Binance Airdrops $3 Million BNB to Moroccan users after Earthquake

Binance airdrops $3 million BNB to Moroccan users after earthquake

Binance, a cryptocurrency exchange, has announced that it will be providing BNB tokens worth $3 million to individuals residing in areas affected by the earthquake that occurred on September 8th in Morocco. Users who had already verified their address details prior to September 9th and can prove that they live in the Marrakesh-Safi province will receive $100 worth of BNB tokens each. 

On the other hand, users who complete the verification process after this date will receive $25 worth of BNB tokens. In a statement released on Monday, Binance mentioned that approximately 70,000 people are expected to benefit from this airdrop and funds will begin reaching users' accounts today. This earthquake is considered one of the deadliest earthquakes in Morocco's history with over 2,800 confirmed fatalities since more than six decades ago.

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Matrixport claims altcoins selloff incoming  

According to a report by Matrixport on Monday, FTX is expected to sell approximately $3.4 billion worth of cryptocurrency in order to provide fiat currency instead of tokens to its users. This decision is likely to have a negative impact on altcoins for the remainder of the year. FTX has announced its intention to sell $200 million worth of crypto assets per week, indicating that they will continue this process until the end of 2023, given their current financial situation as a bankrupt crypto exchange.

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Institutional investors no longer favor Ethereum 

In 2023, Ethereum has lost favor with institutions, resulting in the sale of a significant amount of the asset. As per CoinShares' recent analysis, the second-largest cryptocurrency experienced outflows amounting to $4.8 million in the previous week alone and has reached a total of $108 million in sales this year. James Butterfill, CoinShares' head of research, highlighted that these figures make Ethereum the most commonly sold digital asset among major entities.

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PayPal expanding its crypto services by launching off-ramp services

PayPal, the payments company based in Silicon Valley, is expanding its range of services related to cryptocurrencies as its digital asset portfolio continues to expand. Previously, PayPal introduced an "on ramp" service that allows customers to purchase cryptocurrencies. Now, they are launching an "off ramp" service that enables users to convert their digital currency into US dollars effortlessly.

In a statement, the company explained that with the addition of off ramps, users of crypto wallets in the United States will have the ability to directly convert their cryptocurrency into USD and have it deposited into their PayPal balance. This will provide them with the convenience of using their funds for shopping, sending money to others, saving for later use or transferring it directly to their bank account or debit card.

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Offchain Labs partners with Espresso Systems

Offchain Labs, a company specializing in Ethereum scaling solutions, has announced a partnership with Espresso Systems, a blockchain infrastructure firm. Together, they will be developing Timeboost, an innovative transaction ordering technology. Additionally, the teams will focus on integrating Timeboost and the Espresso Sequencer into the Arbitrum technology stack.

The Espresso Sequencer serves as a decentralized sequencing layer that allows layer 2s to have the option of utilizing its capabilities. According to Ben Fisch, co-founder and CEO of Espresso Systems as mentioned in Blockworks' report on this collaboration.

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Other breaking news

• The Cosmos V12 upgrade is coming Wednesday, Sept 13
• Bitget announces another $100 million fund
• Zodia Custody now available in Singapore
• Luno to pause trading for some UK customers
• Qredo integrates Circle’s USDC stablecoin

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Wrapping up

That’s all for today’s edition, folks. Today’s drop covered Offchain Labs entering into a partnership with Espresso Systems to develop an innovative transaction technology. PayPal adds on and off-ramping services for crypto, while Binance promises $3 million in BNB donations to Maroccan users affected by the earthquake. Ethereum is loosing its luster among institutional investors and Matrixport warns that altcoin selloff is iminent, thanks to fears of FTX asset liquidations. Stay tuned for more updates in our rapidly evolving space.