• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

Binance’s New Platform Will Connect CeFi and DeFi With $100M Fund

Written by:
Aeon Flux
Published on:
11 September 2020
Thoughts:
No comments yet

Sep 10, 2020 at 17:11 UTCUpdated Sep 10, 2020 at 18:01 UTC

cz_demo_flickr

Binance CEO Changpeng Zhao speaks during Consensus. (CoinDesk archives)

Binance continues to chase after decentralized finance (DeFi) by giving its new decentralized Binance Smart Chain (BSC) access to its centralized exchange (CeFi). The global cryptocurrency exchange giant is putting up $100 million to support DeFi projects on BSC.

  • Binance CEO Changpeng Zhao announced the plan during the company’s World of DeFi summit on Thursday. It’s a “bridge” between DeFi and CeFi, an integration between Binance, the exchange, and BSC, the Binance-owned public chain.
  • Binance’s users can benefit from elements of CeFi – futures, margins, savings, DeFi staking and DeFi pooling – and DeFi – lending, automated market makers, liquidity mining, yield farming – according to the company’s news release Thursday.
  • This new plan targets Binance users who want to participate in DeFi without leaving the centralized platform.
  • Under the new platform, holders of Binance’s native token, BNB, can have more rights to the decentralized governance of the BSC, which uses a Proof-of-Stake Authority (PoSA) consensus mechanism, when they participate in staking on the BSC.
  • Since the popular crypto exchange first ventured into DeFi with its decentralized exchange in April 2019, Binance has continued expanding its footprint in this space.
  • Earlier this month, Binance introduced a product called Launchpool to provide users a way to make income by staking tokens for yield farming – the trendy strategy to make profits in DeFi.
  • It also launched a Uniswap-like DeFi platform allowing trades on an automated market maker (AMM).

Read more: For DeFi to Grow, CeFi Must Embrace It

Read more about…

BitcoinBinanceCrypto ExchangeDeFi

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Categories: Bitcoin, News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (2,410)
  • Ethereum (1,624)
  • News (5,049)

Recent Posts

  • Is The Federal Reserve A Private Entity? 22 May 2022
  • For a 100X Return, You Need this 1 Thing to Happen in Cryptocurrencies 21 May 2022
  • Is Vladimir Putin’s Russia Behind the Adoption of Bitcoin as a Legal Tender in Central Africa? 21 May 2022
  • AQX Open Beta Launches and How To Use AQX Cryptocurrency Exchange Platform 20 May 2022
  • How to Generate Passive Income with DeFi 19 May 2022

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web