News updates December 17, 2021

  1. Binance has added DAR, GALA, ILV, MBOX, SAND and TLM as borrowable assets and DAR, GALA, ILV, MBOX and TLM as collateral assets on the Binance Loans platform.
    Stablecoins Promotion;
    Users can enjoy a discounted daily interest rate of 0.04% when borrowing BUSD on the Binance Loans platform using collaterals other than CAKE, CTSI, DOT, KSM or MDX.The daily interest rate goes as low as 0% when borrowing BUSD with CAKE as collateral
    The daily interest rate goes as low as 0.0013% when borrowing BUSD with CTSI as collateral
    The daily interest rate goes as low as 0.0284% when borrowing BUSD with DOT as collateral
    The daily interest rate goes as low as 0.0258% when borrowing BUSD with KSM as collateral
    The daily interest rate goes as low as 0.0037% when borrowing BUSD with MDX as collateral
    Users can enjoy a discounted daily interest rate of 0.06% when borrowing USDT on the Binance Loans platform.
    Binance Loans provides a large range of options for supported crypto assets, interest rates, collateral assets, and maximum loanable limits based on market conditions and internal risk management.
    Visit the Loan Data page for further details.
    If you’re not yet familiar with Binance Loans, here are some useful resources for you to get started:
    How to Use the Binance Loans Service
    Binance Loans User Manual
    Binance Loans User Agreement.
  2. Japan’s Crypto Exchanges Grapple With Travel Rule as Deadline Looms. With the deadline to implement the travel rule looming, Japan’s cryptocurrency exchanges say that they are in negotiations with regulators to limit the rule’s scope to major tokens.
    The travel rule requires virtual asset service providers (VASPs), like Japan’s crypto exchanges, to share customer data on transactions above a certain threshold. The rule was recommended by the Financial Action Task Force (FATF), an intergovernmental organization that sets standards for financial policy for the G7 and another 30 or so developed countries.
  3. The global cryptocurrency market capitalization today is $2.34 Trillion, whch is a 2.2% decrease in the last 24 hours, as per CoinGecko. Cryptocurrency prices on Friday dropped as Bitcoin fell by 2.4% in the last 24 hours and was trading at $47,807.03. 
  4. Major Spanish Bank (BBVA) Is Getting Into Crypto Trading and Custody. Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Spain's second-biggest bank, is planning to launch a cryptocurrency trading and custody platform, according to a report from online publication Coindesk. The site quoted anonymous sources as saying that the Europe-wide initiative will be based out of Switzerland. Due to pending regulatory approvals, the timeline for the project's launch is not yet certain and ranges from this Christmas to sometime next month.

  5. Alibaba Hops on the Metaverse Bandwagon with New Business Unit.
    Alibaba Group registered a software-development business.
    The new unit in Beijing is called Yuanjing Shengsheng.
    Analyst believes this is the step for Alibaba to penetrate the gaming and metaverse sector.
    Chinese Giant Alibaba Group has registered a new business unit in Beijing called Yuanjing Shengsheng. This move intends to test out the gaming potential of the highly talked about metaverse–deemed the future of the internet.

    Exclusively owned by Alibaba’s investment arm, Yuanjing Shengsheng has declared its major business as software development and services. This information is according to the public registry tracking firmTianyancha.

    With a registered capital of $1.6 million or 10 million yuan, the new unit reinforces Alibaba’s growing interest in metaverse. In detail, metaverse is an immersive 3D virtual space where people can interact with one anoth