Singapore invests in Binance
According to some sources, the cryptocurrency exchange Binance is going to get an investment of at least $200 billion. From whom is the exchange going to get such huge funds? Most likely it will be Singapore.
Why would the exchange need such finances? Most likely this is due to the fact that the exchange is now under strong pressure from the regulators, who apply various penalties to it, up to the prohibition to operate in a particular country.In general, the advantages of OKEx are a wide range of instruments and availability of different trading types, trading volumes and high liquidity of the site, a wide range of trading pairs. The disadvantages are the complicated interface for newbies and the obligatory verification procedure.Since March 2020, Solana has been partnering with blockchain oracle Chainlink to develop an ultra-fast and low-cost oracle. And in September, the USDT stabelcoin on Solana's blockchain was launched. In October, a crosschain bridge between Solana and Ethereum was developed, allowing the transfer of assets from one blockchain to another. At the same time, in partnership with Circle, the issuer of USDC, USDC was launched on the Solana blockchain.
Singapore invests in Binance
Accordingly, this brings certain losses to the company, and causes irritation to clients and investors. This is especially disliked by investors, who even refuse to hold another round of financing. Of course, this cannot but disturb the representatives of the crypto exchange.The disadvantages include a rather stingy volume of trading pairs, no exchange token. - distributed storage. Validators upload data to a special network of nodes - so called Archivers. Archivers are not involved in consensus building because each archiver stores a part of the data (batch), not all of it. Periodically, the archivers have to prove that they are still storing their data. This system resembles the one used by Filecoin. Simple devices such as laptops or PCs are enough for the archivers.
That's why the platform is looking for every possible way to get additional funding. Most likely, it will be Singapore, as the most likely option.The downsides include difficulty for novice traders.A new rally started on July 20 after it reached a local low of $23.49, which also happened along with the rise of bitcoin and the whole market. For the last month the coin grew in 2.6 times - from $25.77 to $72.74.
Interestingly, Binance Singapore has announced that Richard Teng will be appointed CEO. He previously served as director of corporate finance for the Monetary Authority of Singapore for 13 years. - A new NFT project, Degenerate Ape Academy, launched Aug. 15 on the Solana blockchain. A collection of 10,000 unique images of cartoon monkeys sold out in just eight minutes on the Solanart marketplace. Right now, the monkeys are only available on secondary markets like the NFT marketplace OpenSea. The highest price for the characters is already over 100,000 SOL - over $6.8 million at current prices.
This may have something to do with the fact that analysts suggest that Singapore will be the country that will provide the $200 billion investment for the company.Time will tell if Solana will be able to solve the scalability trilemma and attract the desired billion users to its ecosystem.
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