Blockchain
LABEL Foundation Integrates with Binance Custody to Offer Cold Storage Support for $LBL Token
Tortola, British Virgin Islands–(Newsfile Corp. – June 8, 2022) – LABEL Foundation has announced that it has officially integrated with Binance Custody to take advantage of their highly secure cold storage solution. Thanks to the new integration, which provides support for the $LBL token via Binance Custody, security will no longer be an issue as the tokens will be stored using the institutional and insured cold storage service. Moreover, both BEP-20 and ERC-20 are available for deposits as well as withdrawals. If all goes well, the LABEL team hopes to further expand its partnership with the Binance ecosystem in the future as well.
LABEL Foundation Integrates With Binance Custody
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A budding relationship
Binance Custody was only released in 2021, but there is nevertheless plenty of faith in the high level of user protection being offered by the service. LABEL had been searching for a reliable custody service for quite a while, and when choosing a custody service, the main aspects that LABEL primarily focused on were security and insurance coverage.
Keeping that in mind, Binance Custody indeed appeared to be the optimal choice as it uses industry-leading secure MPC (Multi-Party Computing), threshold signing schemes, and offline key-sharing storage to decentralize fund management, all of which are vital components to ensuring the safety of users’ digital assets.
Also, in terms of insurance, Binance Custody obtained insurance from Arch Syndicate 2012 at Lloyd’s of London, which was mediated by Lockton’s Emerging Asset Protection (LEAP), the world’s largest independent insurance broker, to further enhance investor protection.
The benefits of transferring ownership of digital assets to Binance Custody are hence not only limited to security from hackers and malicious individuals, but also delegation of authority. By sharing access with the custodian and delegating this authority, users can thus potentially prevent the loss of assets in the event of lost cryptographic inheritance, private passwords, or any other kind of data loss or hack.
Choosing Binance Custody was an easy choice for LABEL Foundation because of its aforementioned safe cold storage solution. LABEL integrating with Binance Custody therefore provides another level of security by protecting users’ $LBL tokens with the institutional-grade digital asset management infrastructure and security features.
This provides some much-needed peace of mind to LABEL’s customers, as reliable security measures have quickly become mandatory for any project in this industry. According to CSO Hyung Soon Choi, there will also be discussions on potentially considering further strategic collaboration with Binance Custody and the broader Binance Ecosystem in the foreseeable future.
About LABEL Foundation
LABEL Foundation is a blockchain-oriented NFT copyright fee sharing platform that supports investment, distribution and advertising processes along with removing significant barriers to modern content production and investment.
Essentially, LABEL Foundation represents an incubation system designed to disrupt the DeFi industry and it uses the native $LBL token, which is Ethereum-based governance and utility token, to do so. Furthermore, the tokens are mainly used to establish the basic token economy of the platform by acting as payment, staking and governance entities.
Lastly, the DAO (Decentralized Autonomous Organization) voting infrastructure allows contributors to claim profits via the non-fungible token shareholding system, which adds a strong sense of community in addition to the aforementioned security features.
For more information and regular updates, be sure to check out the official website and Medium, Telegram and Twitter channels.
Contact information:
Hyungsoon Choi
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126540
Blockchain
Alpha Transform Holdings Releases March Report on ASC AI Index
Blockchain
Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins
In a recent communication directed to Treasury Secretary Janet Yellen, US Senator Elizabeth Warren has strongly advocated for the incorporation of robust Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) measures specifically tailored for stablecoins. Senator Warren’s correspondence underscores the critical importance of adopting the full array of AML tools outlined by the Treasury Department in a prior November 2023 communication to Congress.
Senator Warren has underscored the burgeoning threat posed by cryptocurrencies, particularly stablecoins, to national security. She has specifically drawn attention to instances where entities like Iran and Hamas have turned to cryptocurrencies as a means to raise funds and support terrorist activities. To effectively address this evolving threat landscape, Senator Warren asserts that any forthcoming crypto legislation must encompass comprehensive AML/CFT authorities as requested by the Treasury Department.
Moreover, Senator Warren has made reference to the testimony provided by Deputy Secretary Adewale O. ‘Wally’ Adeyemo before the Senate Committee on Banking, Housing, and Urban Affairs. In this testimony, Adeyemo emphasized the critical need for additional AML authorities to combat the growing menace posed by cryptocurrencies. Senator Warren has pointed out that the exclusion of crucial actors within the digital asset ecosystem, such as miners and validators, from AML/CFT requirements could potentially enable nefarious actors to exploit the increased crypto trading facilitated by stablecoin legislation.
Senator Warren’s steadfast stance on the regulation and oversight of cryptocurrencies is aligned with her prior efforts aimed at curbing illicit activities and safeguarding consumers, the financial system, and national security interests. She has persistently advocated for the closure of loopholes in AML regulations that allow sanctioned entities like Iran to derive revenue through crypto transactions. Furthermore, Senator Warren has consistently voiced concerns regarding the exploitation of cryptocurrencies in terrorist financing schemes and has called for the implementation of stronger regulatory frameworks to protect both consumers and national security interests within the realm of stablecoin-related legislation.
Source: blockchain.news
The post Elizabeth Warren Urges Treasury Secretary Yellen to Implement Strong AML/CFT Measures for Stablecoins appeared first on HIPTHER Alerts.
Blockchain
Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests
Binance has rolled out Binance Megadrop, a novel token launch platform that blends airdrops with Web3 quests. This platform enables users to engage in BNB Locked Products subscriptions and complete tasks within their Web3 Wallet to earn early rewards from chosen Web3 projects, even before their tokens hit the Binance Exchange.
The inaugural project featured on Binance Megadrop is BounceBit (BB), a BTC restaking chain. Here are the token specifics for BounceBit: Max Token Supply: 2,100,000,000 BB, Megadrop Token Rewards: 168,000,000 BB (8% of max token supply), Initial Circulating Supply: 409,500,000 BB (19.5% of max token supply).
To kickstart their journey with Binance Megadrop, users must log into their Binance account and ensure they possess an active Binance Web3 Wallet. From there, they can subscribe to BNB Locked Products and/or fulfill Web3 Quests to accumulate scores. These scores dictate the rewards received through the Megadrop program.
The scoring mechanism for Megadrop relies on the Locked BNB Score, determined by the quantity of BNB subscribed and the subscription period’s duration. Users also earn a Web3 Quest Bonus and a Web3 Quest Multiplier upon completion of designated Web3 Quests. The total score is computed by applying the Web3 Quest Multiplier to the Locked BNB Score and adding the Web3 Quest Bonus.
Importantly, only wallets created within the Binance Web3 Wallet and not external wallets will count towards Megadrop participation. Megadrop rewards will be airdropped to users’ Binance Spot Wallets.
Users must undergo identity verification and maintain at least one active Binance Web3 Wallet to qualify for Megadrop rewards. Additionally, certain jurisdiction-based eligibility criteria apply. Users from Australia, Canada, Cuba, Crimea Region, Hong Kong, Iran, Japan, New Zealand, Netherlands, North Korea, Russia, Singapore, Syria, United Kingdom, United States of America, and its territories are presently ineligible to participate in BB Megadrop.
Binance Megadrop is aimed at offering users an interactive and rewarding experience within the crypto realm. Further details regarding the Megadrop amount, Web3 Quests, and the comprehensive listing plan will be disclosed separately.
Source: blockchain.news
The post Binance Launches Megadrop: A Token Launch Platform with Airdrops and Web3 Quests appeared first on HIPTHER Alerts.
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