee of approximately $32 million in the case of a traditional remittance, the post said.

In a bid to bolster the nascent blockchain and crypto-ecosystem in the country, Binance recently announced a meetup to showcase the technology’s developments.

The CEO of Binance, CZ, had previously stated that India had the potential to be a major development center for blockchain technologies and a financial hub for the world in the near future, by leveraging the country’s tech talent pool.

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.


Binance sees ‘higher number of orders’ than peak Bitcoin frenzy of 2017; hints at iOS app for Binance




Binance exchange is seeing 'higher order number of orders' than peak Bitcoin frenzy of 2017; suggests iOS app for Binance
Source: Unsplash

Binance exchange, the world’s largest cryptocurrency exchange by trading volume, was reported to have problems with a couple of users since there was too much load on the exchange, especially with Web, PC, APP.

CZ tweeted:

He also added that there was much “Higher load” than 2017 when Bitcoin reached its all-time high since inception. Moreover, CZ also said that the APIs for the exchange were working fine and that the team was working on fixing the other issues.

In addition, CZ clarified his tweet about “higher load” as he tweeted:

However, at press time, Binance was the second largest exchange in the whole of crypto space, according to CoinMarketCap, with an adjusted 24-hour trading volume of $2.3 billion. Moreover, as per CMC, the 24-hour change in the trading volume for Binance decreased by 25.78%.

Moreover, Coingecko platform reported that Binance was the largest in terms of the trading volume; it had a normalized 24-hour trading volume of $1.36 billion and $2.38 billion adjusted trading volume.

Although the exchange was hacked a few weeks ago costing it 7000 BTC [now worth $55 million] the exchange, according to CZ, has been performing well enough.

A Twitter user @Khaleed_kareem0, commented:

“Sir, You need bigger servers for this heavy traffic like FB and google, also need to avail the app officially on the App store and update the IOS version All the support for U @binance”

CZ replied to him hinting that they were working with Apple to release an iOS version of the app.

“working with Apple on that one. crypto apps are tricky, it seems.”

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