Genesis Block and Binance Collaboration

The Genesis Block and Binance collaboration is happening through Genesis Block’s subsidiary CoinHere. With the objective of making the cryptocurrency BNB more accessible. CoinHere is currently the largest Bitcoin and Cryptocurrency ATM operator in Asia. With over 30 ATMs in the region, we are proud to help bring BNB into the mainstream. 

BNB will now be more accessible than ever with locations scattered across Hong Kong and Taiwan able to sell BNB 24/7. The minimum buy in to use these ATMs is HK$500 (US$64.50). It has long been a pillar of Genesis Block to build up the Bitcoin and Cryptocurrency Community to provide a spring board for mass adoption. 

CoinHere is the largest Bitcoin and Cryptocurrency ATM operator in Asia. Binance is the largest exchange in the world (in trade volume). So, the collaboration between us is a natural fit. Both companies aspire to bring cryptos to the mainstream and encourage growth in the market. With the market showing bullish signals for some time, it has never been a better time to enter the cryptocurrency space and purchase BNB. Moreover, it’s never been an easier time to buy BNB.

GENESIS BLOCK AND COINHERE ATM SERVICE

The mission of Genesis Block and CoinHere is to fuel the mass adoption of digital assets in everyday lives. We provide ATM services to facilitate buying and selling digital assets quick and easy. We are also professionals in advising retail or online merchants to set up their POS solutions to accept crypto payment.

Bitcoin and Cryptocurrency ATMs are a great way for people to enter into the space. The barrier to entry is extremely low, and by and large most transactions happen via cash. This is particularly significant when taking into consideration the 1.7 billion underbanked and unbanked people in the world. This demographic of people would otherwise have no access to financial markets of any form. Furthermore, of those 1.7 billion people, most have cell phones and access to the internet. Therefore we believe Bitcoin and Cryptocurrency ATMs are a vessel for financial freedom. 

WHAT IS BNB?

BNB is the native asset on Binance Chain, a blockchain software system, Binance and the community are developing it. The BNB token has multiple forms of utility and powers the Binance Ecosystem as its underlying gas. With a $2.7 billion market cap, BNB is the eighth largest cryptocurrency and one of the best performing cryptocurrencies of 2018 and 2019.

Read more about BNB here

BINANCE DEX/BINANCE CHAIN

The Binance Chain is a community-driven blockchain software system with developers and contributors from around the world. Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain, recognized for setting a new cryptocurrency trading standard for fast and secure peer-to-peer trading. For more information on Binance DEX, visit: https://www.binance.org/.

The architecture of cross-chain communication is as in the above diagram. To accommodate the 2 heteroid systems, communication handling is different in each direction.

BEP2 COMPATIBLE

Our ATMs can deliver BNB and cryptocurrencies in BEP2 format. Binance quickly became one of the largest exchanges in the world. Since then BEP2 has become one of the defacto standards for cryptocurrencies. 

BEP2 means Binance Chain Evolution Proposal 2. BEP2 is a token management set of rules that has pre-defined criteria implemented to launch on chain assets on Binance’s Chain. Even Bitcoin benefits from the speed, transactional efficiency, and security of BEP2.

Binance Chain implements a combination of Delegated Proof-of-Stake and Practical Byzantine Fault Tolerance to determine who gets to mine each block on the Binance Chain. In conclusion, it’s the belief of many Blockchain Developers that this Tendermint consensus algorithm removes a lot of the derogatory points aimed at most Blockchain based methods for determining distributed states. 

Read more about BEP2 here at Binance Academy

FIND AN ATM NEAR YOU!

We have over 30 locations that are open 24/7 in Asia

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