Binance, one of the largest cryptocurrency exchanges in the world in terms of trading volume, continues to expand. The last few days have been very positive for the exchange that is trying to attract a larger number of users from all over the world. Thus, there are several Binance news that we should cover to keep updated with all the positive things surrounding this platform.
Binance continues to list new digital assets and cryptocurrencies amid the current DeFi craziness, its trading spreads continue to shrink as new investors enter the market, and it has also started a massive BTC advertising campaign in London.
Top Binance News
In the next few sections, we will be sharing with you the top Binance news we have for the last few days and how they are affecting the crypto exchange and the entire cryptocurrency industry.
Binance Bitcoin Advertising Campaign in London
Binance has started a new Bitcoin advertising campaign in London as the exchange plans to land in the United Kingdom. The exchange has been targeting London commuters with the goal of promoting Bitcoin in the financial city.
The exchange posted a tweet on the popular social media network Twitter showing the new Bitcoin ad. The ad states “Money is Evolving, It’s time to adapt.” People will see how Binance displays different currencies and how they evolved over time. The next step is clearly Bitcoin.
This ad campaign has started after Binance’s information that they were expanding in the U.K. market. The exchange will also be working with the Financial Conduct Authority (FCA) in order to follow all the AML and KYC rules imposed in the country. In addition to it, Binance will have to be in line with all the legal standards requested to financial and crypto companies to operate.
The United Kingdom is a massive market for cryptocurrencies and digital assets. Binance is trying to become a leader in the industry and it is doing so by offering all of its services to individuals in the United Kingdom. In the future, new ad and Bitcoin campaigns could be used to promote its services even further.
Binance Spreads Get Reduced
The cryptocurrency market has many times been considered an immature market. The reason behind this was related to the fact that crypto-trading platforms didn’t follow traditional financial standards.
According to data provided by the crypto research firm Skew, the spread between buy and sell orders in the Binance futures exchange declined to 0.25%. This would make trades much more efficient for professional traders and it will help increase profitability to a large number of users that require the spreads to be lower in order to process their trades.
This is a sign of maturity for the crypto market that comes from the Binance exchange, which is currently providing trading services to millions of clients from all over the world. This spread represents the difference between the price users have to pay to acquire Bitcoin (or any other asset) and the price they need to pay to sell this asset. The lower the spread, the more mature the market is and the better the price reflected by the platform.
Furthermore, this also implies a deeper market with large liquidity to support larger trades without drastically affecting the price of the underlying asset. Furthermore, this is also very positive for reducing volatility in the Bitcoin market.
Binance Lists WBTC
Binance continues to add new digital assets to its platform. The company has listed the WBTC digital asset as the Decentralized Finance (DeFi) market continues to attract a larger number of users.
The WBTC token is known as Wrapped Bitcoin and it is an ERC-20 digital asset that is pegged to Bitcoin’s price. This token allows users to trade a digital asset that follows the BTC price and that runs on top of the Ethereum network. This makes the virtual currency compatible with most of the DeFi platforms released to the crypto market.
Users can lend and borrow money and use the WBTC cryptocurrency in order to keep their exposure to Bitcoin. This virtual currency has been growing over time and it is currently used by several DeFi players such as MakerDAO, Compound, Dharma or Kyber Network. Launched in 2019 it has now become a standard for DeFi platforms that want to offer users the possibility to gain exposure to BTC.
The DeFi market continues to surprise crypto analysts and users as projects such as Yearn Finance skyrocket and reach new all-time highs.