There can be no denying that the cryptocurrency markets are often accustomed to unsavory projects that offer investors little hope beyond their respective ICOs. Recognizing that token holders deserve a more transparent and credible association with the project’s they back, major cryptocurrency exchange Binance recently launched its ‘Gold Label’ list. The concept behind the launch is to list cryptocurrency projects that it believes meets its stringent criteria, and ultimately, protect unsuspecting investors from illegitimate projects. With the list now in full swing, it was recently announced that both QTUM and Ontology have just been added.
The Gold Label launch, which the exchange also refers to as a form of industry standard, initially announced through their official Medium channel. Within the Gold Label list – which Binance state is awarded to projects that “keep blockchain enthusiasts informed and updated”, has initially added 30 projects in total – including that of QTUM and Ontology.
Does the future look bright for QTUM?
QTUM was created in 2016 by Jordan Earls, Patrick Dai, and Neil Mahi. The overarching idea behind the project– who are now collectively operating via the QTUM Foundation, is to bridge the gap between two of the largest communities from within the cryptocurrency arena – Bitcoin and Ethereum. Whilst its project founders recognize that Bitcoin is ideally suited as a store of value and Ethereum is revolutionary with its smart contract protocol, they felt that there should be a platform that brings the two communities together.
At the time of writing, the QTUM token is currently listed at number 34 in the market capitalization rankings, with an underlying value of just over $144 million. Although the project has since shed much of the value it achieved during the bull-run of late 2017, it is important to note that QTUM only raised the best part of $15 million during its respective ICO – subsequently representing an excellent rate of return for its early backers.
The news follows on from QTUM’s recent announcement pertaining to its Ambassador Program. The team at QTUM state that they are now in full drive to increase their offline awareness – something that is crucial if blockchain projects are able to achieve widespread adoption.
Ontology joins QTUM on the Gold Label list
Ontology, on the other hand, are slightly ahead of QTUM in the cryptocurrency market capitalization rankings, which at the time of writing, amounts to just over $161 million at number 31. The Chinese-based project was created by two of the co-founders from the highly successful NEO blockchain. In a nutshell, Ontology aims to bring blockchain technology to the world of enterprise. In doing so, the project delivers a unique client chain for businesses that adopt it, without organizations needing to disrupt their current systems.
Chinese projects are highly favored by the cryptocurrency community, not least because should a token form a partnership with a major domestic company (or State Owned Enterprise), adoption rates could potentially go through the roof.
Will the Gold Label list be viewed as the industry standard?
Although no major market movements have yet occurred on the back of the Gold Label listing, it could be argued that this is due to the wider bearishness of the markets in their entirety. Nevertheless, the markets have been crying out for a credible platform that in theory, could act as a form of certification. Essentially, Binance have an excellent reputation in the blockchain asset industry, which appears to only be growing in size.
Not only is the exchange platform one of the largest in the world for volumes, which often exceeds $2 billion a day in transactional activity, but they also recently moved their headquarters to the European Union nation of Malta, On top of this, it was also recently reported that Binance are looking to become the world’s first decentralized blockchain bank.
Known as the Founders Bank, a Junior Minister from within the Maltese government expressed that the country are “honored to be chosen as the location of the first global community-owned bank” – subsequently illustrating that the exchange has an excellent relationship with national regulators.
Ultimately, with more than 1,200 tokens listed on the Binance Info platform – which details real-time information and developments on all the project’s it lists, it appears that admission to the Gold Label standard is no easy feat.
According to the originally Medium publication, admission to the list is available to all projects, as long as they meet Binance’s rigorous validation process. Although it remains to be seen what this entails, the publication states that they are looking for transparent projects that regularly update the public on any key milestones and/or developments.