Crypto Biz: A Spotlight on Binance, Galaxy Digital Swings to Profit and China’s Blockchain Push

Binance is the world's largest crypto exchange and it has been caught up in a swirl of negative news this month. The company is facing a lawsuit from U.S. authorities, creating a wave of fear, uncertainty, and doubt (FUD) surrounding its business future. Nonetheless, the exchange is staying strong and preparing to navigate the legal and regulatory issues in the coming weeks.

In other news this week, Galaxy Digital, the crypto-focused bank created by Mike Novogratz, recently reported its first quarterly profit since inception in 2018. The success is primarily attributed to the positive market performance of its cryptocurrency funds in Q4 2020.

Furthermore, China is continuing its push for blockchain adoption and integration. Recently, the Chinese central bank announced it will launch its own digital currency in 2021, and Beijing is working hard to create a blockchain-based digital service platform for government services.

Despite the U.S. lawsuit, Binance is continuing to develop new technologies, secure partnerships and expand its services around the world. This week, they announced the launch of their new peer-to-peer (P2P) lending platform and investment program in India.

It is clear that cryptocurrency and blockchain technology are here to stay, and the industry is continuing to break new ground and expand despite legal and regulatory hurdles. As the space evolves, the crypto biz is sure to be followed closely, so stay informed about the latest developments.

Summary

Binance is facing a U.S. lawsuit, but is continuing to break new ground and expand its services around the world. Meanwhile, Galaxy Digital reported its first quarterly profit since 2018 due to the positive market performance of its crypto funds in Q4 2020. China is also pushing for blockchain adoption, with the Chinese Central Bank announcing its own digital currency in 2021 and Beijing working to create a blockchain-based service platform.