BINANCE NEWS: BUSD stablecoin goes live, zero-fee trading at Binance.US

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BINANCE NEWS: BUSD stablecoin goes live, zero-fee trading at Binance.US

It is shaping up to be a big news week for Binance as CEO Changpeng “CZ” Zhao announced Monday on Twitter that six announcements were lined up for the day.

BUSD goes live

Binance will now allow BUSD purchases made possible by Paxos integration. Approved by the New York State Department of Financial Services (NYDFS), BUSD is a stablecoin pegged to USD and will start trading on September 19 at 10:00 AM (UTC).

BNB/BUSD and BTC/BUSD pairs will be available for trading. BUSD will be pegged 1:1 against the U.S. dollar.

Binance US to launch with zero-fee trading

In an official blog post, Binance.US announced that the platform will open registration on September 18, at 8:00 AM ET.

The platform will then start accepting BTC, ETH, XRP, BCH, LTC, and USDT deposits. Post-launch of its first phase, Binance will “provide an update detailing when trading will go live for specific pairs.”

Furthermore, in an effort to reduce barriers to digital asset adoption, the exchange announced that customers will be able to take advantage of zero trading fees until November 1, 2019.

After the introductory period, a flat fee of 0.10% will be charged per trade for personal accounts.

According to the announcement, Binance.US will be available in most states with the exception of Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont, and Washington.

Binance Lending adds privacy coins

The biggest cryptocurrency exchange in terms of trading volume also announced the launch of the fifth phase of Binance Lending products.

The Binance Lending platform allows users to lend their crypto assets and earn interest.

The fifth phase of the project, scheduled to be launched on September 20, at 6:00 AM (UTC), will provide 14-day fixed-term lending products for privacy coins DASH, XMR, and ZEC.

Users can also use BNB, ETH, ETC, BTC, or USDT on the new lending products.

Binance plans to roll out more stablecoins in the future, adding to USDT, USDC, and PAX which are already listed on the platform.

Discussing the plans to bring “more stability” to the cryptocurrency industry at a recent conference, Binance CFO Wei Zhou said:

“We hope to launch more compliant stablecoins backed by fiat reserves in the future, introducing more stability to the cryptocurrency world.”

Investing in the industry

As a part of the announcement wave, Binance also made its first investment in a Chinese crypto news site, Mars Finance.

As reported by Bloomberg, CZ said that the “strategic investment” was made with an aim to expand cryptocurrency adoption and make it “mainstream.”

“We have large respect for data, news and research firms which support the positive growth of the blockchain industry.

“We will continue to pursue strategic investment opportunities in our mission to bring crypto further mainstream, increase adoption and accessibility, and help the industry grow sustainably.”

Referring to the investment, CZ tweeted, “Let’s make more news, and less FUD. Invest in the industry.”

Other investors included Ceyuan Ventures and Matrixport, a cryptocurrency financial services startup founded by Jihan Wu, co-founder of Bitmain.

The funding round valued Mars Finance at $200 million, however, the investment amount was not disclosed.

ATOM and BAND

Other updates and announcements included Binance adding margin trading for ATOM with ATOM/BTC, ATOM/USDT trading pairs.

Binance completed its Band Protocol (BAND) token sale. On September 18 at 12:00 PM (UTC), the exchange platform will open trading for BAND/BNB, BAND/BTC, and BAND/USDT pairs.

Binance will also offer customer support in Spanish. The service is available 24/7, both by live chat and tickets.