Binance cuts ties with its $10B venture capital arm [EN]

Show Notes

Binance has made its venture capital arm, Binance Labs, an independent entity with $10B AUM, while a survey reveals crypto owners favor Trump in the upcoming U.S. elections, and El Salvador moves $400M of Bitcoin to a cold wallet amidst a market rally, as SuperRare expands into Bitcoin-based NFTs and blockchain startup Berachain becomes a unicorn with a $69M funding round.

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Host 1:"Salutations, fellow crypto enthusiasts! As a fervent supporter of blockchain technology, I am poised to delve into the exhilarating realm of digital currency. Let's embark on this fascinating journey together."
Host 2:"And I'm the resident fact-checker, armed with some intriguing morsels of information. So, what's the latest scoop on the crypto front?"
Host 1:"Quite the exciting news! Binance's venture capital arm, Binance Labs, is set to receive a staggering $10 billion injection. Quite the feast for the eyes, wouldn't you say?"
Host 2:"Goodness gracious! That's quite the princely sum to be walking away with, isn't it?"
Host 1:"Quite an interesting turn of events! It appears that crypto owners are displaying an unexpected inclination towards Trump in the upcoming U.S. elections. Quite the intriguing development, wouldn't you agree?"
Host 2:"Goodness me, what a surprising twist! But then again, in the world of crypto, unexpected turns are par for the course, wouldn't you agree?"
Host 1:"Absolutely spot on! Let's whisk ourselves away to El Salvador, where a staggering $400 million of Bitcoin is being transferred to a cold wallet, just as the market is heating up. Quite the intriguing confluence of events, wouldn't you say?"
Host 2:"Quite the high-stakes game of musical chairs with Bitcoin, isn't it?"
Host 1:"Marvelous wit, old chap! Now, for all you art enthusiasts out there, do take note that SuperRare is expanding its horizons into the realm of Bitcoin-based NFTs..."
Host 2:"Ah, so I can finally acquire digital Monets with my Bitcoins? How delightfully avant-garde!"
Host 1:"Indeed! It appears that Berachain, a rather dashing blockchain startup, has gracefully waltzed into the esteemed unicorn club with a rather nifty $69 million funding round. Quite the splendid achievement, wouldn't you say?"
Host 2:"Ah, unicorns, Bitcoins, and NFTs... it's as if we've stumbled into a crypto fairy tale, hasn't it, ladies and gentlemen?"
Host 1:"You've hit the nail on the head. So, dear listeners, prepare yourselves for an exhilarating journey through these captivating updates. Hold onto your hats, because we're about to plunge headfirst into all the latest developments. Stay tuned, you won't want to miss a single moment!"
Host 1:"Have you caught wind of the recent upheaval over at Binance, our esteemed crypto connoisseur?"
Host 2:"Ah, indeed, you're alluding to Binance's decision to release Binance Labs into the wild, aren't you? Yes, I did catch wind of that news."
Host 1:"Indeed! Binance Labs has now taken its own independent stride, with its personnel operating under distinct contracts from the exchange's staff. Quite the intriguing development, wouldn't you say?"
Host 2:"Quite so. One could liken it to a teenager venturing off to university, yet still returning to the family abode for the festive season, wouldn't you agree?"
Host 1:"Quite the astute observation! Binance Labs shall indeed persist in licensing the esteemed Binance brand, ensuring that the ties remain intact, albeit with a touch of independence. Quite the delicate dance, wouldn't you say?"
Host 2:"Absolutely. They've even made it crystal clear on their website that Binance Labs is an independent venture, distinct from the Binance Group and its operations. It's as if they're declaring, 'We've matured, but we're still very much a part of the clan.'"
Host 1:"And the resemblance is quite striking, wouldn't you say? Binance Labs is under the capable leadership of Yi He, who happens to be the co-founder of Binance alongside the exchange's former CEO, Changpeng Zhao."
Host 2:"And let's not overlook the fact that Binance Labs is far more than a mere spin-off. It serves as a venture capital investor and incubator for early-stage crypto startups. Since its establishment in 2018, it has provided funding for approximately 250 projects. One might even liken it to the fairy godmother of the crypto world, wouldn't you agree?"
Host 1:Absolutely! And they're overseeing a remarkable $10 billion in assets. Quite the substantial sum, wouldn't you say? It's like having a treasure trove of fairy dust at their disposal!
Host 2:Indeed, quite right. Binance is not the sole proprietor of a venture capital arm. One can observe similar setups at other crypto exchanges such as Coinbase, Kraken, and OKX. It appears to be quite the prevailing trend in the crypto realm, wouldn't you say?
Host 1:"Fascinating to witness the evolution of these entities, isn't it? And to our esteemed listeners, we shall endeavor to keep you apprised of all the latest developments in the crypto realm. So, do stay tuned and do not hesitate to share your esteemed thoughts with us!"
Host 1:"Are you keeping abreast of the latest tech trends? There's been quite the buzz about a recent survey suggesting that crypto ownership might be influencing political preferences. Have you caught wind of it?"
Host 2:Ah, the survey by Paradigm Capital, I presume? Indeed, I stumbled upon that piece of news. It's akin to an unexpected twist in a futuristic tale, wouldn't you say? They meticulously canvassed a thousand registered voters in the United States, and the findings were rather enlightening.
Host 1:"Indeed! It appears that the political landscape is experiencing quite the intriguing shift, with a significant portion of crypto owners expressing a preference for Trump in the upcoming elections. Nearly half of the surveyed crypto-owning individuals indicated their intention to cast their vote in his favor. It's akin to witnessing a new episode of 'Game of Thrones' unfold within the realm of crypto. Quite the captivating spectacle, wouldn't you say?"
Host 2:"Indeed, it's a fascinating juxtaposition, isn't it? The crypto owners seem to be tilting the scales in favor of Trump, with 39% showing a preference for Biden. However, when we shift our gaze to the non-crypto owners, the tables turn quite dramatically. Biden emerges as the choice for 44% of them, while Trump trails closely behind at 43%. It's akin to a seesaw, isn't it? Quite the intriguing political dance, one might say."
Host 1:"It's quite intriguing to observe how crypto has emerged as a significant influencer in election campaigns. Given its burgeoning popularity and the absence of a regulatory framework, it's hardly surprising that it's swaying voter preferences. It's akin to the untamed frontier out there, wouldn't you agree?"
Host 2:"Indeed, it's not just the surge in crypto's popularity, but the candidates' positions on it that are proving to be pivotal. Trump, for one, has exhibited a rather crypto-friendly disposition of late, a stark departure from his previous stance. It's almost as if he's had a change of heart, wouldn't you say?"
Host 1:"Indeed, he went so far as to affirm that his administration would refrain from clamping down on Bitcoin or other cryptocurrencies in the event of his re-election. Conversely, Biden appears to have adopted a more adversarial stance towards crypto. It's akin to a captivating tug of war between the two, wouldn't you say?"
Host 2:"Quite right. His administration has certainly ramped up its scrutiny of the digital asset market. He's gone so far as to incorporate crypto-related provisions into his annual budget proposal, proposing new or increased taxes for crypto trading and mining. It's almost as if he's attempting to rein in this untamed beast, isn't it?"
Host 1:"It's hardly surprising that crypto owners are leaning towards Trump. However, the margin isn't too significant at the moment, so it will be quite intriguing to observe how this unfolds. It's akin to watching a gripping suspense thriller, wouldn't you agree?"
Host 2:Absolutely. And it's not just the voters who should take an interest in this. Crypto firms are also sitting up and paying attention. Many have launched initiatives to shape digital asset policies, such as Coinbase's Stand With Crypto and the pro-crypto super PAC Fairshake. It's as if they're preparing for a showdown!
Host 1:"It's quite the captivating era to be immersed in the realm of cryptocurrency, wouldn't you say?"
Host 2:"It's quite enthralling to witness how it's shaping the political landscape. It's almost as if we're living in a futuristic novel, wouldn't you agree?"
Host 1:"Have you been keeping abreast of the latest tech trends? There's been quite the buzz about a recent survey suggesting that crypto ownership might be influencing political preferences. Have you caught wind of it?"
Host 2:Indeed, you're alluding to the Bitcoin saga, aren't you? President Nayib Bukele has made quite the noteworthy move by transferring a substantial portion of their Bitcoin holdings to a cold wallet.
Host 1:"Cold wallet? Sounds like a contraption straight out of a James Bond flick, doesn't it?"
Host 2:Ah, you're quite astute. A cold wallet serves as a secure means to stow away crypto assets offline, rendering them less vulnerable to cyber-attacks. One might liken it to a digital safe, wouldn't you say?
Host 1:"Quite intriguing. Pray, do enlighten us on the precise quantity of Bitcoin involved in this remarkable transfer?"
Host 2:"Indeed, El Salvador has securely stashed away approximately $400 million worth of Bitcoin in this digital safe. Quite the substantial sum, wouldn't you say?"
Host 1:"That's quite a substantial amount. And all this is unfolding as Bitcoin continues to scale new heights, isn't it?"
Host 2:Absolutely splendid. Bitcoin recently surged to a staggering peak of approximately $73,750 before encountering a modest downturn.
Host 1:"I've also heard that El Salvador has reaped a tidy profit from its Bitcoin investment, quite the shrewd move on their part, wouldn't you say?"
Host 2:"Indeed. It's been reported that El Salvador has reaped a handsome profit of approximately $85 million from its astute Bitcoin investment. Quite the shrewd move on their part, wouldn't you say?"
Host 1:"Quite the accomplishment. And all this achieved under the leadership of President Bukele, who secured re-election just last month, am I correct?"
Host 2:"Absolutely. Under Bukele's leadership, El Salvador made history by becoming the first country to embrace Bitcoin as a legal tender in September 2021. It's an unprecedented milestone at the intersection of cryptocurrency and politics, wouldn't you agree?"
Host 1:"Absolutely riveting. I daresay our esteemed listeners must be quite eager to witness the unfolding of this captivating Bitcoin saga."
Host 2:Indeed, it's an exhilarating moment in the realm of cryptocurrency. Keep your eyes peeled, ladies and gentlemen!
Host 1:"Have you heard about the latest buzz in the art world? Bitcoin's influence seems to be extending to the digital art scene as well. SuperRare, the NFT marketplace, has just made a groundbreaking announcement."
Host 2:"Oh, you're referring to their foray into the realm of the Bitcoin network? Indeed, I'm aware of that development. It's as if they've opted for a delightful departure from their customary single-chain operational framework. Previously, they exclusively facilitated transactions and NFTs on the Ethereum blockchain network."
Host 1:"Absolutely! SuperRare has teamed up with the Bitcoin Ordinals marketplace Gamma to introduce Ordinals collections to their platform. It's as if a whole new realm of digital art is unfurling before our very eyes. Just picture the prospect of owning a piece of art intricately linked to a Bitcoin! Quite the intriguing development, wouldn't you say?"
Host 2:"Indeed, it's not a haphazard decision. Zack Yanger, the senior vice president of SuperRare, eloquently expressed that their artist community exhibited a keen interest in this venture. He encountered numerous individuals immersed in the Ordinals space and witnessed substantial progress taking place. It's akin to the unearthing of a new celestial body within the digital art cosmos."
Host 1:"And let's not overlook the fact that Bitcoin boasts the largest blockchain and enjoys substantial liquidity. It's quite evident that Ordinals are poised for a promising future. One might even go so far as to say they've hit the jackpot!"
Host 2:Absolutely splendid. For those who may not be acquainted, Ordinals are digital assets intricately linked to a satoshi, which represents 1/100,000,000 of a complete Bitcoin. The ingenious Ordinals protocol, pioneered by programmer Casey Rodarmor in January 2023, enables developers to embed diverse data file formats onto the esteemed Bitcoin network. Quite the remarkable innovation, wouldn't you say?
Host 1:"And ever since then, it's been an absolute game-changer for Bitcoin-based NFTs. The inaugural Ordinals collection to grace SuperRare is 'No Brainers' by the renowned artist Killer Acid, celebrated for his captivating psychedelic themes. This remarkable collection is set to hit the market on April 11. So, my dear friends, do mark your calendars for April 11 and brace yourselves to embark on a fascinating journey into the realm of Bitcoin-based digital art."
Host 2:"Each piece in the No Brainers collection is truly one of a kind, much like the other collections in SuperRare's esteemed selection. It's set to be a delightful indulgence for aficionados of digital art. So, ladies and gentlemen, if you've ever harbored the desire to possess a piece of digital art as unique as your own persona, this is an opportunity not to be missed!"
Host 1:You know, when we consider the realm of unique digital art, it's akin to strolling through a virtual gallery, wouldn't you agree? This leads us to another significant development in the blockchain sphere. Have you caught wind of the recent funding round for the blockchain startup Berachain?
Host 2:"Ah, the one that recently secured a staggering $69 million in funding? Indeed, I'm familiar with that remarkable feat. Quite a noteworthy accomplishment for any startup, particularly one within the cryptocurrency realm, wouldn't you say?"
Host 1:"Indeed! And would you believe it? This funding round has propelled Berachain's valuation to an astounding $1.5 billion, elevating it to the esteemed status of a unicorn in the crypto realm. A term reserved for startups valued over a billion dollars, quite the remarkable achievement!"
Host 2:"Quite so! It's not merely a matter of finances. Berachain stands as one of the pioneering crypto ventures to attain unicorn status amid the ongoing crypto bull market. A period characterized by a general uptrend in cryptocurrency prices, wouldn't you agree?"
Host 1:"And they're not merely riding the wave, my dear friend. They are, in fact, creating waves of their own. Berachain is predominantly focused on decentralized finance, commonly known as DeFi, which empowers users to engage in trading, lending, and borrowing digital assets without the involvement of traditional intermediaries. It's truly a revolutionary approach to the world of finance, wouldn't you agree?"
Host 2:"And they're doing it with panache! The network boasts pseudonymous co-founders, such as Smokey The Bera and Dev Bear, all with a charming cartoon-bear motif. It's a delightful and distinctive approach to branding in the blockchain realm, wouldn't you say?"
Host 1:"Absolutely! They're not merely generating excitement; they're cultivating an entire ecosystem. The blockchain seamlessly integrates with Ethereum-based applications and features two native tokens, BERA and BGT, in addition to a dollar-pegged stablecoin, HONEY. It's a comprehensive approach to digital finance, wouldn't you say?"
Host 2:"And the most delightful part? The project hasn't even had its grand unveiling yet! Its trial version was made public in January of this year. It's a truly promising commencement for this groundbreaking project!"
Host 1:"Quite right! And let's not overlook the esteemed prior backers, including renowned VC firms such as Polychain Capital, Hack VC, and Robot Ventures. These are indeed some of the most eminent names in the world of venture capital, lending their support to this highly promising endeavor!"
Host 2:"Absolutely riveting! It's a captivating tale, isn't it? It just goes to show that in the realm of blockchain and crypto, the possibilities are truly boundless!"
Host 1:"Delving into the captivating realm of blockchain and crypto is always an exhilarating pursuit, isn't it? But would you believe it? The blockchain revolution isn't confined solely to the financial domain."
Host 2:"Pray, do enlighten us. I'm all attention, and I daresay our esteemed audience is as well!"
Host 1:"Did you hear the latest news from the Indian Railway Catering and Tourism Corporation, better known as IRCTC? They've just announced their plan to introduce train tickets as NFTs for their two new semi-high-speed trains. Quite an innovative move, wouldn't you say?"
Host 2:Certainly, here's the refined dialogue in smart and witty British English:

"Train tickets as NFTs? How intriguing! But what could be the rationale behind such a move? And for our esteemed listeners who may not be familiar, NFTs, or non-fungible tokens, represent a unique form of digital asset."
Host 1:"Quite the intriguing concept, isn't it? These NFT tickets are being hailed as digital souvenirs, a rather clever notion, I must say. The aim is to elevate the travel experience by granting passengers the ability to craft personalized NFTs. Not only does this add a touch of individuality, but it also serves as a deterrent against ticket forgery and misplacement. Quite a nifty solution, wouldn't you agree?"
Host 2:"Quite fascinating, isn't it? It's akin to possessing a unique, digital keepsake of your journey. And one could argue that it adds a layer of transparency and security to the ticketing process, wouldn't you say?"
Host 1:"Quite the intriguing development, isn't it? This endeavor is further enhanced by the involvement of a digitization platform known as NFTtrace. The IRCTC will uphold the record of train ticket purchases on the Hyperledger blockchain network and utilize smart contracts to oversee the traceability process. Quite a sophisticated approach, wouldn't you agree?"
Host 2:"Quite the intriguing limitation, isn't it? Only available for travels between Lucknow and New Delhi? One might wonder about the rationale behind such a specific scope. It certainly adds an element of exclusivity to the concept, wouldn't you say?"
Host 1:"Quite observant! Indeed, at present, travelers are only able to acquire these NFT tickets for journeys between these two Indian cities. The company asserts that this endeavor pays homage to Holi, a Hindu festival venerating colors, affection, and the arrival of spring."
Host 2:"That's a splendid touch, intertwining it with a cultural festival. It's quite intriguing to witness the utilization of blockchain in such a pragmatic and imaginative manner, wouldn't you say?"
Host 1:"Absolutely! It's a true testament to the remarkable versatility and transformative potential of blockchain technology. To put it into perspective, passengers book over 1.2 million tickets on the IRCTC every single day."
Host 2:"That's an abundance of potential NFTs! It shall be quite intriguing to witness how this unfolds. One might even speculate about the advent of NFT tickets for air travel in the near future! What say you, esteemed listeners? Would you fancy acquiring a digital memento from your upcoming voyage?"