Binance Labs leads a fundraising for MobileCoin

MobileCoin announced that Binance Labs, a blockchain technology incubator, will lead the fundraising for the project development
25 April 2018   1979

Privacy and security are main selling points for the cryptocurrencies. And now MobileCoin partners with Binance Labs to raise funds for the development.

The Medium post on April 24 by MobileCoin team announced their partnership with a blockchain technology incubator Binance Labs. This partnership is a significant step towards their ultimate goal, not only attracting funds (a hefty sum of $30 million in Bitcoin and Ethereum) for the development, but also, according to TechCrunch, allowing the new cryptocurrency “'priority consideration' for being listed on Binance as part of the relationship.”

And while working with Binance Labs is a significant plus for the investors' peace of mind, the team themselves is quite good. Moxie Marlinspike, the founder of encrypted messenger Signal, is listed as a technical advisor and Shane Glynn, who served in Google since 2010 as a product counsel, continues the trend being the legal counsel for the project, ensuring that MobileCoin satisfies all the most strict of cryptocurrency regulation around the world.

Reportedly, MobileCoin will use Stellar Consensus Protocol to power coin's network and allow for scalability and speed of transactions, for when the coin is integrated into the mobile messaging apps.

Binance Labs commented on the fundraising program:

“A mobile-first, user-friendly cryptocurrency, like MobileCoin, plays a critical role in driving mainstream cryptocurrency adoption. The MobileCoin team and Binance Labs share a common vision and we are proud to be a supporter of what they are doing.”

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   294

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.