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Binance DEX to List First Blockchain-As-A-Service (BaaS) Token Morpheus Labs (MITx)

Reading Time: 2 minutes by Edoardo Vecchio on August 29, 2019 Altcoins

The first Blockchain-as-a-Service (BaaS) token MITx, made by Singapore-based company Morpheus Labs, will soon be listed on Binance DEX according to an official announcement released on August 28, 2019.

The New BaaS

Morpheus Labs, a Singapore-based blockchain company that provides Blockchain-as-a-Service (BaaS) solution to enterprises for easy prototyping, deployment, and integration, is soon launching on Binance DEX. The Morpheus token MITx will be utilized in the primary form of payment method to subscribe to the platform.

The MITx token will be listed in pair with Binance native token BNB starting from September 2, 2019, at 8.00 PM (MGT+8).

According to the official statement published on the company’s Medium, Morpheus Labs is undertaking a community-driven approach in order to provide stakeholders with significant information and hopes it will become a market standard for future listing projects.

The main objective of the company is to build a comprehensive and inclusive BaaS and App Marketplace that enables organizations and developers to rapidly design, develop, deploy, and operate distributed applications at a fraction of the current cost and time.

The official announcement also contains a guide for using the company’s Bridge, a service that allows users to swap MITx ERC20 tokens for MITx BEP2 tokens, Binance chain native tokens.

Users will only have to access Morpheus Labs Bridge and provide their BNB address. Once MITx ERC-20 tokens are successfully deposited in the address generated by the bridge, tokens will be swapped for MITx BEP2 tokens almost instantly.

The Rise of Binance DEX

Binance DEX was announced to the community back on April 18, 2019. At the time, they explained that validators of the Binance Chain blockchain would begin creating the native BNB token (BEP-2).

The first five millio

New York Supreme Court Dismisses Bitfinex Petition

Earlier this month, Bitfinex filed a petition with the New York Supreme Court claiming that the New York State Attorney General (NYAG) was wrongly investigating Bitfinex as New York lacks the jurisdiction to do so. This argument was based on the fact that Bitfinex claims they have never catered to customers in the state. The court was quick to overrule this and dismissed this petition, allowing the NYAG to continue the investigation, August 19, 2019.

Bitfinex Inquiry Continues

Since the petition on jurisdictional grounds has been dismissed, Bitfinex will now be looking to solidify their case with evidence, testimony, and extensive documentation.

Bitfinex claimed they never served New York residents and have actually enforced a geo-block for the state of New York. The state requires companies operating in the cryptocurrency space to gain approval from the State Department of Financial Services and obtain a BitLicense.

Bitfinex’s lawyers claim that even if the state can prove they served customers in New York, they cannot establish whether the customers were harmed by the exchange. In reality, this doesn’t matter, as if the NYAG can prove they conducted business with customers in the state, they will be fully backed by the Supreme Court to investigate the company.

Business Hardly Affected

After the news of the investigation was first announced in April 2019, it was feared that litigation of this sort could pull the market down – especially considering the market had a short term spiral to the downside when it was announced.

However, the market has recovered big time since then, surging almost 150 percent to a range high of $13,900. Bitfinex’s exchange business hasn’t suffered either, as earlier speculated by market observers.

The exchange boasts a total volume of just over $120 million with 54 percent of it coming from their BTC/USD pair.

Tether (USDT) has also seen no major backlash or long term sentiment

Cardano (ADA) Foundation Inks Partnership Deal with Konfidio Ventures

The Cardano Foundation, an organization responsible for driving adoption of Cardano (ADA), has joined forces with Konfidio, a Berlin-based blockchain venture studio, to promote the adoption of distributed ledger technology (DLT) by governments, large corporations and startups alike, according to a press release on August 15, 2019.

Cardano Fostering Blockchain Adoption

In a bid to create and unlock value that would boost Cardano (ADA) adoption and make it easier for Germany-based corporations, startups, and even government parastatals to integrate blockchain technology into their processes, the Cardano Foundation has partnered with Konfidio Ventures.

As stated in its press release, the primary objective of the partnership is to enable real-world use cases of the Cardano network in a vast array of sectors, including financial services, logistics and supply chain, banking, pharmaceuticals and more.

The team hopes to test the technology model developed through the partnership on startups, Mittelstand companies — small and medium enterprises (SMEs) creating over 60 percent employment for German residents, multinational companies and more.

Promoting Cardano

Founded in 2016 in crypto-friendly Zug, Switzerland, by Charles Hoskinson and Michael Parsons, the Cardano Foundation is one of the three organizations contributing to the development of Cardano.

The Foundation’s responsibilities include facilitating strategic partnerships, ensuring accountability of stakeholders, formulating legislation and commercial standards and ultimately promoting adoption of Cardano (ADA).

Commenting on the new alliance with Konfidio, Nahan Kaiser, Chairman of the Cardano Foundation reiterated that the partnership represents another significant achievement for Cardano as it takes the project a step forward towards attaining mainstream adoption.

In his words:

Since its launch in 2017 by Dr. Mervyn G. Maistry