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In line with Binance’s commitment to the region’s burgeoning status as a virtual asset hub, Binance announces the hosting of Binance Blockchain Week 2024 in Dubai. Scheduled to take place between October 30 & 31, the flagship event will gather global leaders in blockchain and Web3 to drive innovation, foster financial inclusivity, and shape the future of the ecosystem.
Binance Blockchain Week offers a platform for industry leaders to engage in meaningful discussions to further drive the development and adoption of Web3. With over 3,000 attendees expected and over 100 industry leaders in attendance, this event reaffirms Binance’s view of Dubai as a key international crypto hub.
Alex Chehade, Binance FZE General Manager, said: “We look forward to welcoming the global blockchain community to Binance Blockchain Week. Our goal is to foster collaboration in the Web3 and blockchain industry, unlocking its potential to enhance financial equity and drive positive societal impact.”
“With the UAE leading the global adoption of cryptocurrencies, Binance is playing a pivotal role in enabling this transformation. We are pleased to be supporting this growth and diversification of the UAE’s economy. As we continue to contribute towards the ever-growing status of this region as a virtual asset hub, we are pleased to host a flagship event which will bring over 100 leaders in the blockchain industry together to discuss the latest trends, innovations, and opportunities shaping the future of the digital economy,” Alex Chehade added.
The move comes as Binance announces the acquisition of a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This license, subsequent to the initial issuance of the Minimum Viable Product (MVP) License in July 2023, marks a significant milestone for Binance.
The transition from an MVP license to a VASP license allows Binance FZE to extend its product offering and expand its services to the retail market, in addition to qualified and institutional investors. Binance FZE can now offer individual customers a broad portfolio of virtual asset products that includes spot trading, margin trading (for qualified users), and staking products – the widest array of regulated virtual asset services available not only in the UAE but globally.
The Bitcoin halving is set to be a catalyst in the portfolio of UAE-based retail investors, with 78% currently considering or planning to increase their investment in Bitcoin around the halving. Only 5% said to be considering or planning to decrease their allocation.
“Reflecting on historical data, we’ve observed that Bitcoin halving events have led to notable price increases, driven by the tightening of Bitcoin’s supply. For instance, the halvings in 2012 and 2016 both set the stage for substantial bull runs, and we saw a similar pattern following the 2020 halving. The year of the halving and the year following the halving since bitcoin’s inception have always been positive.” explains Josh Gilbert, Market Analyst at trading and investing platform eToro.
“This four-year cycle and performance has not gone unnoticed by UAE-based retail investors, with a significant 78% considering or planning to bolster their Bitcoin investments around the next halving. It’s clear that these events are viewed as bullish signals by many. Add to that the successful launch of the ETFs and the huge institutional interest they have garnered, it looks like another promising year for bitcoin. However, it’s crucial for investors to remember that past performance is not always indicative of future results and that broader market conditions also play a significant role in shaping prices.”
In the UAE, crypto assets have emerged as the predominant investment choice among retail investors, with 74% currently holding investments in this asset class and another 63% planning to expand their crypto holdings within the next three months.
The primary motivations driving this robust interest include the potential to generate high returns, identified by 40% of investors, the belief in the transformative potential of crypto assets, which 36% of investors agree on, and confidence in blockchain technology, trusted by 31% of investors.
What is Bitcoin halving?
Scheduled for 19-20 April depending on the current rate at which bitcoins are created, the bitcoin halving is a key event occurring roughly every four years where the reward for mining new blocks is halved, decreasing the rate at which new bitcoins are created. This mechanism, integral to Bitcoin’s design, ensures a controlled, gradual issuance of coins until the maximum supply of 21 million is reached around 2140. Halving helps regulate Bitcoin’s supply, mimicking the scarcity of resources like gold and is critical to its monetary policy, potentially leading to possible price increases by reducing supply pressure.
Binance FZE, the Dubai entity of the world’s leading global virtual assets services provider, today announced that it has received the Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Assets Regulatory Authority (VARA). This licence, subsequent to the previous issuance of the Minimum Viable Product (MVP) Licence in July 2023, marks a significant milestone for Binance.
Binance CEO Richard Teng stated, “As we secure the esteemed full market VASP Licence, it notably amplifies our unwavering commitment to advancing the financial landscape through compliance and innovation. This achievement embodies our dedication to transparency, regulatory compliance, and responsible growth in the dynamic digital assets domain. Furthermore, it bears testimony to the innovative spirit of the UAE, as it continues to embrace the transformative economic implications of blockchain technology for its residents.”
The transition from an MVP Licence to a VASP Licence allows Binance FZE to extend its product offering and expand its services to the retail market, in addition to qualified and institutional investors. Binance FZE can now offer individual customers a broad portfolio of virtual asset products that includes spot trading, margin trading (for qualified users), and staking products.
Binance FZE General Manager Alex Chehade said, “This is a major milestone that validates our commitment to providing secure, compliant, and top-tier services to our users. It underlines Dubai’s position as a forward-thinking city – acknowledging and embracing the financial potential that blockchain technology brings.”
Upon initiating operations under the new VASP Licence, Binance FZE will significantly enhance its current services beyond spot trading and fiat services.
This licence allows diversifying trading services exclusively for qualified and institutional investors only, where these segments are eligible to engage in margin and derivatives products, including futures and options. Presently, these services are strictly restricted to those that meet the qualified investor criteria.
Binance FZE invites users to explore this new array of opportunities as soon as possible. For more information, please visit www.binance.com/en-AE
Mysten Labs, a web3 infrastructure company and the original contributor to the Sui blockchain, today announced a partnership with BytePlus, ByteDance’s enterprise technology arm, to explore collaboration on data warehousing, AI recommendation algorithms, and AI visual algorithms in web3 game platforms and socialFi projects on Sui.
The partnership between the two organizations will allow Sui to utilize ByteHouse, a cloud-native data warehouse for batched and real-time analysis, in combination with Sui’s full nodes data, to elevate performance and ensure accelerated delivery for users. The high-performing, low maintenance, read-write separation and real-time analysis of ByteHouse will enable Mysten Labs to supercharge analytics with infinite scalability. In addition to the technological elements of the partnership, BytePlus and Mysten Labs will explore ways to strengthen Sui community building, hackathons, and educational programs worldwide.
BytePlus products, which include AI recommendation algorithm solutions and BytePlus CDN, a network of servers and data centers for accelerated delivery, will be an additional area for collaboration with Sui. The potential use of these products on Sui is set to increase exposure to key customers and partners including large game development companies.
Evan Cheng, Co-Founder, and Chief Executive Officer of Mysten Labs, said, “This partnership with BytePlus will revolutionize data analytics in the web3 sphere and further showcase our mission to drive innovation for web3 infrastructure. Integrating cutting-edge AI recommendation and visual algorithms into Sui signifies a leap toward enhancing user experience within Web3 game platforms and socialFi projects.”
Li Long, General Manager MEA of BytePlus, said, “Together with Mysten Labs, we are committed to unlocking new possibilities using our advanced AI algorithms and data warehousing technology with Sui. This transformative journey displays our dedication to revolutionizing data analytics and content delivery but also reaffirms our dedication to delivering unparalleled value to users and partners.”
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