Zilliqa and Binance to Join Forces With Incognito

Zilliqa users will be able to conduct transactions through the sidechain based on Incognito technology to provide addition privacy level
13 January 2020   224

The Zilliqa blockchain startup and the Binance cryptocurrency exchange have partnered with Incognito, a platform for securing transaction privacy, Decrypt reported.

Thanks to the new agreement, Zilliqa users will be able to conduct transactions through the sidechain based on Incognito technology. Incognito offers a solution that is not tied to any particular blockchain, which is an additional level of privacy based on evidence with zero disclosure. In other words, the user can take a conventional cryptocurrency using a completely transparent blockchain and hide the details of transactions carried out with its help.

How does the Incognito-Zilliqa Bridge work? ZIL holders transfer their coins to the Incognito wallet address and receive in return pZIL tokens (private ZIL). pZIL can be exchanged for ZIL at any time, simply by making a transaction to the address of any Zilliqa wallet. As long as the user remains in pZIL, no one can track the progress of his transactions. Liquidity for pZIL is provided by the decentralized exchange pDEX.

Binance Exchange, for its part, included the project in the program for supporting open-source software developers in the cryptocurrency industry Binance X. The program involves the payment of scholarships, as well as providing support in ongoing developments. The primary goal of the collaboration is to create a decentralized bridge between Incognito and the Binance Chain.

Initially, Incognito's functionality was implemented through its own project wallet. In the future, developers intend to switch to a fully decentralized model.

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.