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First Digital Group Launches New Stablecoin FDUSD to Revolutionize Global Finance

Asia’s leading trust company and qualified custodian, First Digital, is making waves in the global financial ecosystem with the announcement of its new stablecoin, First Digital USD (FDUSD). Launched by FD121 Limited under the brand “First Digital Labs,” this novel stablecoin pledges to bring stability, diversification, and innovation to the existing financial landscape.

Stablecoins, digital currencies pegged to stable assets like the U.S. dollar, provide a hedge against volatility, a means of remittance, and a cost-effective gateway to financial services. With FDUSD, First Digital Group aims to enhance these benefits by offering a programmable stablecoin backed 1:1 by U.S. dollar reserves held in regulated Asian financial institutions.

First Digital Trust Limited, the custodian and trust company, will maintain FDUSD reserves in segregated accounts, ensuring a secure and robust financial framework for the stablecoin. Notably, the redeemable nature of FDUSD adds to its appeal, as users can exchange their tokens for equivalent U.S. dollar value, strengthening the trust in the 1:1 backing.

Vincent Chok, CEO of First Digital, underscored the significance of this development, “The launch of this stablecoin marks a significant milestone in our mission to provide a secure, efficient digital currency seamlessly integrated into everyday transactions. Especially in these uncertain times, we see a growing demand for predictability. This was a driving factor in conceptualizing FDUSD.”

First Digital remains committed to transparency, pledging open scrutiny for every aspect of FDUSD. In collaboration with local and overseas regulatory authorities, First Digital Labs aims to ensure comprehensive compliance with all applicable laws, both present and future. Their objective is to set new standards of trust and stability in digital currency, guided by regulatory compliance.

In a world increasingly moving towards digital currencies, First Digital’s FDUSD brings a novel, secure, and reliable alternative to the table, marking a significant stride forward in digital asset innovation. For detailed information, prospective users are advised to review the FDUSD Stablecoin Whitepaper, the FD121 Account User Agreement, the FDD Terms, the Privacy Policy, and the FDD Risk Factors.

Binance Adds DOGE, XRP, SOL to FDUSD with Zero Maker Fees

Key Takeaways:

Binance adds five new trading pairs, including DOGE/FDUSD and SOL/FDUSD.

Zero maker fees on FDUSD trading pairs until further notice.

TRY is specified as a fiat currency, not to be confused with digital currencies.

Leading cryptocurrency exchange Binance announced today the addition of five new trading pairs, effective September 7, 2023, at 08:00 UTC. The new pairs include DOGE/FDUSD, SOL/FDUSD, TOMO/TRY, UNFI/TRY, and XRP/FDUSD.

New Trading Pairs

The introduction of these new trading pairs is a significant move for Binance, as it broadens the range of assets that can be traded on the platform. DOGE/FDUSD and SOL/FDUSD are particularly noteworthy, given the increasing popularity of Dogecoin (DOGE) and Solana (SOL) in the crypto market.

Zero Maker Fees on FDUSD Pairs

In a move likely aimed at encouraging trading activity, Binance has also announced that users will enjoy zero maker fees on FDUSD trading pairs “until further notice.” This could potentially increase liquidity and trading volumes for the newly introduced FDUSD pairs.

TRY as Fiat Currency

The announcement also clarified that TRY, which is part of the TOMO/TRY and UNFI/TRY pairs, is a fiat currency and “does not represent any other digital currencies.” This clarification is crucial for traders who might otherwise confuse TRY with a digital asset.

Implications for Traders

The addition of these new trading pairs and the zero maker fee policy could attract more traders to the Binance platform, especially those interested in diversifying their portfolios with DOGE, SOL, TOMO, UNFI, and XRP. However, traders should be aware that the zero maker fee is a temporary measure and should keep an eye out for any updates from Binance regarding this policy.

Zero Fees and Crypto Price

Zero fees are a common business strategy to boost liquidity. Both Binance and other cryptocurrency exchanges have employed this ‘zero fee’ approach. As reported by Blockchain.news on May 18, 2023, Coinbase announced significant updates to its premium membership service, Coinbase One. Notably, the platform will now offer zero trading fees and enhanced staking rewards to its members.

However, it’s important to note that an increase in liquidity does not necessarily translate to a rise in price.

Binance Enhances Trading Options with New Pairs and Bot Services

Binance, the world’s leading cryptocurrency exchange, has recently announced a significant expansion in its trading services. On January 11, 2024, Binance introduced new spot trading pairs and launched trading bot services, marking a substantial enhancement in its offerings on Binance Spot. This strategic move is aimed at expanding the trading choices available to users and enhancing their trading experience.

Introduction of New Trading Pairs

Binance has opened trading for several new pairs, including MOVR/TRY, LDO/FDUSD, ICP/FDUSD, SKL/TRY, STX/FDUSD, and TIA/FDUSD. These pairs were made available from January 11, 2024, at 08:00 UTC. The introduction of these pairs demonstrates Binance’s commitment to diversifying its trading options and catering to the evolving needs of its global user base.

Launch of Trading Bot Services

In a parallel move, Binance has enabled trading bot services for specific pairs, effective from the same date. These services include Spot Grid, Spot DCA & Rebalancing Bot for AI/USDT, NFP/USDT, and Spot Algo Orders for SKL/TRY, STX/FDUSD, TIA/FDUSD. Trading bots have become increasingly popular among traders for automating trading strategies and managing trades more efficiently.

Focus on FDUSD and Turkish Lira Trading Pairs

Another notable aspect of this development is the emphasis on FDUSD stablecoin and Turkish Lira trading pairs. Binance has been proactive in supporting the FDUSD stablecoin, which has seen a substantial rise in its market cap, distinguishing it from other industry giants. Zero maker fees on FDUSD trading pairs have been introduced as an additional benefit for users.

Binance’s Response to Market Demands

These developments are a response to the dynamic and ever-changing landscape of the cryptocurrency market. By expanding its trading services, Binance is not only broadening the choices for traders but also reflecting its adaptability and responsiveness to community needs and market trends.

Regulatory Considerations

While Binance continues to innovate and expand, it’s important to note that its approach has occasionally raised regulatory concerns. Despite ongoing disputes and challenges, Binance remains dedicated to listing a diverse range of cryptocurrencies, including those classified as securities by the U.S. Securities and Exchange Commission (SEC).

Conclusion

The introduction of new trading pairs and trading bot services by Binance marks a significant step in its journey to provide comprehensive and sophisticated trading options to its users. This move underscores Binance’s commitment to staying ahead in the rapidly evolving cryptocurrency market, offering advanced tools and diverse trading options to cater to the varied needs of its global user base.

Portal Debuts on Binance Launchpool for BNB and FDUSD Farming

Portal (PORTAL), a cross-chain gaming platform, is launching on Binance Launchpool starting February 22nd. Users will be able to farm PORTAL tokens by staking BNB and FDUSD over a 7-day period.

Binance announced Portal as the 47th project on its Launchpool platform. Launchpool allows users to earn new token rewards by staking BNB, BUSD, and other cryptocurrencies.

7-Day Farming

The Portal farming event will run from February 22nd at 0:00 UTC to February 28th at 23:59 UTC. A total of 50 million PORTAL tokens will be distributed as rewards, split between the BNB and FDUSD pools.

The BNB pool will receive 40 million PORTAL (80% of rewards) while the FDUSD pool gets 10 million tokens (20% of rewards).

To participate, users must complete KYC verification and meet eligibility criteria based on their country of residence. Hourly reward caps will apply and be updated in real-time on each pool’s page.

PORTAL Listing

After farming concludes, PORTAL will list on Binance and open trading against BTC, USDT, BNB, FDUSD, and TRY pairs on February 29th. The PORTAL ticker will receive Binance’s “Seed” tag.

Portal boasts a maximum supply of 1 billion PORTAL tokens, of which 167 million will initially be in circulation. The blockchain gaming startup has raised funds from investors such as Polygon Studios, Cultur3 Capital, and Dweb3.

Bridging Gaming to Web3

“Portal is a cross-chain gaming platform with a mission to onboard more players to Web 3.0,” stated Binance in its announcement.

The project aims to be the bridge allowing traditional mobile and PC gamers to access Web3 games while keeping a familiar user experience. Its platform will offer game discovery, profiles, tournaments, and an NFT marketplace.

Portal also provides full-stack game development support including analytics, player insights, marketing tools, and blockchain integrations. The ecosystem uses a dual-token model with its PORTAL governance and utility token plus in-game tokens.

Binance Futures to Introduce FDUSD Margin, Phase Out USDP

Binance, the world’s leading cryptocurrency exchange by trading volume and users, has announced significant updates to its futures trading platform. Starting from March 8, 2024, at 09:00 (UTC), Binance Futures will begin supporting FDUSD as a margin asset in Multi-Assets Mode, while simultaneously phasing out support for USDP.

This strategic move aims to streamline the futures platform’s operations and provide users with more robust options for margin trading. Users holding USDP will need to be attentive as Binance has set the transfer-in limits for USDP to zero in preparation for the transition. After March 14, 2024, 06:00 (UTC), any remaining USDP balances in users’ USDⓈ-M Futures wallets will be automatically converted to USDT at a 1:1 ratio within approximately 24 hours.

Binance has advised users to avoid adding new futures positions with USDP during the conversion period to prevent potential losses. They have clarified that they will not be responsible for any losses incurred during this period due to the conversion process.

The introduction of FDUSD as a margin asset will follow specific guidelines. The maximum transfer-in limits for FDUSD will be determined by users’ VIP levels, and Binance has set the haircut rates for FDUSD in an Auto-Exchange at 1%. The platform will calculate FDUSD margin balances in real-time according to the FDUSD price index.

This development reflects Binance’s commitment to providing a flexible and efficient trading environment. By enabling FDUSD margin trading, Binance Futures is enhancing the platform’s utility and ensuring that it remains aligned with the evolving needs and preferences of the trading community.

However, Binance has also cautioned that it reserves the right to amend maximum transfer-in limits and haircut rates depending on market conditions, underscoring the dynamic nature of the cryptocurrency market.

As with all trading decisions, Binance urges users to exercise responsible trading practices. The volatility of digital assets can result in significant profit or loss, and it’s crucial for users to make informed decisions based on their risk tolerance and investment objectives.

The Binance team has reiterated its dedication to supporting its users through this transition and has encouraged users to consult the Multi-Assets Mode FAQ and How Does Auto-Exchange Work in Multi-Assets Mode for additional information.

Binance Launches AEVO on Launchpool

Binance, the world’s leading cryptocurrency exchange, has officially announced the introduction of AEVO (AEVO) on its Binance Launchpool platform. This marks the 48th project to be featured on the Launchpool, signaling Binance’s ongoing commitment to expanding its decentralized finance (DeFi) ecosystem and providing its users with new opportunities in the growing crypto space.

AEVO is a decentralized derivatives exchange platform that utilizes blockchain technology to offer a secure and efficient trading environment. With a maximum token supply of 1 billion AEVO, the Launchpool aims to distribute 45 million AEVO tokens (4.5% of the max supply) as rewards to users who stake their BNB and FDUSD.

The staking event is scheduled to commence on March 8, 2024, at 00:00 UTC and will run for five days, ending on March 12, 2024, at 23:59 UTC. Participants will have the opportunity to farm AEVO tokens by contributing to separate BNB and FDUSD pools, with respective reward allocations of 36 million AEVO (80%) and 9 million AEVO (20%).

Binance plans to list AEVO on its exchange platform on March 13, 2024, at 10:00 UTC, with multiple trading pairs, including AEVO/BTC, AEVO/USDT, AEVO/BNB, AEVO/FDUSD, and AEVO/TRY. The listing will enable broader access and liquidity to the AEVO token, following its initial farming period on the Launchpool.

In preparation for the Launchpool event, Binance users are required to complete Know Your Customer (KYC) verification and ensure that their country of residence is eligible for participation. Notably, residents of certain jurisdictions, including the USA, Canada, Japan, and several others, are restricted from participating in the AEVO farming due to local regulations.

AEVO’s introduction on the Binance Launchpool is a significant milestone for the platform and the DeFi sector. It reflects the growing interest and development in decentralized financial products and services that offer alternatives to traditional financial systems. AEVO’s focus on derivatives trading positions it as a promising player in the DeFi space, aiming to enhance the trading experience with blockchain’s inherent transparency and security.

Binance encourages interested parties to read the AEVO research report, which provides an in-depth analysis of the project and its potential impact on the DeFi landscape.

As with any investment in digital assets, Binance reminds users that the cryptocurrency market is subject to high risk and volatility. It is crucial for investors to conduct their research, consider their financial situation, and consult with financial advisors before participating in token farming or trading activities.

The AEVO Launchpool event is part of Binance’s broader initiative to support innovative blockchain projects and foster the growth of the DeFi ecosystem. Binance continues to play a pivotal role in the cryptocurrency industry, providing a platform for new projects to gain exposure and for users to engage with the latest developments in blockchain technology.

Binance Launches Reward Campaign for Bitcoin Halving

In anticipation of the highly anticipated Bitcoin Halving event, Binance, a leading global cryptocurrency exchange, has unveiled a special promotion to reward its users. The campaign, which was announced on March 6, 2024, will distribute a whopping 13,000 FDUSD in token vouchers among participants who purchase Bitcoin (BTC) using the platform’s “Buy Crypto” feature.

Bitcoin Halving Spurs Binance’s Generous Incentive

The Bitcoin Halving is a significant event in the cryptocurrency world, occurring approximately every four years. It reduces the reward for mining new blocks by half, thereby slowing down the rate at which new bitcoins are generated. This event has historically impacted Bitcoin’s price and market dynamics, making it a focal point for investor interest.

In light of this event, Binance’s promotion is set to run from March 11, 2024, until April 7, 2024, and is divided into two distinct parts to cater to both new and existing users of the “Buy Crypto” feature.

Promotion A: A Warm Welcome with Rewards

Promotion A is tailored for users who have not used the “Buy Crypto” feature before the start of the promotion period. The first 3,000 eligible participants who register for the activity and purchase a minimum of $30 worth of BTC will each receive a 3 FDUSD token voucher.

Promotion B: Competitive Trading with Hefty Rewards

More seasoned traders haven’t been left out. Promotion B is open to users who have previously used the “Buy Crypto” feature. To qualify, participants must confirm their registration and reach a minimum total BTC purchase volume of $500 during the promotion period. The top 500 buyers, based on total BTC purchase volume, will share a prize pool of 4,000 FDUSD, with rewards ranging from 20 to 100 FDUSD depending on their rank.

Terms and Additional Opportunities

Binance has highlighted that users must click [Join Now] on the activity page and complete account verification to be eligible for rewards. The availability of the “Buy Crypto” feature varies by region, and purchases can be made using various methods, including credit/debit cards and P2P trading.

Notably, for P2P trading purchases, only taker transactions will count towards the promotion. A ‘taker’ is someone who places an order that is immediately executed, effectively removing liquidity from the market.

Users can expect the reward vouchers to be distributed within four weeks after the promotion ends, and they must be redeemed within two weeks from the date of distribution.

Binance’s Commitment and User Responsibility

As with all trading and investment opportunities, Binance reminds users of the inherent risks involved in the volatile cryptocurrency market. The exchange emphasizes that investments should only be made with an understanding of these risks and within the capacity of potential losses.

This promotion underscores Binance’s commitment to providing value to its users and fostering engagement within the crypto ecosystem. As the Bitcoin Halving event draws near, activities such as this highlight the platform’s innovative approach to user rewards and market participation.

The Bitcoin Halving event is expected to draw significant attention from both the crypto community and potential investors, with Binance’s reward campaign positioning itself as a strategic initiative amidst this pivotal market period.

Binance Launches Ramadan Trading Fee Rebate Event with 50,000 FDUSD Pool

In honor of the holy month of Ramadan, global cryptocurrency exchange Binance has announced a unique event that allows users to share a pool of 50,000 FDUSD in trading fee rebate vouchers. The event, which aligns with the spirit of giving during Ramadan, commences on March 14, 2024, and concludes on March 28, 2024.

Unlock the Moon: Collect, Trade, and Earn

The event, aptly named “Unlock the Moon,” encourages users to engage in various trading activities to collect Fanoos Lantern icon cards. Participants can accumulate these cards by making a deposit of at least 50 FDUSD equivalent through Fiat Deposit, purchasing crypto with a Credit/Debit Card, or using Binance P2P. Additionally, completing a trade of at least 100 FDUSD equivalent in qualified spot trading pairs will grant users additional cards. The qualified trading pairs include BTC/FDUSD, BTC/USDT, BNB/FDUSD, BNB/USDT, ETH/FDUSD, and ETH/USDT.

To foster a community spirit, Binance incentivizes users to exchange their collected icon cards with friends or on social media, enhancing their chances to generate the “Moon” and claim their share of the rewards.

Reward Distribution and Terms

The reward for each qualified user will be calculated based on the proportion of icon cards they collect relative to the total number by all participants. However, individual rewards are capped at 10 FDUSD in trading fee rebate vouchers, ensuring a fair distribution among all users who successfully complete the tasks.

The terms and conditions of the event stipulate that only verified users who unlock the “Moon” and complete a task during the event period will qualify for rewards. Binance also emphasizes that the availability of the activity may vary by region.

Market and Community Impact

This special event is expected to increase user engagement on the Binance platform, as traders participate to earn rewards while celebrating Ramadan. It also showcases Binance’s commitment to cultural diversity and inclusivity, recognizing important occasions in various communities around the world.

Binance has stated that trading fee rebate voucher rewards will be distributed within two weeks after the event concludes. Users can redeem their vouchers via the Rewards Hub in their profile.

Ensuring Fair Participation

Binance reserves the right to disqualify any participant engaging in wash trades or other manipulative behaviors. The exchange’s message is clear – the spirit of fair play and community must guide the event, reflecting the values of Ramadan.

Conclusion and Considerations

Participants are reminded that despite the festive occasion, trading digital assets comes with significant risk due to market volatility. Binance encourages users to trade responsibly and to seek independent financial advice if necessary.

This event is an innovative way for Binance to engage with its user base while respecting cultural practices, providing an opportunity for users to participate in the cryptocurrency market in a festive and potentially rewarding way.