Legacy Bela closes the swap for ERC20 Bela

With the swap of Legacy Bela (the Phoenix Fork) for the new ERC20 Bela to provide a powerful infrastructure for Live Bella LLC, the procedure ends on May 31
23 May 2018   1464

After an unsuccessful attempt to adopt Litecoin 2017 source code (the Phoenix Fork), Bela is opting for ERC20 token. Belacam backbone desperately needed an update for the underlying chain. Bela really wanted to retain its own blockchain and gradually become a rapid payment coin with the true decentralization of PoW.

Legacy Bela blockchain was plagued with orphaned blocks, it was very hard to add to exchanges, was slow with upgrade implementation and lacked application compatibility. The new token will keep some of the original coin characteristics, but also a number of new features (applying PoS, for instance) with an incredible amount of new utility. The ratio was set at 1:1. The swap closes on May 31. The procedure is as follows:

  • provide ERC20 Bela receiving address;
  • send legacy Bela to a unique coin swap address;
  • get an equal amount of ERC20 Bela within 24 hours

The new ERC20 will be supported at the following exchanges:

At the moment of publication, Bela market indicators are as follows:

Average price 0.037617 USD
Volume (24H) 50,839 USD

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   246

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.