Daily: Binance to exchange fiat + Malta HQ / Ripple used by Santander

Boxmining avatar Boxmining
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Binance breaks the Crypto-Crypto Wall by announcing USD Fiat exchange. Ripple trialed by Santander 👍🏻Subscribe to my YouTube Channel: https://www.youtube.com/c/boxmining 👑Recommended Exchange - B...

AI Analysis

This video dives into some major shifts happening in the crypto world, highlighting Binance's big move to Malta and its foray into fiat trading, along with Santander's trial of Ripple's payment technology. It also touches on a maturing crypto market where altcoins are starting to move independently, suggesting a shift away from everything being tied to Bitcoin.

Here are the key takeaways:

* Binance's Strategic Move to Malta and Fiat Trading:
* Binance, a major crypto exchange, is opening headquarters in Malta. This is a massive shift because Malta is known for being very crypto-friendly, with its Prime Minister even publicly welcoming them.
* This move allows Binance to introduce USD fiat trading pairs, which is a huge deal. Previously, Binance was a "crypto-to-crypto" exchange, meaning you could only trade cryptocurrencies against each other or USDT (Tether).
* Allowing direct USD deposits and trading transforms Binance into a "first point of entry" for users, similar to Coinbase. This means people won't need to buy Bitcoin or USDT elsewhere first; they can directly buy crypto through Binance. This is a game-changer for accessibility and market growth.
* The move away from Hong Kong was strategic, as Hong Kong's SFC (Securities and Futures Commission) had issued notices regarding security tokens. Binance is looking for a more welcoming regulatory environment.
* This trend of businesses seeking crypto-friendly countries is seen as a "silver lining" to regulatory uncertainty, showing that if one country isn't accommodating, businesses will simply move elsewhere.

* Altcoins Breaking Free and Market Maturation:
* There's been some exciting movement in the altcoin market, with coins like Storm, Metal, and Bitcoin Dark seeing significant gains (60%, 44%, 38% respectively).
* For months, most coins seemed "tethered" together, moving in unison. Now, it looks like altcoins are starting to have their own "fundamental shifts" and break away.
* While some point to South Korea as a source for these shifts, the feeling is that it's a broader sign of the market maturing.
* Negative news isn't impacting the market as strongly as before, suggesting a growing resilience and maybe a bit of hope for the future of individual altcoins. The market is evolving beyond viewing every cryptocurrency as just "one coin" tied to Bitcoin.

* Santander's Ripple Trial: The XCurrent vs. XRP Debate:
* Santander, a major bank in Europe and the UK, is trialing cross-border payments using Ripple technology.
It's crucial to understand the distinction between Ripple technology and the XRP cryptocurrency*.
* Ripple offers two main systems: XCurrent and XRapid.
* XCurrent utilizes Ripple's decentralized ledger technology for real-time consensus, allowing for fast, real-time transfers of any fiat currency (USD, GBP, etc.) or even messages. Banks are adopting XCurrent for its speed and efficiency in moving traditional currencies.
* XRapid is the system that uses XRP as a "bridge currency." For example, you'd convert GBP to XRP, then XRP to EUR, to facilitate a cross-currency transfer.
Currently, many banks (including Santander) are adopting XCurrent because it improves their existing fiat transfer processes. However, they are not* widely adopting XRapid, which means they aren't directly using the XRP cryptocurrency.
* This has led to a "mini-battle" among crypto enthusiasts: some "bulls" believe that once banks use XCurrent, it's just "one click away" for them to adopt XRapid and XRP. Others warn that banks are perfectly happy just using XCurrent for fiat and see no immediate need for XRP.
* The overall sentiment is that crypto isn't "easy money" anymore; it requires finding good projects and being patient. Not every project will skyrocket, but the legitimate ones are indeed changing the world.

* The Future: Decentralized Trust and Real-World Applications:
* The core belief is that cryptocurrencies are just the beginning, and the fundamental shift is towards "decentralized trust."
* This means we no longer solely rely on banks for trust in financial transactions; we can now trust the blockchain directly, which is seen as "absolutely amazing."
* The recent Game Developer Conference (GDC) showcased how cryptocurrencies are moving beyond pure speculation into real-world applications.
* Projects like CryptoKitties, EnjinCoin, and WAX (World Asset Exchange) demonstrate how items can be permanently stored on a blockchain.
* The idea that a CryptoKitty can "live forever on the blockchain" is a powerful concept for understanding decentralized assets and the future of digital ownership. This kind of real-world use is seen as an "amazing way for people to discover cryptocurrencies" beyond just chasing quick riches.

Transcript

Hey everyone and welcome to BoxMining. Today we have a very short episode and I'm going to talk about what's recently happening on the news and some insight into the future of cryptocurrency. So I hope you enjoyed the episode. Everything covered here is my personal opinion and not financial advice. So let's start off with the biggest news first of all. So Binance made headlines everywhere after announcing that they're going to open headquarters up in Malta. And not only just opening headquarter...