Search result for “bitcoin” - Future.Travel

Daily Question Thread for /r/churningcanada - April 13, 2020

Welcome to /churningcanada. Use this thread to ask beginner questions about churning, credit scores and any other questions you might have about getting and redeeming points.
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EVEN MORE CHANNELS JUST ADDED 80 New Canadians Channels ( Including Super Sports & One Soccer ),SURELY WE CANT GET EVEN BIGGER,BUT BET WE CAN AND WILL - Major Update on Indian Section( 540 New ch's from different Areas ) - Added 140 New Pakistan Ch's ( VIP PK ) - Updated & Fixed Caribbean Section

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Revealed: How Bitcoin Is Taking Flight With Norwegian Air

Revealed: How Bitcoin Is Taking Flight With Norwegian Air
Article by Forbes: Martin Rivers
When Norwegian Air Shuttle launched budget flights to America in 2013, it forced the airline industry to look again at a market segment dismissed by many pundits as commercially fanciful: low-cost long-haul flying.
Six years on, it’s hard to say whether the gamble has paid off. The airline’s balance sheet is weaker than when it only served short-haul markets. Early competitors like WOW Air and Primera Air have collapsed. Yet Norwegian’s Boeing 787 Dreamliners still criss-cross the Atlantic daily – holding their own against a new breed of low-cost long-haul services run by Europe’s legacy carriers.
The decision by Norwegian’s founder, Bjørn Kjos, to relinquish financial and managerial control of the company has meanwhile put a younger generation of executives – including his son, Lars Ola Kjos – in charge of strategic planning.
And their opening gambit appears no less ambitious or transformative than the elder Kjos’s foray into long-haul operations.
A world away from the business of flight, Norwegian has invested in a cryptocurrency exchange, Norwegian Block Exchange (NBX), which is due to open its virtual doors next month. NBX will make cryptocurrency the most attractive payment channel for Norwegian’s flights – offering discounted fares and blockchain-encoded perks in a bid to hasten what management see as the inevitable decline of the old-world banking system.
More immediately, the airline believes this shift to digital currencies will cut costs and release it from the stranglehold of financial middlemen.
“Now that we have made the exchange, we see that it could be the heart of a complete new ecosystem,” Stig Aleksander Kjos-Mathisen, NBX’s managing director and the son-in-law of Bjørn Kjos, told me in an interview at Norwegian’s headquarters in Oslo.
NBX will launch as a standalone marketplace in September, enabling users to exchange fiat currencies (initially NOK, followed by SEK, DKK, EUR and USD) for digital ones (initially Bitcoin, Ethereum and US Dollar Coin, a USD-pegged stablecoin). Its creation might not have been necessary if a reputable trading platform already existed in Scandinavia, Kjos-Mathisen said, but by building it from scratch the airline has gained “at least a left hand on the steering wheel” of its cryptocurrency future.
New financial horizons
“We can set the standards ourselves now,” he explained. “We can decide the threshold for security, for KYC [Know Your Customer identity checks].
“This positions Norwegian to … be a leader on the technology that is chosen [by the industry]. Also, by owning NBX, we can easily integrate [it with Norwegian’s sales channels] so that the transition between the fiat world and the virtual world is frictionless for us.”
By the fourth quarter of this year, merchant solution NBXPay will allow customers to buy flight tickets directly with cryptocurrency. Norwegian will either convert the funds to NOK instantly – minimizing its exposure to cryptocurrency volatility – or it will maintain a USDC balance sheet as working capital. Its stablecoin reserves could then be used for B2B transactions with suppliers that follow its lead into the sphere.
“We have discussed with partners if they are willing to look into accepting US Dollar Coin as a way to pay instead of using traditional settlements,” Kjos-Mathisen said, adding that “positive” responses have been received from several “big” suppliers.

Norwegian’s liquidity has been hampered by credit card acquirers.
Side-lining payment processing companies and financial clearing houses in this way has obvious advantages for Norwegian.
Airlines typically pay transaction fees of between 1.5% and 2.5% on bookings placed with a credit card. Intermediary acquiring banks then hold back a percentage of revenue to cover the risk of chargeback claims arising from insolvencies. In Norwegian’s case, the amount held back has risen steadily due to concerns about the airline’s financial health – forcing it to issue interest-paying bonds to cover the shortfall.
“Why should we wait for our revenues, and then have the credit card acquirers and the credit card companies make a lot of interest just sitting on that money,” asked Lasse Sandaker-Nielsen, Norwegian’s head of communications. “That’s why the airline is really interested in this: because it will give us the opportunity to get the liquidity immediately.”
Norwegian is not alone in developing blockchain solutions for the aviation industry.
Last month, Russia’s S7 Airlines processed more than $1 million worth of payments through a private blockchain being developed with Alfa-Bank. It said the technology speeds up transactions and removes the need for third-party guarantees. Ticketing facilitator ARC has invested in another blockchain, Blockskye, that promises to “increase efficiency, transparency and security” across the multi-party airfare distribution chain.
Looking beyond payment settlements, IATA, the airline industry’s main trade group, has identified numerous areas ripe for blockchain innovation. It said the technology’s core strength – immutable data records that provide a single source of trust – has far-reaching implications for tracking of baggage, cargo and spare parts, as well as passenger and crew identity verification.
Other sub-sectors such as aircraft financing and maintenance also stand to benefit from blockchain-powered predictive analytics.
Yet even as interest across the industry grows, the number of passengers actually willing or able to pay in cryptocurrency remains low. Less than one third of one per cent of the global population is currently believed to own bitcoin.
That makes incentivizing the payment channel a top priority for Norwegian and NBX.
“At some point, when the technology matures, you’ll be using [blockchain] and you won’t really notice that you’re using it,” Kjos-Mathisen said. “But right now, in the beginning, you will definitely be aware … So you need to incentivize people in the beginning. And then they will start using it because they see it’s convenient.”
Pay less with bitcoin
Passing on savings to customers who pay with cryptocurrency is the most obvious way of building traction. “You can sell the ticket for less and still earn more,” he insisted.
Smart contracts that enhance the travel experience will also be marketed heavily. Kjos-Mathisen cited AXA’s flight delay and cancelation insurance product Fizzy as one “very smooth” solution that can influence buying behavior. Fizzy cuts the time it takes to receive payouts by using a smart contract that plugs into global air traffic databases and automatically approves claims.

Bitcoin’s abstract nature is an obstacle to mainstream adoption.
“You put the equivalent of €5 from your wallet into the smart contract. The insurer, AXA in this case, puts in let’s say €40. And then it’s written [in code] that if the flight is cancelled, the €45 pot will go to you,” he explained. “When you land, you will have the funds in your wallet … The beauty of this is when you have tokens like US Dollar Coin on the Ethereum blockchain, you can actually get [payouts] denominated in dollars. That makes it graspable for most travelers.”
Norwegian may also offer people paying in cryptocurrency a higher earning rate for CashPoints, its frequent flyer program. The reward scheme is already being integrated with NBX through a ‘Trade and Fly’ promotion that refunds 10% of trading fees on the exchange to customers’ CashPoints accounts.
In all cases, the aim is to bridge the gap between Norwegian’s real-world flight network and NBX’s virtual-world financial services.
“NBX is going to be global, so one of the strategies is basically to follow in the footsteps of the airline,” Kjos-Mathisen concluded. “The airline is big in Europe – especially in Scandinavia – but it’s starting to become quite big also in the US. It has a presence in South America, and obviously Asia. So we will try to on-board customers wherever the airline is, because those are the ones that could be incentivized with CashPoints.”
While NBX will not be seeking a formal banking license, it also “definitely” plans to roll out interest-bearing wallets – tapping into the growing popularity of decentralized finance services that use smart contracts to issue crowdfunded loans.
What does 73-year-old Bjørn Kjos make of his airline’s leap into the cryptocurrency world?
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Cryptocurrency and Blockchain – Industry News – (06.21.19 – 06.28.19)

Total Market Cap, as of 06.28.19 at 12:00pm (PST): $338,763,908,761 (+11.29%)

Missed last week’s update? Click here


• On June 26th, 2019 at 20:45 UTC, Coinbase was hit with an outage amidst high volatility. The platform was rendered inaccessible on mobile and desktop browsers until 9:17 UTC where it was back to being operational. During this time, the price of Bitcoin experienced a downturn and users could not have access to there funds store in Coinbase wallets.


Huobi Global aims to expand operations to service Turkish users. By the end of 2019, the exchange plans to offer a crypto-to-fiat onramp, localized products and dedicated customer service.
Bitfinex launches margin derivatives trading for cryptocurrencies. Qualified Bitfinex account holders will be able to trade a new hedging product through a derivatives wallet, utilizing USDt-based collateral and up to 100x leverage.
• Indian based crypto exchange Koinex ceases operations over regulatory challenges. The exchange plans to refund frozen deposits to bank accounts over the next 5 weeks. Users are asked to empty their cryptocurrency wallets by July 15th, 2019.
• Irish cryptocurrency exchange Bitsane suspected of an exit scam worth millions in euros. The platform went offline on June 17, 2019 and its Twitter and Facebook accounts have since been deleted.
• Singaporean exchange Bitrue gets hacked, losing 9.3 million Ripple (XRP) and 2.5 million Cardano (ADA) extracted from its hot wallets.


• The CFTC has approved bitcoin derivatives provider LedgerX to offer physically settled bitcoin futures contracts. On June 25th, 2019 LedgerX received a designated contract market licence DCM) which allows them to offer the new futures contracts.
• The Europol arrested six individuals arrested over a “typo squatting” scam where a well-known cryptocurrency exchange (unnamed) was cloned in order to attain access to unsuspecting victim’s cryptocurrency wallets.
• The government of Iran puts pressure on power grids and forcing officials to cut off supplies to cryptocurrency mining farms. The Iran Power Ministry is considering enforcing a tariff on miners and over 1,000 bitcoin miners have already been seized from two mining farms.


Opera releases “Opera Touch”, a browser with a built-in crypto wallet. This lets user interact seamlessly with dApps built on the Ethereum blockchain and supports all ERC-20 tokens, stablecoins and non-fungible tokens (NFTs).
Overstock’s tZero launches a digital wallet and exchange app for cryptocurrencies on IOS. The new app, dubbed “tZero Crypto” claims to be hack-resistant for trading and storing cryptocurrencies. Initially, the application will support Bitcoin (BTC) and Ethereum (ETH).


Apex Crypto – a subsidiary of Apex Clearing, a SEC-registered financial clearing and execution company have launched a trading platform for broker-dealers and financial advisors. The platform will support trading for Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC). PEOPLE
• Cryptocurrency exchange Gemini hires five former employees of Coinbase whom was working on an individual focused cryptocurrency trading solution which has since shut down as of April 2019. The new hires will be focused on the exchange’s professional trading platform and custody solution.


@hodlonaut – “New Bitcoin hashrate ATH yesterday. The network is now secured by more than 57 quintillion sha256 hashes every second. The magnitude of this is hard to grasp. Never before has wealth been stored with such security. This drives BTC price. Which drives hashrate. Bitcoin won.” 🚀
@TimDraper – “Would you switch airlines to get rewarded in bitcoin rather than airline miles?”
@ErikVoorhees – “Keep buying bitcoin until CNBC says to buy it.”
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CheapAir: A Letter to its Customers

A Letter to Our Bitcoin Customers Dear Traveler, Since 2013, has been accepting Bitcoin as a payment option for flight and hotel bookings and we hope to continue to do so well into the future. During this time, it has been a thrill to meet so many extremely smart, incredibly passionate members of the Bitcoin community and we appreciate to no end the support and loyalty that the group has shown us.
However, today we face some challenges and we’re asking for your help in finding solutions. We were recently informed by our processing partner, Coinbase, that they will no longer support “custodial” solutions for merchants, and are removing a number of the tools and features that we rely on to accept Bitcoin from shoppers. These changes are scheduled to occur in a matter of weeks.
Rather than dwell on this, we are taking this as an opportunity to deliver to you an even better solution with even more digital payment options. In the coming weeks, we hope to:
Begin accepting additional digital currencies like Bitcoin Cash, Dash, and Litecoin. We have already begun testing these. Establish a dedicated customer service phone line and email inbox staffed with advisors who have a deeper understanding of digital currencies and how they work. Admittedly, that’s been a challenge with our call center team (my fault, not theirs) and I know this has led to some frustration. Automate some processes that have been semi-manual, so we can issue refunds more quickly, or generate/re-generate a BTC invoice for a booking made over the phone or by email. To go where we want, however, we need a reliable processing partner. The reality is, as much as we love Bitcoin, our travel supplier partners (airlines and hotels) just aren’t there yet. Because we have to immediately transfer to them most of what you pay to us, we have no choice but to convert BTC to fiat as payments come in. Coinbase has been providing that service for us, but at the end of the month they are getting out of that business, leaving us scrambling for an alternative.
Our intention at this point is to use BitPay as a processor. We have had a great experience with them so far and our integration is largely complete. But our one giant concern is that Bitpay does not support “non-payment protocol wallets” (wallets that aren’t BIP-70 compliant). So if you do not have a compatible wallet, you would have to get one and use it as an intermediate stage for your Bitcoin payment.
We understand what Bitpay is trying to accomplish. The issues they are trying to address–delayed or incorrect payments–are real and were especially rampant back in December and January when transaction volumes spiked. On the other hand, I am not keen on the idea of asking our customers to, in many cases, do more work or change wallets just to be able to transact with us.
This is where we’d love your input. Do you buy from other Bitpay merchants? Do you find the BIP-70 wallet requirement to be reasonable or too onerous? Candidly, would this make you more or less likely to do business with us?
Please feel free to reach out with thoughts or suggestions by commenting on our blog, tweeting @CheapAir, or emailing me directly at [email protected].
Thank you again for your continued support,
Jeff Klee Founder and CEO
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Buying in China and selling in USA. The New American Dream | My Story

Hi entrepreneur I've followed this sub for quite a while, I enjoy the (rare) good posts, and I'd like to tell my story and hope you takeaway some useful knowledge. I was a 2009 college graduate, so I didn't even have a chance to join the workforce in any meaningful way. Entrepreneurship is just natural to me and I hope I can sustain it over a lifetime
My entrepreneur journey began selling football tickets during college at U of Florida. Imagine an 18-year old white kid standing next to the veteran scalpers and hawking tickets. It was the best experience I could imagine. I think of it as rejection therapy Learning to not be afraid of a 'no' is a very important part of being an entrepreneur. After college, I started buying and selling tickets online using TicketMaster and Stubhub. Selling tickets could be its own thread, it's such an interesting space. There are fortunes being made buying tickets to in-demand events online. It's just rather tedious (imagine entering 50,000 captcha phrases a year) Also, scalping tickets online doesn't provide 'value' to anyone. I read the domain parking thread today and it makes me proud to be making money by delivering value, not withholding it for profit.
I grew tired of tickets and decided to visit a friend in China. I stayed for 6 weeks and bought some watches to bring back for gifts. One watch was especially cool and people asked about it everywhere I went. I got back in touch with my friend in China (who was just teaching English at the time) and he traced it back to a supplier. I thought I needed an investopartner so I contacted the only rich guy I knew and he gave me $4,000 to be my 50/50 partner. I ordered 800 watches for $3 each, and paid some guy $3,000 to make me a website.
I scrapped that site in less than a month and built my own on Shopify. If you can operate your facebook page, you can setup a Shopify account, it's stupid easy. I set the price at $65.
It gives you so many advantages. Better customers, less returns, room for wholesale/distributors, and a higher perceived value. Anyway, I created a fun brand around this. We did fun photoshoots, ran contests in the community (facebook ads were really cheap back then), and we really gained some customers. In a stroke of good luck, I got in touch with a Groupon rep and they agreed to run a deal for my watches. I was one of the first products to run on Groupon. (Remember, Groupon was mainly for services like spas and meals at the time) This went well initially, and they slated me for a Black Friday national deal. They sold 7,000 of my 'deals' in 3 days. Turns out my supplier back in China was just a trade company, and he couldn't pull off a deal of my size on his 'credit' He almost completely screwed up the whole deal, and it was literally one of the lowest points of my life. In the end, I fulfilled about 70% of the orders successfully, and the other 30% basically told me I ruined their Christmas and got refunds. Funny thing was, Groupon still paid me out the entire amount even though there were almost 2,000 really upset customers (an omen that Groupon did not have their house in order and had their own crash coming) This company was called TIKKR by the way. The site is still up but I'm not really in business anymore. I might try to revive it someday. But I could see the writing on the wall. There were at least 50 companies I knew of that sold the exact same watch, including Walgreens which sold it without a brand name for $4.99. I dropped my price and got what I could out of it, but I needed a new idea. Also I had returns and warranties like mad and it cost me a ton of cash, the watches were just cheap...
I honestly don't remember how it came about, but I became aware of bamboo sunglasses being a thing. I was approached by my China friends to start something together. We were hanging out in Chicago that summer (2012 I think) which happened to be Groupon headquarters. I had a friend who worked there, and he got me access to their sales floor so I just kind of hung around and bothered people until I found the girl who sold fashion accessories.
Lesson 3 To get that big break, sometimes you just have to hang around until something happens to you. Not sure if that really qualifies as a legit 'lesson' but whatever.
I got her to agree to run us on a national scale. She told us to prepare 10,000 units for sale. I don't know how, but we got $180,000 together between 3 partners . The China guys, the Groupon insider, and me. (Actually I do know how, I used my TIKKR money with a big boost from Bank of Mom. Hi mom!) The China guys handled production, I handled branding, marketing, and everything else and the Groupon guy was the Groupon guy. I came up with Woodies (and I even bought for $4,000 from some Canadian dude who was selling hockey stick chairs) The idea came from the old Woodie station wagons where the frame was made from wood. I rented a few cars for the photoshoots I was obsessed with Ashley Sky at the time and I had the crazy idea to hire her for a photoshoot. I contacted her people and to my amazement, she was only like $600 for a day and she had 100k instagram followers! I figured we would make that money back with one post from her. The Groupon sale went live and we sold like 4,000 instead of 10,000.
Lesson 4 Be optimistic in general, but be realistic when it comes to forecasts.
I can't remember how many times I had a deal setup where I was like, yea I'm going to pay off all my student loans with this deal. It was usually mildly successful, but after all the bills were paid off, I wasn't as far ahead as I thought I would be. It reminds me of the Old Man and the Sea. You land this HUGE deal, but by the time you drag it to shore, a bunch of little things have brought it back to size. Overhead, customer service time, returns/warranties, new orders, customs fees, shipping really add up. So with that 'poor' sales showing, the China guys ran into their own cash-flow problems. Groupon guy and I were forced to buy them out basically. But we had a real business with real customers and we were rolling. We now had $140,000 capital base after paying off the China guys, not enough for a big order, so I noticed Kickstarter was really blowing up, and thought I could bridge our cash-flow with a blockbuster kickstarter campaign. This is where things get pretty interesting. I got it in my head I wanted to hire Kendall Jenner for this campaign. Somehow I tracked down her modeling agency and eventually her direct manager. They quoted me $100,000 for the day. I created a Pinterest board and sent it to her and asked if she would do it for $25,000 plus a bunch of incentives and they said YES! I was completely thrown off and not sure what to do. I ran some projections and thought that I could make up most of that money if we raised a lot of kickstarter money. I hired Ashley Sky, Damaris Aguiar, Kendall Jenner, Aygemang Clay, Lyall Aston photographed it, Sagette Van Embden videoed it, Lina Palacios styled it, Mary Guthrie was hair and makeup. It was a giant production. I couldn't believe it. I flew everyone out to Malibu, CA using Southwest Airlines buddy passes! Imagine Ashley Sky and Damaris Aguiar (so hot) standing at the Southwest ticket counter like wtf is standby? I'm over here sweating bullets hoping we don't get stuck in New Orleans and I look like a fraud. Actually I fought those type of feelings a lot during this period.
Lesson 5 Don't ever put yourself down.
Entrepreneurship is a crazy, improvisational dance. Sometimes I would look around at my competition and think they had it figured out, they were following a plan, they were 'professionals' and I was just doing my best to pretend. That's BS, we're ALL making it up as we go! Don't put this process on a pedestal, fake it til you make it! Anywho, I rent out a Malibu HQ using Airbnb and rented a van for the day. I still can't help but laughing when I remember this scene: I'm driving a large van with Kendall Jenner, Ashley Sky, Damaris Aguiar, and some bros, in the mountains of Malibu, I'm driving kind of fast around the curves because we're late for the call time I set for us. I'm wearing a captain's hat because that was my thing during that time. and Kendall's manager scolded me for taking the turns too fast. Fun times
Here is how the campaign turned out
So, I got Kendall to agree to Instagram/tweet/facebook the kickstarter campaign, but what I didn't realize is kickstarter is not mainstream and it just didn't convert. I raised like $30,000 in revenue against a cost of like $70,000. I can't say whether I would do it again given hindsight. It has led to great brand recognition because Kendall has kind of blew up and become a mega celebrity. AND her management let me write that contract so I have rights to those photos forever. One tweet by her got me close to 20,000 email subscribers which has been a stream of income ever since. (Shoutout Mailchimp!) *Monkeyrewards fyi Since then, I've been trying to come up with new designs, build on the brand, and leverage the list that came from Kendall Jenner's gravity to make sales. It's pretty seasonal, coming mostly during the summer and Christmas season. I have some big plans for 2015, but I have to keep them quiet for the time being, maybe there will be a follow-up post this next year
All that was a year ago and Woodies has had some good times and some slow times. I got into wood watches which have been really good sellers. I started selling on Amazon *affiliate, which has been a great boost to the bottom line.
Keep in mind that during this whole time I barely took a paycheck, and moved back in with mom in Tulsa, OK during a dry spell. I don't spend a lot of money, I have zero savings (except for a few Bitcoins) I actually travel most of the year, I'm in Thailand right now writing this to you. So to summarize, I've been an entrepreneur for a long time, and my success is best characterized by a few BIG wins, and mostly small, gradual losses. In between, my life has been great, I get to travel, work remotely, perform autonomous, creative work, do photoshoots with hot models, and learn a lot about myself and the world around me. I wouldn't trade it back and I'm optimistic about he future
Tech that makes all this possible:
Shipwire & Amazon FBA (Amazon FBA > Shipwire if you're wondering)
All Google Products: Gmail, Google Drive, Google Forms, Analytics
Xero for accounting
Shopify for e-commerce
[Fiverr]( to boost online reviews
Alibaba for finding suppliers. Once you find them, visit them, and invest in a relationship with them
Mailchimp for Email marketing (the best thing going in my opinion)
Flexport for freight forwarding, definitely changing the game
Other takeaways:
Wholesale business and international shipping are both great if you like to waste huge amounts of time chasing small amounts of money. Stick to domestic until you're really big-time.
Never commit to big upfront costs. Always start small and test
Have a solid accounting system and data management system. It'll come in handy when you need it
I've got to shout out my friend and one-time employee Joanna (she just started OnceBitten ) I was rarely as productive as when I had someone else keeping me accountable and adding great ideas and hard work to the process. I guess the lesson is if you're going to hire somebody, make sure they're really, really good and pay them well
Things I haven't quite solved yet:
Customer Service management (I hate answering emails for real)
CRM like Salesforce or something (is this necessary guys?)
I could go on, but I think this is enough. If you're still reading this, I'll answer questions if anyone wants to ask about business in China, solo-travel, branding, ecommerce, etc I'm not an expert in many things, but I know a little bit about a lot
See you at the Beach!
Cory Stout, Owner Woodies
A couple shout-outs: My other entrepreneur homies doing big things! RevelryDresses(group orders of sorority dresses)
OtisandEleanor(bluetooth speakers from bamboo)
OriginalGrain(wood watches, prob better than mine :) )
edit: Just want to say I'm enjoying hearing from you all. I'm doing solo travel right now, so it's nice to connect with other entrepreneurs out there
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Binance’s Crypto Winter Strategy: Build and Beef Up Partnerships

Binance’s Crypto Winter Strategy: Build and Beef Up Partnerships
Binance is entering into a new stage of well-grounded development and accelerated emergence in cryptoland.
Malta-based cryptocurrency exchange Binance has an ambitious mandate for its 400 employees in 2019: leverage industry partnerships to diversify the brand beyond its primary trading platform.
Trust Wallet, which Binance acquired last summer, recently joined the Foundation for Interwallet Operability (FIO), CoinDesk has learned. The coalition includes the exchange ShapeShift, and wallet startups BRD and MyCrypto, among many others. Guided by the foundation’s instigator, a Denver-based startup called Dapix, the coalition plans to build a protocol to standardize crypto wallet addresses across currencies and platforms.
Boosters say this protocol could eventually introduce new features to the broader fintech ecosystem, such as giving e-commerce platforms the ability to refund crypto purchases directly to a personal wallet and users the ability to send payment requests using someone’s email, comparable to apps like Venmo.
“The wallets and exchanges will be able to participate significantly in [FIO] block production,” FIO founder David Gold told CoinDesk. Since the protocol has a native token for processing fees, scheduled for beta testing later this year, Gold says the value proposition for participating exchanges is clear: “They get income from being a block-producing node on the network.”
Binance chief growth officer Ted Lin said that revenue has slowed during the market downturn, but the exchange is still profitable and doesn’t currently plan to shore up a venture capital “war chest” the way Coinbase, its Silicon Valley competitor, did with a $300 million fundraise last October.
Although it would probably take years for FIO to potentially offer Binance a significant revenue stream, Lin said the exchange’s bear market strategy is to focus on projects with long-term payoffs.
“It will ultimately come down to impact,” Lin said, describing how Binance prioritizes partnerships. “What else can we do to remove the roadblocks?”
All of this wallet infrastructure is leading up to the launch of Binance’s decentralized exchange, or DEX, later this year. Trust Wallet will be the first mobile crypto wallet to support integration with the DEX and the updated token.
Stepping back, Binance’s initial coin offering (ICO) asset BNB, which gave the startup its initial $15 million funding in 2017, is currently ethereum-based until Binance’s unique blockchain also launches later this year. Lin said pushing broader BNB adoption is another way to complement the upcoming DEX.
“If the technology requires five years of the entire ecosystem working together to create a better alternative, then we better start now,” Lin said.

Wallet usability

In the meantime, standardizing addresses and messaging software should reduce the risk of human errors while sending and receiving crypto.
This was particularly appealing to Binance because one of its growth strategies is extending its reach among the crypto-curious with fewer technical skills. That’s why the exchange also launched the educational portal Binance Academy in December 2018, with hundreds of introductory videos and articles translated by volunteers into 15 languages.
Gold said Binance has one of the biggest global user bases, over 10 million exchange accounts and 150,000 Trust Wallet downloads, a