BitMEX Ventures Invests in Licensed Crypto Exchange, Binance Launches Native Trust Wallet, Over 100 Staff Now Working On Facebook’s Crypto Project

Starting today, my weekly series about the hottest stories and latest developments in the Blockchain & Crypto space will actually be of a weekly series format, which LinkedIn has recently launched.

To always stay up-to-date and don't miss any of my articles, all you have to do is hit the subscribe button on the right side of the series. I hope you will join me!

It was yet another very interesting week in Blockchain & Crypto and these were the hottest stories.

BitMEX Ventures Invests in Crypto Exchange Licensed by Philippines Central Bank

BitMEX Ventures has invested in a crypto exchange licensed by the central bank of the Philippines, the company announced in a news release on June 3. The release notes that the financial backing will help the Philippine Digital Asset Exchange (PDAX) develop a marketplace for digital assets beyond cryptocurrencies — including tokenized commodities, real estate equities and debt securities.

The co-founder and CEO of PDAX, Nichel Gaba, says a limited infrastructure in the country has left consumers struggling to access financial products and services. He added:

Through digital assets and blockchain, we want to even the playing field to give every Filipino from all walks of life the ability to grow their hard-earned wealth.

PDAX says it is working closely with regulators “to ensure the safe and secure buying and selling of cryptocurrencies and other digital assets at the best price on the market.”

Binance Launches Native Trust Wallet on Binance DEX

Binance, the world’s second largest crypto exchange by adjusted volume, has released its official Trust Wallet on its decentralized trading platform Binance DEX.

Binance acquired Trust Wallet — an open source, decentralized wallet that initially offered native support for ethereum and ETH-based tokens — in summer 2018. At the time, Binance had revealed its plans to list the wallet as the default wallet on its forthcoming decentralized exchange (DEX) — then still under development.

Since then, the exchange has also rolled out support for multiple cryptocurrencies on Trust Wallet — with plans to support tokens based on protocols using proof-of-stake (PoS) consensus algorithms in future.

According to the recent news, the integrated Trust Wallet will help support Binance DEX users wishing to maintain custody and full control over their funds, while benefiting from fast trading services.

Aside from serving as a wallet, Trust Wallet also provides users with access to decentralized applications (DApps) that can be accessed via the wallet’s mobile or desktop version, the press release notes.

Desktop support is offered via the WalletConnect open protocol, which connects DApps to mobile wallets using end-to-end encryption and was integrated with Trust Wallet and Binance DEX this May.

Over 100 Staff Now Working On Facebook’s Crypto Project

More details are now being revealed with regards to high-level executives for social media giant Facebook’s crypto project, according to a report by CNBC on June 6.

According to the report, there are now 100 people known to be working on the crypto project via profiles on professional networking platform LinkedIn. Facebook is also reportedly not done hiring, with over 40 openings still available in the team’s business unit, as per its website listing.

The aim of Facebook’s new crypto project, according to advertising on its career descriptions, is to provide a public service centered on accessibility:

Our ultimate goal is to help billions of people with access to things they don’t have now — that could be things like healthcare, equitable financial services, or new ways to save or share information.

The head of Facebook’s blockchain-based project is David Marcus. Marcus served on the board of cryptocurrency exchange and wallet service Coinbase until recently, and previously worked as the president of PayPal.

Additionally, Facebook developer Eric Nakagawa will reportedly take the title, “head of open source.” Nakagawa has reportedly championed open source projects in the past at PyTorch AI software. Nakagawa also previously acted as founder and CEO of popular 2000s humor website, “I Can Has Cheezburger?”

S.L. Benfica Is The First Major European Football Club To Accept Cryptocurrency

S.L. Benfica has become the first major European soccer team to accept cryptocurrency payments, after announcing a partnership with the UTRUST payment platform.

The club, the most popular in Portugal, will now allow fans to purchase its merchandise with cryptocurrency, paying with the UTRUST token (UTK) in addition to bitcoin and ethereum.

According to Benfica, the decision to accept cryptocurrency payments is based on a need to upgrade its e-commerce strategy and expand its global audience. Currently, the Portuguese team has a fan base of 14 million and stands as the most decorated club in Portugal.

The team hopes to broaden its audience by improving the user experience and appealing to cryptocurrency holders.

Don't forget to ??subscribe?? to my new monthly series:

?? Month in FinTech

?? Month in Blockchain & Crypto

P.S. You might enjoy my earlier pieces as well:

?? Following Dirty Money

?? The Biggest Deals in FinTech History are Taking Place NOW

?? IOTA is Climbing Back

?? Month in Blockchain & Crypto | April 2019

?? Month in FinTech | April 2019

?? Lithuania's 10 Years Challenge - from Developing Country to European FinTech Hub

?? Bitcoin is NOT a Currency, and Never Will Be

***

About: I am a business developer, sales professional, FinTech strategist, as well as Cryptocurrency and Blockchain enthusiast. I'm highly passionate about Financial Technology and Digital Innovation, and strongly believe that it will change the world for the better. Apart from my daily job at a global payments startup where I'm leading company's expansion into Europe , I'm an active member of FinTech community and a TechFin evangelist.

If you've enjoyed this piece, don't hesitate to press like, comment what you think and share the article with others. Let's spread the knowledge together!

For more, hit the subscribe button, follow me on LinkedIn & Instagram. I'm building the best community the social world has ever seen!????