BinanceBinance Smart ChainBusinessDeFiPaid Network

Binance Invests $100M in PAID Network Just Weeks After Hack

PAID Network has announced a $100 million investment from Binance’s DeFi Accelerator Fund. The sum comes just weeks after PAID was hacked for nearly the same amount. 
PAID Will Integrate With Binance Smart Chain
On Mar 5, an unknown hacker exploited PAID Network’s smart contract and minted over 59.4 million PAID tokens worth $166 million at the time.
Such an incident usually spells the end for a crypto project. It would appear, however, that Binance is still confident in PAID’s future. 
It is to be noted that PAID’s ties with Binance have existed for quite some time. The team began building on Binance Smart Chain (BSC), Binance’s EVM compatible blockchain, before the hack.
This means that despite the recent hack, PAID Network continues to enjoy support from the world’s largest crypto exchange. Also, several upcoming DeFi projects are preparing to launch on Ignition, the PAID’s fund-raising launchpad.
The project’s appeal is building a decentralized framework that eliminates complex and expensive legal agreements for crypto projects using smart contracts.
According to Chasse, over 20 projects have lined up to conduct their Initial DEX Offerings (IDOs), including Blind Boxes, an NFT project on the Binance Smart Chain. 
“Binance’s investment in PAID will enable us to streamline our development further, cut transaction costs, and accelerate the speed with which both PAID’s dApp and Ignition function,” Chasse said in a press release.
To mitigate the damage caused by the hack, PAID relaunched its token with a new contract to …
Story continues on Crypto Briefing

Related posts
BusinessGoldman Sachs

Goldman Sachs Plans Suite of Bitcoin Products for Q2

Mary Rich, Goldman Sachs’ head of digital assets of private wealth management division, told CNBC this morning that the bank plans to launch a “full-spectrum” of investments in Bitcoin and other digital assets. Goldman Follows Morgan Stanley into Bitcoin Goldman…
bitcoin developmentBrinkBusiness

Brink Awards Three Bitcoin Development Grants

Brink, a nonprofit focused on financial support and mentorship for Bitcoin developers, has announced three new grant recipients.Brink, a nonprofit designed to offer financial support and mentorship to Bitcoin developers, has announced the recipients of its first round of open-source…
BusinessGoldman Sachs

Goldman Plans Suite of Bitcoin Products for Q2

Mary Rich, Goldman’s head of digital assets of private wealth management division, told CNBC this morning that they plan to launch a “full-spectrum” of investments in bitcoin and other digital assets. Goldman Follows Morgan Stanley into Bitcoin The American investment…