Binance.US Adds FDIC Insurance on USD Deposits

  • Binance.US announces FDIC insurance coverage for USD deposits up to $250,000.
  • The exchange recently announced added support for ChainLink, Ravencoin, Dash and ZCash.

The North American division of leading cryptocurrency exchange Binance has announced Federal Deposit Insurance Corporation (FDIC) coverage for USD deposits. 

According to an official blog post published Oct. 18, Binance.US says US dollar deposits on the exchange are now eligible for FDIC insurance coverage, as they would for traditional bank account deposits. 

The release states that client funds are held in pooled accounts that are covered by the FDIC, 

All USD deposits are held in pooled custodial accounts at multiple banks that are insured by the FDIC. The pooled custodial accounts are maintained in a manner that provides access to pass-through FDIC insurance coverage up to the depositor coverage limit, which is currently $250,000.

The post continues, 

FDIC insurance coverage protects depositors against the risk of loss in the event that an FDIC-insured bank fails.

Following its launch in mid-September with a limited selection of crypto-asset trading pairs, Binance.US has announced support for chainlink (LINK), ravencoin (RVN) and zcash (ZEC).

Featured Image Credit: Photo via Pixabay.com

Ethereum's Top DEX Announces Update Powered by ‘Unbounded’ Scaling Solution

IDEX, the top decentralized cryptocurrency exchange for trading ERC-20 tokens on the Ethereum blockchain, has announced a new update powered by an ‘unbounded’ scaling solution called Optimized Optimistic Rollup (O2R).

The scaling solution is made possible by the upcoming Istanbul hard fork, which is expected to take place over the weekend, and brings six Ethereum Improvement Proposals (EIPs). One of these is EIP 2028, which reduces the gas fee for requesting call data from 68 gas per byte to 16 gas per byte. Calldata, CoinDesk reports, is information broadcast on the ETH state necessary for creating specific smart contracts.

These include smart contracts to bundle on-chain transaction off-chain. Aurora Labs, the company behind IDEX, sees Istanbul as a potential way to lower operating costs while processing more transactions. Alex Wearn, IDEX’s co-founder and CEO, said in a press release:

We designed O2R as a way to solve for Ethereum’s scaling challenges today by offering an alternative system that gives businesses a platform to scale to their needs. For IDEX, this 2.0 release gives traders what they want most—the performance and scalability of a centralized platform combined with the security of a DEX

The release notes each settlement transaction processed using the Optimized Optimistic Rollup solution will consume less gas than a single transaction on the IDEX 1.0 exchange, allowing for significant savings on gas fees. A demo version of the IDEX 2.0 trading platform is now available for traders, and comes with a trading competition that the exchange claims will be distributing over $200,000 in prizes.

It’s worth noting that according to Etherscan data, IDEX was responsible for nearly 28% of all transactions conducted on decentralized exchanges on the Ethereum blockchain over the last 30-day period. Uniswap came in first place with 28.9% of transactions, with Kyber Network coming in third with 17%

Decentralized Exchanges

Decentralized trading platforms are a growing trend in the cryptocurrency space. While the first prominent decentralized exchanges were on the Ethereum blockchain, there are now some available on various blockchains, allowing users to trade directly from their wallets.

Allowing users to trade directly from their wallets means there won’t be a risk of losing funds if a centralized platform gets hacked. This has long attracted users, so much so even decentralized exchanges have launched decentralized trading platforms.

These include controversial South Korean trading platform Bithumb, and its Bithumb DEX, popular exchange Binance and its DEX, Poloniex and its TRON-focused DEX launched shortly after it spun out of Circle, and platforms like Waves, which is partly known for its DEX.

As CryptoGlobe reported, OKEx has also announced that the development of its own blockchain, OKChain, is in its final testing phase. OKChain is going to be used to support the unbanked by “providing them basic financial services.” The first decentralized application on the network will be a decentralized trading platform, OKDEX.

OKB, OKEx’s native token, is set to be equipped with more use cases in different fields, including cybersecurity, finance, lifestyle services, and more.

Featured image via Pixabay.