Binance becomes a member of the ‚Blockchain For Europe‘ association. The company thus supports the political negotiations in favour of the industry experts in the blockchain area for Europe.
The British director of Binance has been appointed to the board of the association. Current negotiations are on AML procedures, Digital Service Acts and the EU framework for consultation.
Many other projects are currently being driven forward by Binance. These include the Smart-Chain, an AMM for real-time token swaps, a crypto-debit card and expansion in the Altcoin and DeFi futures market.
Binance, the blockchain company with the world’s largest crypto exchange, recently won a place in the European ‚Blockchain For Europe‘ association. The stakeholders of this cooperation work on issues of political steering and regulation of the crypto market for Europe. Blockchain For Europe unites many of the largest European blockchain companies.
Binance actively representing crypto-interests in European politics
The main goal of Blockchain For Europe is to communicate the interests of industry experts in the crypto-sector with European political decision makers. It is fought for a fair political treatment of blockchain-technology on EU level. By aiming for a balanced and responsible blockchain policy in Europe, the long-term success of this area shall be worked towards.
Now Binance, the largest crypto exchange worldwide, was welcomed as a member of the association. Teana Baker-Taylor, U.K.-director at Binance will be part on the association board. This already includes high-profile cryptocurrency companies such as Fetch.ai, Block.one, Blockseed Ventures and Ripple.
Blockchain For Europe is currently working on a compromise on the EU action plan for public consultation on AML (anti-money laundering). Further discussions will focus on the Digital Services Act (DSA) on Smart Contracts and the proposed EU framework for consultation on crypto-asset markets.
The Secretary General of Blockchain For Europe, Robert Kopitsch, sees the involvement of Binance as invaluable:
„Welcoming Binance into the Blockchain For Europe family is another major step in our mission to highlight the opportunities, that blockchain technology offers for Europe. We look forward to bringing the expertise and experience of this world leader in blockchain technology to our work.“
Ongoing project expansion
Recently, Binance has pushed many projects forward and is constantly expanding. The company has introduced the mainnet of its ‚Smart-Chain‘, a Smart Contract enabled blockchain-technology running in parallel to the Binance-Chain. In the USA, the company also plans to introduce a debit card for cryptocurrencies.
Furthermore, Binance announced its own Automated Market Maker Pool (AMM):
„We hope to drive the growth of the DeFi marketplace and provide our users with more revenue and better liquidity through a centralized AMM pool with the credibility and security that Binance provides.“
Like its decentralized forerunner, Uniswap, the AMM is designed to enable instant token swapping. The pool will be managed on the central version instead of the DEX. This should enable lower fees and more stable prices with less slippage.
Apparently Binance wants further to upgrade in the DeFi market. This can be seen in all the new futures contracts, that were introduced in August alone for Altcoins and DeFi-projects. In August alone, Binance’s market share in the Altcoin futures market increased by approximately 35-40%. At $195 billion, the volume of Binance futures has grown to new alltime-high levels.
Some market observers assume, that the DeFi area is very hyped and like a bubble, similar to the 2017 ICO area. But in the current development, Binance is already building a firm foothold.