BNB Chain becomes Google Cloud’s partner

BNB Chief Investment Officer Gwendolyn Regina said it is important for the blockchain ecosystem to work only with large companies

14.09.2022 - 15:40

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What’s new? BNB Chain, developed by cryptocurrency exchange Binance, has partnered with Google Cloud. The collaboration aims to support the growth of Web 3.0 and early-stage blockchain startups. Projects based on BNB Chain have gained access to Google Cloud's infrastructure, including the ability to analyze data on the network and encrypt information using the service. CoinDesk wrote about it referring to the press release.

Material from CoinDesk

What happened before? Some in the crypto community have criticized the possibility of censorship, citing past statements by Coinbase CEO Brian Armstrong. In August, he stated that the platform would stop participating in ETH staking if US regulators demanded censorship. Armstrong noted that, so far, this is only a hypothetical situation, adding that he hopes not to see such requests in real life.

According to a report by analytics company Nansen, 64% of ETH staking is controlled by 5 organizations: Lido Finance (31%), Coinbase (15%), Kraken (8,5%), Binance (6,75%), and Staked.us (3,92%). Staking accounts for just over 11% of the total number of circulating coins on the Ethereum network.

Coinbase is not the only crypto company to blacklist addresses. Circle has frozen 75 000 USDC stablecoins associated with the sanctioned addresses of the crypto mixer Tornado Cash.

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