Binance Is Adding TRX Staking Support After Becoming TRON's Top Super Representative

  • Binance has become the TRON's top Super Representative with more than 12 billion votes. 
  • The exchange announced support for TRX staking to begin Oct. 1

Leading cryptocurrency exchange Binance has become the top Super Representative for TRON's network, in addition to announcing support for TRX staking. 

Binance: TRON's Top Super Representative

According to representative data compiled on TRON Scan, Binance has moved into first place with over 12 billion votes. Super Representatives are responsible for maintaining the integrity of TRON's network and approving proposals in a decentralized fashion. 

In addition to becoming the top TRON representative, Binance also announced support for TRX staking beginning Oct. 1.  According to the press release, the amount of TRX earned by a user will be calculated based upon their holdings and the total staking rewards received by Binance each month. Users are required to hold a minimum of 5 TRX to qualify for rewards, with the initial distribution of staked TRX to be delivered before the 10th of November.

Earlier in the month, TRON founder Justin Sun took to Twitter to outline his proposal for updating the TRX staking mechanism. 

Sun’s proposal, which has yet to be implemented, seeks to improve the efficiency of TRON's ecosystem. 

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Ripple CEO: 'You Don’t Want to Use BTC at Starbucks'

On Thursday (January 23), Brad Garlinghouse, the CEO of Ripple, told the Wallet Street Journal (WSJ) that Bitcoin is not a good means of payment because BTC transactions take too long.

The Ripple CEO's comments were made during his talk with Phillipa Leighton-Jones (Editorial Director for Innovation) at a Ripple-sponsored event (organized by the WSJ) called "Ripple Panel: Changing the Finance Industry From Within" held alongside this year's World Economic Forum Meeting in Davos, Switzerland.

Although we don't yet have a full transcript of this interview, we do know about two of the things he talked about thanks to tweets by Asheesh Birla, SVP of Product at Ripple, who was at this event.

First, it seems that although the Ripple CEO likes Bitcoin as a store of value, he does not see (at least, as of now) as a viable means of payment. The example he gave was paying for a cup of coffee at Starbucks. He believes that BTC transactions take so long to confirm that by the time you have finished paying for your coffee, "it'll be cold." 

Second, within the next 12 months, he sees several companies in the crypto space holding initial public offerings (IPOs) and he wants Ripple to be "on the leading side" since this is "a natural evolution" for Ripple, which raised $200 million via a Series C funding round (which valued the company at $10 billion) last month. 

On Wednesday (January 22), Ripple published the "Q4 2019 XRP Markets Report", which is a quarterly report that allows Ripple to "voluntarily provide transparency and regular updates on the company’s views on the state of the XRP market, including quarterly programmatic and institutional sales updates, relevant XRP-related announcements such as Xpring and RippleNet partnerships and commentary on previous quarter market developments." 

In Q4 2019, Ripple's total XRP sales were down just over 80% compared to the preceding quarter ($13.08 million vs. $66.24 million). Ripple "continued the pause of programmatic sales" (to crypto exchanges), and focused exclusively on over-the-counter (OTC) sales to "a few strategic partners, who are building XRP utility and liquidity in strategic regions including EMEA and Asia."

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