SafeMoon burst on to the cryptocurrency market place earlier this year – and now the digital coin is seeing further gains.
Binance relocated from China to Japan and Taiwan, then eventually Malta. Eventually, founder Zhao—often referred to by insiders simply as CZ—declared that Binance had no headquarters, in the same sense that bitcoin has no headquarters.
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But what is SafeMoon and why has it garnered such an interest? And is it something you should look out for?
In May 2021, at the Ethereal Virtual Summit, CZ reiterated his stance that Binance has no central headquarters when he said the following:
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Binance US names Ant exec Shroder president 10 September 2021 The US arm of Binance has appointed former Ant Group and Uber executive Brian Shroder president, replacing Brian Brooks who quit suddenly in August after just four months in the job.
CRYPTOCURRENCIES are a form of payment that can be exchanged for goods and services.
Bitcoin plunged to as low as $8,200 on Binances U.S. exchange from around $65,000.
4JNET will introduce a decreasing service charge mechanism to stabilize prices. To be specific, 90% of initial transaction amounts will be used as the service charge, 6% to be distributed to all token holders through tokens, and the remaining part to be automatically transferred into the liquidity pool.
After that, five percent of the tax is then allocated to people who still own SafeMoon currency. This is to prevent the price from dropping as people start selling the token.
Although CZ is the leader of Binance, he is not in charge of running Binance.US. In fact, in April 2021, Binance.US announced that it hired Brian Brook as its CEO. Brian Brooks is a former Coinbase executive who also served as Donald Trump’s Acting Comptroller of the Currency.
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The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology that Powers Them (Cryptography, Crypto Trading, Digital Assets, NFT)
Unlike traditional currencies, cryptocurrencies exist only as a shared digital record of ownership, stored on a blockchain. When a user wants to send cryptocurrency units to another user, they send it to that user’s digital wallet. The transaction isn’t considered final until it has been verified and added to the blockchain through a process called mining. This is also how new cryptocurrency tokens are usually created.
It came after the electric car company bought $1.5b (£1.06b) of Bitcoin shares, which in turn sent the market price of both the crypto and Tesla soaring.