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Binance 17th Burn Sees ~$640 Million Worth Of Crypto Taken Out Of Circulation

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Binance has successfully carried out another quarterly scheduled burn. This marks the 17th routine burn that the cryptocurrency exchange has carried out since it had launched its native token back in 2017. Binance has not missed a single scheduled burn since that time and will continue to carry out these burns every quarter.

Binance burns 20% of its quarterly earnings, which suggests how much the crypto exchange has brought in that quarter. The latest burn suggests that the company may have made over $4 billion in the 3rd quarter of 2021.

Burning Millions Worth Of BNB

The cryptocurrency exchange announced in a blog post on Monday that it had burned 1,335,888 BNB in its 17th burn. This came out to approximately $640 million worth of coins burned, according to the price of BNB at the time of the burn. In addition to this, Binance had also burned 17,839 BNB in its Pioneer Burn Program. This program was created to help its users who had lost their assets in uncommon circumstances.

Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October

In its burn history, the crypto exchange has burned millions of BNB tokens. The record for the highest number of BNB tokens burned at a single time was the 12th burn. This saw 3,477,388 BNB burned. While the lowest number of tokens burned was during the 8th burn, where only 808,888 BNB tokens were burned.

In total, Binance had burned over 31 million BNB tokens over the history of its scheduled burns. And the crypto exchange will keep burning BNB tokens quarterly until 50% of the total supply is taken out of circulation.

Binance Sticking To The Original Plan

Binance has maintained its promise to burn a percentage of BNB until the total circulating supply is halved. This would mean that the crypto exchange would have to burn approximately 100 million BNB to achieve this aim. So far, with about 31.6 million tokens already burned, the crypto giant is not even halfway through to its goal.

Related Reading | Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals

The Binance team holds about 40% of the total BNB supply, which goes towards the scheduled quarterly burns. The crypto exchange said that the team would not sell any tokens out of this stash and has maintained that they have never sold a single BNB out of it.

BNB trading below $490 | Source: BNBUSD on TradingView.com

After the burn was carried out, the price of BNB saw an uptick in the price. BNB trended towards $500 in the early hours of Tuesday, peaking at $497. It has since trended back down but has only lost about $10 off the value of its price in the downtrend. The price of the asset sits at $488 at the time of this writing and is up 4.34% in the last 24 hours. Its current market cap is $81 billion and BNB has reclaimed its position as the 3rd largest cryptocurrency by market cap.

Featured image from CoinFunda, chart from TradingView.com
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Making Room for Crypto in Charity

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Crypto Charity

With the exponential growth of blockchain, the world is finally witnessing the use cases of cryptocurrency and blockchain technology for social causes and non-profit organizations. There has been a positive movement within the space as several projects have begun donating portions of their revenue to charity.

However, there are very few direct connections between blockchain projects and nonprofit organizations that can actually benefit from the transparent technology. As a solution, Baby Santa, a DeFi protocol, is making it possible for investors and organizations alike to donate to charities via crypto. With features like convenience, transparency, and transaction speed, the platform aims to offer a gateway for investors to give back by donating to charity while earning through staking on their platform, thus becoming a new form of income for charities.

How is Crypto Helping Fundraise for Charities?

According to the Association of Fundraising Professionals (AFP), charity donations fell by 6% in 2020, resulting in a massive loss of revenue. Despite that, there has been a 17.2% rise in online fundraising compared to the prior year.

Integrating blockchain and crypto with charitable fundraising has further expanded the means by which organizations can collect funds. It has also offered a transparent medium for donations that instill trust in both the giver and the receiver.

Several organizations have started accepting donations in Bitcoin, Ether, stablecoins, as well as other digital currencies. Further, decentralized applications are now creating direct channels to contribute to social causes. With over $150 billion invested in this space, more initiatives seek methods to further the charity-in-crypto movement.

NFTs have recently become a frontier for fundraising, offering more than a direct monetary donations. There have been several recent instances where NFTs have been utilized to raise funds for charitable organizations. In March 2021, the Open Earth Foundation received $6 million from the sale of Beeple’s NFT for charitable artwork.

This altruistic movement has made tremendous progress, providing the charity sector with transparency, inclusion, and a worldwide presence. There are, however, a few issues that continue to plague the charity sector.

Existing Challenges in the Industry

One of the primary issues with crypto charity is the lack of belief that money will reach the cause. There have been countless cases where donations gathered through the crypto funding platforms have not reached the intended recipient but instead have ended up in the wrong hands. For example, members of the FaZe Clan were suspended following charges that their ‘Save the Kids’ cryptocurrency was a hoax. And despite being endorsed by popular influencers, the token was subject to a rug pull.

Another challenge that confronts the charity tokens is the source of fund verification. Since cryptocurrency transactions are designed to be secret, it is difficult for highly reputable charities to verify the source funds received. This would create problems for organizations if the funds are received from unknown or malicious sources.

Baby Santa Simplifies the Crypto Charity Process

Baby Santa is a DeFi protocol focused on helping the less fortunate. The native cryptocurrency of the platform is the Baby Santa Token which is aimed to encourage the healthy development of charitable utility.

The idea behind Baby Santa is to provide value to the needy while also motivating investors and users of the platform to donate more. Baby Santa will act as a revenue-generating system where profits can be distributed to the needy. The project goes beyond that and also seeks to benefit its investors by enabling investors to earn a secondary form of income in the form of BUSD rewards. Holders will also have the option to compound earnings through Baby Santa’s Workshop Pools. It will also collect staking funds from staking tax and buybacks that will be distributed to the users who have staked their tokens.

Baby Santa will hold a 12 day of Christmas NFT lottery where users will be chosen by minting a seasonal NFT at the Nutcracker NFT Mint Event. The proceeds from this NFT mint will be donated to organizations and social causes that most need it. Furthermore, Baby Santa will have NFTs minted under the names of different regions, and the funds raised from these NFTs will be donated to causes specific to those regions.

Going beyond that, the platform will have a merchandise store whose proceeds will go to those in need. Even clothing collections will be made with seasonal themes, promoting the project and empowering the charity programs, which will be active throughout the year.

Moving Toward a More Charitable Future

Charitable intent was never something simple, as there have regularly been challenges caused by a lack of trust and transparency. However, the introduction of blockchain and crypto philanthropy has shown some promising outcomes. Baby Santa promises to be the gift of giving, spreading the Christmas spirit all year long.

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StormGain Holiday Giveaway: Win Fantastic Prizes, Including Fast Mining and Free Crypto

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The holiday season is just around the corner, and as we prepare to ring in the New Year, StormGain would like to extend the best wishes of happiness, prosperity, and good cheer to all their valued clients. Of course, that also includes an exciting new opportunity to win extra bonuses and coins on your favourite crypto platform!

Upgrade your StormGain account, mine Bitcoin even faster!

Here’s how it works. Starting Monday, 6 December, and running until Sunday, 9 January, you can get tickets for a series of four prize draws on StormGain. The winners of these draws will receive a free StormGain loyalty programme status upgrade. As a reminder, the benefits of the loyalty programme include bonus funds on your deposits, lower commissions, and, most importantly, increased StormGain Bitcoin cloud miner speed to earn free BTC! Would you like to experience how it feels to mine Bitcoin at blistering speeds, courtesy of StormGain’s integrated cloud miner? Here’s your chance!

As an extra-juicy reward, the final draw will also award free cryptocurrency as top prizes to a select few!

How to enter the draw?

To get a ticket in the prize draw, all you have to do is make a deposit of 100 USDT and have a trading volume of at least 50K USDT in your account. Multiple deposits can get you multiple tickets with multiple chances to win.

The dates and number of places for each draw are as follows:

Draw 1 (10 December) – 50 places
Draw 2 (17 December) – 100 places
Draw 3 (24 December) – 150 places
Draw 4 (10 January) – 200 places (+5 places for crypto prizes)

Get free BTC, ETH, BCH, LTC and ZEC in the biggest ever crypto giveaway!

Crypto prizes, you say? That’s right! StormGain’s giving away free crypto as part of the final draw on 10 January. Last year, StormGain gave away one BTC to the lucky winner of the New Year’s draw. This time, they’re upping the ante and have five different crypto coins up for grabs. Five winners from the final draw will receive one of the following cryptocurrencies:

Bitcoin (BTC), current value $58,000
Ether (ETH), current value $4682
Bitcoin Cash (BCH), current value $582
Litecoin (LTC), current value $216
ZCASH (ZEC), current value $227

The prizes are in real crypto, not in USDT equivalent, so you can trade, hold or withdraw your prize coin as you see fit. Only one of each cryptocurrency will be awarded, and only one account status upgrade will be awarded per user.

Celebrate the holidays in style with StormGain

We all like to give and get a little extra every holiday season, so why not play and go for the prizes over the next few weeks? Whether you’re a new user or an active client, the rules are the same. If you’re not yet a StormGain client, make sure to register in time before the draw to have your chance at the best start to the most versatile crypto platform on the market!

JOIN NOW

 

Disclaimer: This is a sponsored post. The content for this article is provided by StormGain. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in sponsored content like the one above. 
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AscendEX Lists REVV Token

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AscendEX Lists REVV Token

AscendEX is thrilled to announce the Listing of the REVV Token (REVV) under the trading pair REVV/USDT on AscendEX starting on Dec 8 at 2 p.m. UTC.

REVV is a digital currency gaming platform focusing on racing games and allows for in-game purchases using their native Token REVV. REVV is designed for true digital ownership of game assets, giving players freedom and control over their NFT in-game items across a growing metaverse of racing games. Specifically, it is designed to have titles and NFT items interoperable with each other and other metaverses. Increasing the overall utility over these items would lead to corresponding network effects across the games and the REVV ecosystem. This should in turn enhance the value and support the trading of these items and underlying trading of the REVV token overtime. As the token demand is driven not just by speculation but underlying utility.

The REVV token is designed to encourage true digital ownership of game assets, giving players freedom and control over their NFT in-game items across a growing metaverse of racing games in the REVV Motorsport ecosystem include F1 Delta Time, MotoGP Ignition, and the upcoming titles Formula E: High Voltage and REVV Racing.

REVV is the ERC-20 utility token as the primary currency of purchase, utility, and action across all REVV Motorsport blockchain games by Animoca Brands. The REVV token is a fungible cryptographic token on the Ethereum blockchain. A fungible token is an asset that is interchangeable with tokens of the same type, so that one REVV token always has the same value and properties as any other single REVV token. REVV is the main utility token and in-game currency of the branded motorsports games produced by Animoca Brands, including F1 ® Delta Time, an upcoming title based on MotoGP intellectual property, and a third title to be announced soon. REVV is being leveraged as a cross-title utility, and the driving force behind the Play-to-Earn model.

The REVV Token supports contract operators to provide approval-free REVV tokens transfers throughout the company’s contract ecosystem. This also brings out the potential for frictionless native meta-transactions: the ability to push transactions on the blockchain using REVV as the payment token for the gas, without requiring the native ETH token at all.

AscendEX is thrilled to support the GameFi ecosystem by listing tokens like REVV.

About AscendEX

AscendEX is a global cryptocurrency exchange with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 200 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions.

AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum. AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage.

To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

For more information and updates, please visit:

Website: https://ascendex.com 

Twitter: https://twitter.com/AscendEX_Global 

Telegram: https://t.me/AscendEXEnglish 

Medium: https://medium.com/ascendex 

About REVV

REVV is a utility token that serves as the primary currency of purchase, utility, and action across all REVV Motorsport blockchain games by Animoca Brands. REVV is designed to allow for true digital ownership of game assets, giving players freedom and control over their NFT in-game items across a growing metaverse of racing games.

For more information and updates, please visit:

Website: https://revvmotorsport.com/ 

Twitter: https://twitter.com/REVV_Token    

Telegram: https://t.me/REVVCommunity 

Discord: https://discord.gg/sCn3nru 

Disclaimer: This is a paid Press Release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

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