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Binance has had an excellent 3rd quarter thus far. Prices are up and prosperous headlines are constant. Today however, the good and bad clash as the world’s largest crypto-exchange hired a new president. Wall Street goliath JPMorgan released FUD statements after Binance US announced aid is coming from ex-Uber Asia’s top Executive and new cross-chain DEX, SafeTitan ($STTN) Swap, appeared for helping ease China’s banking ban woes.
Good News for Crypto Exchange
The positive news today indicates continued growth at the United States of America headquarters.
Binance.us has a new President in office after the CEO resigned. Brian Schroder is now in charge. He’s a very well-known figure in Silicon Valley for his contributions to Uber China (Asia) and the Ant Group Company. He’s had an extremely successful track record in growing brands inside of China.
Shroder will be the head of nearly every aspect of Binance.US exchange. His title of President includes the roles of overseeing strategy, execution, fundraising, business & corporate development. The newly appointed President will also be managing legal, human resources, product and technology functions.
In short, if Brian’s not okay with it, it won’t fly in the United States branch.
The newly appointed President said he’s looking forward to “sharing our [Binance.US] exciting story with the broader investment community as we begin our journey toward IPO.”
Cryptocoin Exchange’s IPO in United States
The Binance IPO mentioning highlights & compliments other recent positive news headlines. It’s a light re-confirmation of how serious BNB is about moving into the US market.
The original headline came from the global brand’s CEO Changpeng Zhao’s recent statement. He said that the global cryptocoin exchange will likely have an Initial Public Offering within 2 to 3 years. According to ‘CZ,’ as social media calls him, they will simply follow the same steps as Coinbase.
On top of this, Zhao also mentioned to publication The Information that Binance is close to closing out a large second round of funding. And this move will reduce the CEO’s power within the global cryptocurrency machine.
Of course this news comes after a series of Banking bans that put ‘clamps’ on Binance trading in China. It’s not illegal to own cryptocurrency there nor trade it. However, the People’s Bank of China aka Central Banking has outlawed the trade of digital currency in their banks. For at least 1 year, Binance is banned because it operates on a fiat to cryptocoin trading model.
$STTN Token Plans SafeTitan Swap
Therefore, Chinese crypto-investors need new options. Only crypto-for-crypto decentralized exchanges are allowed. Commonly referred to as “cross-chain” exchanges, one BEP-20 token predicted & planned for this specific issue since before the ban.
And again, cryptocurrency is not banned by China. It’s instead the trading of cryptocurrency for fiat (dollars) currency that’s banned by China’s central banks. This regulation led to Binance being banned.
SafeTitan ($STTN) coin, which has its ICO on October 14th, has had great foresight on this issue. Since June, the token brand’s website has ranted about being “The China Coin” and solution coin for the Chinese. It appears they were spot on with predictions, as today and only 4 months since the crypto-brand’s announcement, digital currency trading is banned by China’s central bank (PBOC).
After their pre-sale in the last week of August, responses to investor questions on reddit (r/SafeTitan) revealed STTN token brand has a transparent plan to launch a cross-chain decentralized exchange. This is to give people of the Far East the ability to continue participating in crypto-trading.
Temporarily nicknamed “SafeTitan Swap,” this cross-chain DEX will allow the exchange of major cryptocurrencies like BNB, Bitcoin, Ethereum, and more. SafeTitan also alluded to the idea that the DEX could change names.
“We’ll update everyone with more news on SafeTitan Swap (Name subject to change.) within the next few days.” wrote SafeTitanToken, admin to the official subreddit.
Moreso notably however, the SafeTitan ($STTN) cryptocoin, which precedes the Decentralized Exchange. It is BEP20 aka BNB-Paired. This makes trading convenient for Binance users holding the BNB cryptocoin to invest in SafeTitan. And not only that, to use them for trading into other cryptocurrencies once the Swap is released.
In layman’s terms, this BEP20 token will boost daily transaction totals of Binance (BNB) token first. And once the SafeTitan Swap has launched, it will help facilitate the trading of BNB tokens in China.
With all of the recent positive news for Binance, there’s no wonder why token values are soaring. However, one major Wall Street company thinks this isn’t enough to sustain the Bull run.
Wall Street FUD
According to Forbes, JPMorgan has warned that “froth and retail investor mania” is running rampant in cryptocurrency currently. Not just with Binance (BNB) but also mentioned Solana (SOL) and Cardano (ADA). The company issued a warning to be careful on HODLING in a FUD statement.
The group of cryptocurrencies have risen in value by a staggering amount since last year. Because of thi JPMorgan thinks it could see a volatile swing down and people should be aware of this.
However stark, with Binance’s recent news, expansions, and fearless leadership,one could also say these value hikes are deserved.
Either way, those who invested in the 3 tokens in 2020 are laughing with their bank accountants today. Their coins are up over 5,000% in value.
JPMorgan’s managing director Nikolaos Panigirtzoglou says these particular coins are consuming an unusually high percentage of the cryptocurrency market as well. This comment of course comes from his POV on historic standards.
A tough call either way as cryptocurrency is a new payment system that does not have much history compared to fiat currency. And there is huge room for advancement in technologies and usability, that should shift which brands dominate the cryptocurrency market.
Also noted, JPMorgan’s not had the greatest history when it comes to predicting cryptocurrency’s future. Most memorable is the statement of Jamie Dimon in 2017. Just 4 years ago the company CEO said Bitcon was a fraud that would fail terribly and implode. One of the worst investment opinions given to the public by any investing company in the last 100 years.
Another “FUD” blurted from JPMorgan that failed to ring true. Bitcoin’s price at that time was between $900-$1000 (USD). It’s since risen above the price of $50,000. No other JPMorgan investment even comes close to such a return. And by 2020, the American Banking company had been noted for ‘going all-in on cryptocurrency investments.’
However, one thing Jamie did predict inadvertently in a televised interview is that countries that are not 1st world nations, would be better off using Bitcoin and cryptos.
What is clear through it all, Binance is thriving and fighting for the decentralization of banking and finance. And to illustrate the size of this war, VisualCapitalist reported Banks globally profited an estimated $1.4 trillion in 2019. This is money of ‘the people’ that banks sponge from overdraft fees, account fees, loan fees, and other over-priced taxations. These ‘invented’ taxes could all be eliminated by decentralized currencies, as it’s person-to-person trading. The shifting of the wealth of $1.4-trillion dollars back to the hand of the average Joe uplift much of society and help close wealth gaps.
In the meantime as we wait, crypto-gaming can entertain us. Binance is dominating this niche too. Thanks to the help of BEP20-token ($SKILL) based game CryptoBlades, BNB token culture has spread to nearly 700,000 new users.
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