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BingX Partners with UniSat and Bolsters Spot Trading Ecosystem




BingX, a global leading crypto exchange, announced its collaboration with UniSat, marking its pioneering step as the top centralized exchange (CEX) to integrate BRC-20, the latest blockchain technology standard. This partnership is set to bolster the spot trading ecosystem of BingX and transform the way its users interact with digital assets, offering unparalleled efficiency and security.

UniSat Wallet, a Chrome plugin wallet for the BTC ecosystem, empowers users with services like token purchase and sale, NFT transactions, token minting, and BRC-20 token information queries. BRC-20, an experimental token standard facilitating fungible token minting and transfers via the Ordinals protocol on the Bitcoin blockchain, has gained prominence for its high utility. While most BRC-20 tokens are deployed through third-party tools, UniSat Wallet streamlines this process, offering a lightweight plugin expediting BRC-20 deployment and transactions.

This integration extends benefits to users, ensuring heightened security through BRC-20’s advanced protocols, creating a secure trading environment. It enhances efficiency by facilitating faster transaction speeds, reducing confirmation times, and elevating the overall user experience. BingX users also enjoy cost savings, thanks to BRC-20’s optimized network, making trading more accessible. The global accessibility of BRC-20 on BingX fosters inclusivity in the digital asset community.

“This integration is part of our continuous efforts to enhance our spot trading services and support the growth of the blockchain industry,” said Megan Nyvold, Head of Branding at BingX. “As the first CEX to support BRC-20, BingX is dedicated to offering our users a more timely, streamlined, and cost-effective way to conduct spot trading over a wider range of tokens and cryptocurrencies. We aim to leverage potentials of BRC-20 and position BingX at the forefront of technological advancements in crypto space.”

Previously, BingX stood out as the exchange of initial offerings for popular BRC-20 tokens, including ORDISATSRATS, and other coins like TIA and TKST, which experienced a remarkable price surge within the first hour. And BingX will support the Rune and ARC-20 protocols soon. Users can anticipate more unparalleled opportunities as BingX continues to lead in adapting and evolving with future innovations.


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Financial industry bodies defend permissionless blockchains against Basel Committee’s classification




Five financial industry bodies have pushed back against the treatment of permissionless blockchains by a global banking supervision authority.

In December, the Basel Committee on Banking Supervision (BCBS) published a report on proposed amendments to bank capital requirements for digital assets, stablecoins, and tokenized assets.

The report classified all permissionless blockchains as high-risk, claiming that some risks could not be mitigated through existing solutions. BCBS was particularly concerned about banks’ lack of control over third parties who conduct most operations on these blockchains. It also warned about their privacy, finality, liquidity, and political, legal, and policy risks.

In response, five global financial industry regulators have defended permissionless blockchains. In a joint response, they stated that the industry “has all necessary expertise and robust compliance frameworks to fully identify, manage and mitigate these risks.”

The five are the International Swaps and Derivatives Association, the Global Financial Markets Association, the Institute of International Finance, the Futures Industry Association, and the Financial Services Forum.

Blockchain’s application in the financial industry is evolving, and regulators must not disincentivize banks from exploring the technology, the regulators stated. By putting up unnecessary hurdles, the BCBS would only push these institutions to the non-regulated shadow banking space, which would be riskier for them.

The regulators further noted that dozens of global banks have conducted successful pilots using permissionless blockchains. These pilots have shed more light on the technology’s application and allowed them to understand and control emergent risks.

The BCBS approach is unfair to blockchain and veers away from the regulator’s long-held “same asset, same risk” approach, they added.

“While we acknowledge that risk mitigation techniques are evolving for permissionless crypto assets…we are confident that solutions already exist in respect of specific use cases,” the five stated.

They believe deciding whether to build on permissionless blockchains should be left to the banks.

The financial sector has been a leader in blockchain adoption, with some, like JPMorgan (NASDAQ: JPM), developing their own permissioned networks, albeit unsuccessfully. However, most have relied on existing solutions to build applications spanning settlement, bond issuance, tokenization, etc.


The post Financial industry bodies defend permissionless blockchains against Basel Committee’s classification appeared first on HIPTHER Alerts.

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