Binance's master plan to rule the crypto universe | Coinmine is looking to unleash crypto mining onto the masses
|Nov 14, 2018||Public post|
“Combating malicious actors is a collaborative effort. We maintain a firm stance against money laundering and suspicious activities, and hope to guide the crypto industry in taking [money laundering and potential funding of terrorism] seriously.” — Wei Zhou CFO Binance
The Big Block
In July 2017, Binance raised $15 million in an initial coin offering and within six months had become the largest cryptocurrency exchange in the world. The exchange, originally founded in China to serve the domestic market there, has now consistently been the largest by volume for nearly a year and boasts more than 10 million users across 180+ countries and regions. So how did everything happen so fast?
Critical to its growth, Binance has always been opportunistic with regulations — much like ridesharing giant Uber when it launched at the start of the decade. When the Chinese government cracked down on domestic cryptocurrency exchanges in September 2017, the three largest exchanges OKCoin, Huobi, and BTC China had to cease trading in China’s yuan and their executives were forbidden from leaving China and required to cooperate with the investigation. But Binance was virtually unaffected because it had never supported any buying or selling of cryptocurrency using fiat money. (The company did have to refund $6 million from ICOs that it hosted, a relative drop in the bucket.)
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Coinmine is looking to unleash crypto mining onto the masses
While mining plays a vital role in securing and decentralizing crypto networks, it is too often reserved for technologically proficient individuals and large businesses in the crypto ecosystem. Coinmine aims to change that.
The company is building a plug-and-play mining device, Coinmine One, enabling anyone to mine a host of cryptocurrencies from the comfort of their homes and or offices. The device “provides a new level of accessibility into an otherwise confusing activity, and makes crypto easy for everyone,” says CoinMine. The firm announced Wednesday a fundraising round of $2 million, including big investors like Coinbase, Arrington Capital, Brian Norgard, Anthony Pompliano, and Balaji Srinivasan. — More
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