● Binance CEO Richard Teng’s first blog: Driven by innovation, we will continue to bring value to over 160 million users
In his first blog post after taking over as Binance CEO, Richard Teng said, “I am honored and humbled to be joining Binance, a remarkable company founded by a visionary founder. Over the past six years, Binance has laid a solid foundation for its continued growth and success for decades to come.”
Richard Teng emphasized that the trust of more than 160 million users in Binance will be taken seriously.
Richard Teng said that users are always the focus of attention, and "user-focused" is deeply imprinted in Binance's DNA. Binance takes its responsibilities as a custodian seriously and provides 1:1 funding support for each user's assets. Users' assets are absolutely safe and worry-free. Whether it is the changing reserve proof system or the investor protection fund (SAFU) for emergencies, they are committed to ensuring peace of mind about the integrity of the platform.
Finally, Richard Teng is optimistic about the future of Web3. He said that he will firmly implement the promise of blockchain, such as promoting inclusive finance, reducing the transaction costs of cross-border remittances, and promoting innovation through decentralized applications. "To this end, I will firmly promote the growth and application of Web3 and continue to work hard to build an ecosystem that provides transformative financial technologies. I am very proud of the fact that I have promoted the establishment of an advanced digital asset regulatory system that is recognized as forward-looking worldwide. This experience has undoubtedly enabled me to understand the regulatory environment from a micro perspective, which is exactly what is needed to lead Binance to a new chapter in history."
● Binance CEO Richard Teng: Binance is undergoing a transformation from a technology startup to a traditional financial company
According to Fortune, Binance's new CEO Richard Teng recently gave an exclusive interview and elaborated on the challenges and future plans facing the company. Teng said in the interview that Binance, as a relatively young company with a six-year history, is undergoing a transformation from a technology startup to a traditional financial company.
Richard Teng mentioned that one of his goals is to assist the crypto industry in promoting the adoption of globally consistent rules, similar to the rules that have long existed in the banking industry. He emphasized that as a regulator, understanding the industry is the key to effective supervision, similar to the situation where bankers or bank regulators do not have bank accounts.
Regarding the future of Binance, Richard Teng said that the company will move to a more transparent corporate structure, including a board of directors, company address, and financial transparency. Although the company has been considered a borderless, low-law enterprise in the past, Richard Teng emphasized that the company is committed to transparency and said that it will share financial information. Richard Teng emphasized that Binance's ongoing reforms will be successful in the long run, allowing it to maintain its leading position in the growing crypto market. He is confident about the company's future and said that Binance will continue to adapt to the evolving role of the crypto industry and meet the trend of institutional capital influx.
● Net inflows of digital asset investment products reached US$346 million, a 9-week high
According to PANews, CoinShares weekly data showed that the net inflow of funds into digital asset investment products last week was US$346 million, the largest single-week inflow for 9 consecutive weeks. This is the largest round of increases since the bull market at the end of 2021, and the market expects a spot-based ETF to be launched in the United States. The total assets under management (AuM) has reached US$45.3 billion, the highest level in a year and a half.
Bitcoin inflows totaled $312 million last week, bringing year-to-date inflows to just over $1.5 billion. ETP volume as a percentage of total Bitcoin spot volume is 18%, showing continued growth in ETP usage. Ethereum saw $34 million inflows last week, bringing the 4-week inflows to $103 million, nearly correcting its outflow trend this year. Solana, Polkadot, and Chainlink saw total inflows of $3.5 million, $800,000, and $600,000, respectively.
● Canada and Germany account for 87% of cryptocurrency investment product inflows, while the United States continues to have low participation
According to Bloomberg, inflows into cryptocurrency investment products, such as trusts and exchange-traded products, reached $346 million last week, with Canada and Germany accounting for 87% of the total.
The U.S. contributed just $30 million, CoinShares’ report showed, indicating continued low participation from the country. Crypto markets have surged since early October as traditional asset managers such as BlackRock prepare for spot bitcoin ETFs, potentially drawing more investors into the asset. The U.S. Securities and Exchange Commission must approve any ETF application.
“The combination of higher prices and inflows has helped push total assets under management to $45.3 billion, the highest level in a year and a half,” the report said. Bitcoin products attracted $312 million last week, bringing inflows to more than $1.5 billion since the start of the year. Ethereum products saw inflows of $34 million last week, nearly offsetting all outflows through 2023.
● Vitalik Buterin: Ethereum attempts to realize the old libertarian dream of a market-based society
According to BlockBeats, Ethereum co-founder Vitalik Buterin said that Ethereum is trying to realize the old libertarian dream of a market-based society. In Ethereum, developers intentionally ensure that many parts of the stack are decentralized, such as ensuring that no single code base controls more than half of the proof-of-stake network, resisting the dominance of large stake pools, and improving geographical dispersion. The dominance of the Prysm client has dropped from more than 70% to less than 45%. In addition, blockchains and cryptocurrencies enable individuals to store funds and conduct financial transactions without relying on centralized actors. Technologies such as zero-knowledge proofs can be used for privacy protection, enabling users to prove things about themselves without revealing private information.
● Blockworks: Google Cloud participates in EigenLayer testnet
According to Blockworks, a spokesperson for EigenLabs, the developer behind EigenLayer, said that Google Cloud has joined the "Operator Working Group" of EigenLayer with more than 65 other operators and independent participants. EigenLayer is a re-mortgage protocol that allows Ethereum to be pledged on multiple platforms at the same time.
Google Cloud declined to comment on whether it plans to migrate to EigenLayer’s mainnet, or whether the protocol would be added to Google Cloud’s blockchain node engine.
EigenLabs could not confirm whether Google Cloud would remain as a node operator once the nodes go live on the mainnet. The spokesperson said they expect Google Cloud to continue to provide support as the testnet aims to prepare for the mainnet, which will be deployed in the first half of 2024.
● Terraform Labs denies involvement in Mint Cash
According to TechFlow, Terra said in a tweet that Terraform Labs is not involved in Mint Cash in any capacity.
