<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106847030-1614600901695-106847030-16146008302021-02-28t233333z_286474706_hp1eh2s1tfx53_rtrmadp_0_usa-trump.jpg" alt="" class="wp-image-403277" width="836" height="470" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106847030-1614600901695-106847030-16146008302021-02-28t233333z_286474706_hp1eh2s1tfx53_rtrmadp_0_usa-trump.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106847030-1614600901695-106847030-16146008302021-02-28t233333z_286474706_hp1eh2s1tfx53_rtrmadp_0_usa-trump-300x169.jpg 300w" sizes="auto, (max-width: 836px) 100vw, 836px" /><figcaption>Former U.S. President Donald Trump speaks at the Conservative Political Action Conference in Orlando, Florida, U.S. February 28, 2021. Joe Skipper | Reuters</figcaption></figure>



<a href="https://www.cnbc.com/quotes/FB" target="_blank" rel="noreferrer noopener">Facebook’s</a>&nbsp;independent Oversight Board&nbsp;<a href="https://www.oversightboard.com/news/226612455899839-oversight-board-upholds-former-president-trump-s-suspension-finds-facebook-failed-to-impose-proper-penalty/" target="_blank" rel="noreferrer noopener">ruled</a>&nbsp;to uphold the company’s January decision to suspend the Facebook and Instagram accounts of former President Donald Trump.



But, the board said, the indefinite timeframe of the suspension “was not appropriate.” The board effectively punted the decision back to Facebook, saying it “insists” the company “review this matter to determine and justify a proportionate response that is consistent with the rules that are applied to other users of its platform.”



The board asked that Facebook complete the review within six months and made suggestions for how to create clear policies that balance public safety and freedom of expression.



“We will now consider the board’s decision and determine an action that is clear and proportionate,” Facebook said in a&nbsp;<a href="https://about.fb.com/news/2021/05/facebook-oversight-board-decision-trump/amp/" target="_blank" rel="noreferrer noopener">blog post</a>&nbsp;following the announcement. “In the meantime, Mr. Trump’s accounts remain suspended.”



The case



Facebook first&nbsp;<a href="https://www.cnbc.com/2021/01/07/facebook-will-block-trump-from-posting-for-the-remainder-of-his-term.html">suspended</a>&nbsp;Trump’s accounts following the Jan. 6 insurrection on the U.S. Capitol. The suspension was Facebook’s most aggressive action against Trump during his four-year term.



“We believe the risks of allowing the President to continue to use our service during this period are simply too great,”&nbsp;Facebook CEO Mark Zuckerberg&nbsp;wrote in a post on his Facebook page at the time.&nbsp;



Facebook referred the decision to its Oversight Board a few weeks later,&nbsp;<a href="https://about.fb.com/news/2021/01/referring-trump-suspension-to-oversight-board/" target="_blank" rel="noreferrer noopener">saying</a>&nbsp;that given the significance of the decision, “we think it is important for the board to review it and reach an independent judgment on whether it should be upheld.”



The decision to uphold Trump’s suspension is the most significant action taken thus far by Facebook’s Oversight Board, which was launched in October 2020 as a de facto “Supreme Court” for the company’s content moderation decisions. The board is an independent body made up of civic, technological, free speech, journalism and human rights experts from around the world.



Facebook has agreed to abide by the Oversight Board’s rulings, even though Zuckerberg still has undisputed control of the company, with majority voting control over the company’s shares.



The board’s findings



The Oversight Board found that Trump had “severely violated” Facebook’s community standards with his posts on Jan. 6. But it also said the platform “seeks to avoid its responsibilities” by applying a vague penalty and then referring it to the board to review.



His declarations, “We love you. You’re very special,” referring to the people who rioted around the U.S. Capitol, calling the rioters “great patriots” and telling them to “remember this day forever,” violated Facebook’s rules that prohibit praise of people engaged in violence, the board wrote.



“The Board found that, in maintaining an unfounded narrative of electoral fraud and persistent calls to action, Mr. Trump created an environment where a serious risk of violence was possible,” the board wrote, adding that when Trump posted his statements, “there was a clear, immediate risk of harm and his words of support for those involved in the riots legitimized their violent actions.”



But Facebook’s decision to make the ban indefinite was not justified, the board found, since it “did not follow a clear, published procedure” in doing so.



“In applying a vague, standardless penalty and then referring this case to the Board to resolve, Facebook seeks to avoid its responsibilities,” the board wrote. “The Board declines Facebook’s request and insists that Facebook apply and justify a defined penalty.”



The board said that though Facebook should apply the same rules to all members, the company should take context into account in assessing harm, including when posts are made by “influential users.” It added that newsworthiness considerations “should not take priority when urgent action is needed to prevent significant harm.”



This story is developing. Refresh for updates.

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Facebook will uphold Trump ban but reassess the decision over coming months

<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/105728770-1549655400763img_2158rr.jpg" alt="" class="wp-image-403234" width="842" height="473" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/105728770-1549655400763img_2158rr.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/105728770-1549655400763img_2158rr-300x169.jpg 300w" sizes="auto, (max-width: 842px) 100vw, 842px" /><figcaption>Janet Yellen Scott Mlyn | CNBC</figcaption></figure>



The U.S. is taking a two-pronged approach toward its goal of implementing a worldwide minimum tax for corporations as it progresses through negotiations with a global consortium, Treasury Secretary Janet Yellen said Tuesday.



Getting countries around the world to implement&nbsp;<a href="https://www.cnbc.com/2021/04/20/bidens-tax-overhaul-puts-irelands-corporate-rate-in-the-spotlight.html">a bottom level tax that all companies pay</a>&nbsp;has been a goal the White House has set to stop firms from relocating their home operations to countries with cheaper rates.



That objective has taken on greater urgency as the administration seeks to&nbsp;<a href="https://www.cnbc.com/2021/05/01/biden-taxes-target-big-companies-so-why-is-small-business-worried.html?&amp;amp;qsearchterm=biden%20corporate%20tax">raise taxes on U.S. companies</a>. Yellen said she’s encouraged so far by developments in talks with other countries.



Along with the increase in the U.S. tax, “we propose to raise the global minimum tax and to close tax loopholes that allow American corporations to shift earnings abroad,” she told The Wall Street Journal’s CEO Council Summit.



Yellen said the U.S. has been in talks with member nations in the Organization for Economic Cooperation and Development.



“We are very actively engaged with other countries to end what has been a global corporate tax race to the bottom,” she said. “I fear this race to the bottom globally with respect to corporate taxes is depriving economies of the revenue they really need to invest in infrastructure, education, research and development and other things to spur growth and also impact corporate competitiveness.”



“So we’re asking companies to step up and pay a little bit more to help realize fiscal priorities that are equally important in making them competitive and doing it in a context where we’ll see an increase in global rates as well,” she said.



A few countries have stated publicly that they endorse the&nbsp;<a href="https://www.cnbc.com/2021/04/05/yellen-to-push-for-global-minimum-tax-on-corporations.html">global minimum tax idea</a>, though it remains unpopular in some quarters. U.S. companies have long engaged in “offshoring” practices where they establish domiciles in low-tax countries, even though they conduct much of their business domestically.



The Trump administration slashed the corporate tax rate to 21%, which President&nbsp;<a href="https://www.cnbc.com/joe-biden/">Joe Biden</a>&nbsp;wants to raise to 28%. In addition, the 2017 tax cuts provided incentives for companies to repatriate profits they had stored overseas.



At an appearance earlier in the day, Yellen said the tax cuts did little to spur investment and instead sparked share buybacks and dividend issuance for investors.



Aside from the negotiations over the tax level, the administration also is seeking agreement on how other countries are taxing American firms. That is actually the first of what Yellen described as two “pillars” of talks it is having with nations in the Organization for Economic Cooperation and Development.



“Pillar two is about global minimum taxes and pillar one is about these taxes that so far have been levied by some individual countries on American firms,” she said. “We’ve made a proposal to broaden the coverage of pillar one so that it’s not just about U.S. tech companies, so that it’s about the most profitable large corporations operation regardless of sector globally, and we’re hopeful we can come to an agreement on both pillars.”



Yellen said the administration is looking for ways to discourage companies from deducting tax payments they make to tax-haven nations.



Ultimately, she said companies will pay more taxes in the U.S., but she said the revenues are necessary to help fund the expansive spending programs on the administration’s agenda.

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Yellen says U.S. pushing to end global ‘race to the bottom’ on corporate taxes

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/105174288-GettyImages-951165946.jpg" alt="" class="wp-image-403147" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/105174288-GettyImages-951165946.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/105174288-GettyImages-951165946-300x169.jpg 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Jack Taylor | Getty Images</figcaption></figure>



GUANGZHOU, China —&nbsp;<a href="https://www.cnbc.com/quotes/ETH.CM=">Ether</a>, the digital coin linked to the Ethereum blockchain, hit an all-time high of $3,456.57 as the cryptocurrency extends a rally that has seen its price gain over 350% this year.



The digital coin pared some of those gains in Tuesday morning trade in London and was trading at $3,369.74 at 11:20 a.m., according to CoinDesk data.



Interest in cryptocurrencies has surged over the past year with bitcoin&nbsp;<a href="https://www.cnbc.com/2021/04/13/bitcoin-hits-new-all-time-high-above-62000-ahead-of-coinbase-debut.html">continuously pushing new record highs</a>. A number of factors including rising institutional interest and major companies such as Tesla buying the digital coin have been credited with its rise.



<a href="https://www.cnbc.com/quotes/BTC.CB=">Bitcoin</a>&nbsp;has been&nbsp;<a href="https://www.cnbc.com/2020/11/20/blackrocks-rick-rieder-bitcoin-can-replace-gold-to-a-large-extent-.html">described as “digital gold”</a>&nbsp;or a store of value in times of geopolitical tumult or financial market volatility&nbsp;<a href="https://www.cnbc.com/2020/11/09/stanley-druckenmiller-says-he-wouldnt-want-to-be-short-market-sees-stock-rotation-continuing.html">as well as a hedge against inflation</a>.



But Ethereum is different. It acts more as a platform that developers can build apps on. Ethereum is the name of the network or <a href="https://www.cnbc.com/2018/06/18/blockchain-what-is-it-and-how-does-it-work.html">underlying blockchain technology</a>, while ether is the digital currency used to power the platform.



So-called&nbsp;<a href="https://www.cnbc.com/2020/12/01/ethereum-2point0-eth-cryptocurrencys-network-starts-a-major-upgrade.html">smart contracts are a key feature of Ethereum</a>. These are contracts that can be automatically executed using code.



There is growing excitement about the use of Ethereum in so-called decentralized finance, or DeFi, applications. These are blockchain-based financial services, such as lending, which could in theory bypass banks and brokerages.



Last month, the European Investment Bank said it issued its first ever digital bond on a public blockchain using Ethereum.



A rising number of DeFi applications built on Ethereum and growing institutional interest in the technology could be behind the rapid price rise.



“Thousands of developers are building applications that recreate traditional financial products in decentralized ways on top of Ethereum, and as more and more users pour in to interact with these apps, they require ETH (ether) to&nbsp;conduct any transaction,” Sergey Nazarov, co-founder of smart contract company Chainlink, said.



“Second, there seems to be growing institutional interest in the public Ethereum blockchain, as stakeholders play around with ways to leverage the public network.”

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Ethereum hits new record high above $3,400, extending its more than 300% rally this year

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106867803-1618348382287-india.jpg" alt="" class="wp-image-403041" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106867803-1618348382287-india.jpg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106867803-1618348382287-india-300x169.jpg 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>A woman wearing a protective face mask walks past a graffiti, amidst the spread of the coronavirus disease (COVID-19), on a street in Mumbai, India, March 30, 2021. Francis Mascarenhas | Reuters</figcaption></figure>



India’s second wave of Covid-19 infections shows no signs of slowing down as the country’s overwhelmed health-care system faces supply shortages for hospital beds, oxygen, medicines and vaccines.



The World Health Organization said last week that one in every three new coronavirus cases globally is being reported in India.



Prime Minister&nbsp;<a href="https://www.cnbc.com/narendra-modi/">Narendra Modi’s</a>&nbsp;government is facing criticism for allowing large crowds to gather for religious festivals and election rallies in various parts of the country.&nbsp;<a href="https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(21)00993-4/fulltext" target="_blank" rel="noreferrer noopener">Commentators said the mass gatherings</a>&nbsp;likely&nbsp;<a href="https://www.cnbc.com/2021/04/28/india-covid-second-wave.html">turned into super spreader events</a>.



Cases in the second wave started rising in February, when India reported an average of about 10,000 infections a day. But the situation progressively worsened in April, ending the month by repeatedly setting new global records for daily cases. India kicked off May by&nbsp;<a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1715267" target="_blank" rel="noreferrer noopener">reporting more than 400,000 new cases</a>.



Nearly 7 million cases were reported for the month, a huge share of the more than 19 million India has recorded during the entire pandemic, according to data from Johns Hopkins University.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="409" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876907-1619909921648-20210501-9XKJY-daily-covid-cases-in-india.png" alt="" class="wp-image-403042" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876907-1619909921648-20210501-9XKJY-daily-covid-cases-in-india.png 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876907-1619909921648-20210501-9XKJY-daily-covid-cases-in-india-300x166.png 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



Scientists say the spike in cases is partially due to variants of the coronavirus circulating in India at the moment.



“There is at least emergence of two important dominant variants, one is a U.K. variant, one is an Indian variant,” Manoj Murhekar, director of the National Institute of Epidemiology, Chennai, told CNBC on Friday.



The Indian government&nbsp;<a href="https://www.livemint.com/news/india/in-punjab-80-of-cases-are-due-to-the-uk-variant-of-covid-19-harsh-vardhan-11617764417579.html" target="_blank" rel="noreferrer noopener">reportedly said last month that 80% of cases in Punjab</a>&nbsp;were due to the highly contagious U.K. variant, which is known as B.1.1.7.



Meanwhile, the Indian variant is known as B.1.617 and has multiple sub-lineages with slightly different characteristic mutations. The WHO classified it as a variant of interest in its <a href="https://www.who.int/publications/m/item/weekly-epidemiological-update-on-covid-19---27-april-2021" target="_blank" rel="noreferrer noopener">epidemiological update on the pandemic last week</a>.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="394" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876913-1619910030536-20210501-0Ofsd-india-s-hardest-hit-states.png" alt="" class="wp-image-403048" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876913-1619910030536-20210501-0Ofsd-india-s-hardest-hit-states.png 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876913-1619910030536-20210501-0Ofsd-india-s-hardest-hit-states-300x160.png 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



Maharashtra, which is home to India’s financial capital Mumbai, is the hardest hit state and also the epicenter for the second wave.



India’s richest state went into&nbsp;<a href="https://www.cnbc.com/2021/04/15/india-covid-19-second-wave-over-200000-new-coronavirus-cases.html">a lockdown in mid-April</a>&nbsp;to break the chain of transmission.<a href="https://economictimes.indiatimes.com/news/india/maharashtra-government-extends-lockdown-like-curbs-till-may-15/articleshow/82312890.cms" target="_blank" rel="noreferrer noopener">&nbsp;Reports said</a>&nbsp;Maharashtra’s state government extended restrictions until May 15.



Murhekar told CNBC that at the moment, very little is known about what proportion of the infected cases are due to a variant. He said India needs to step up its surveillance for variants so that there’s meaningful data from each region and state on which variants are circulating in each.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="409" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876908-1619909983425-20210501-NvGjk-daily-covid-deaths-in-india.png" alt="" class="wp-image-403046" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876908-1619909983425-20210501-NvGjk-daily-covid-deaths-in-india.png 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876908-1619909983425-20210501-NvGjk-daily-covid-deaths-in-india-300x166.png 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



In April, India crossed 200,000 reported deaths. JHU data showed more than 48,000 people lost their lives to the disease last month.



Though the death rate is comparatively low, it is likely that there is an undercounting of fatalities as&nbsp;<a href="https://edition.cnn.com/2021/04/29/india/india-covid-deaths-crematoriums-intl-hnk-dst/index.html" target="_blank" rel="noreferrer noopener">multiple media reports</a>&nbsp;suggest crematoriums and burial grounds are&nbsp;<a href="https://indianexpress.com/article/india/in-bhopal-official-covid-toll-in-april-is-109-but-over-2500-at-pyres-graves-7299788/" target="_blank" rel="noreferrer noopener">overwhelmed with bodies</a>&nbsp;of those who died from Covid-19.



The&nbsp;<a href="https://www.cnbc.com/2021/04/26/india-reports-record-new-covid-cases-for-fifth-straight-day.html">international community has responded</a>&nbsp;with promises to send help to India, including&nbsp;<a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/04/28/fact-sheet-biden-harris-administration-delivers-emergency-covid-19-assistance-for-india/" target="_blank" rel="noreferrer noopener">$100 million in medical aid from the United States</a>.



Experts have said that India’s best shot at tackling the outbreak is by stepping up its vaccination efforts.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="409" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876909-1619910004820-20210501-105uZ-india-s-vaccination-drive.png" alt="" class="wp-image-403049" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876909-1619910004820-20210501-105uZ-india-s-vaccination-drive.png 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876909-1619910004820-20210501-105uZ-india-s-vaccination-drive-300x166.png 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



Since launching its mass inoculation drive in January, India has administered more than 154 million vaccine doses as of April 30,&nbsp;<a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1715267" target="_blank" rel="noreferrer noopener">according to government data</a>.



That implies a little over 10% of the population has received at least one of the two shots required. But the percentage of people who have completed their vaccination is only about 2% of the total population, at around 27.9 million as of April.



Starting in May, India is opening vaccinations to anyone age 18 and older.



Murhekar said that the kind of herd immunity India needs to reduce transmission can only be achieved through vaccination.



“It will take many days and many months, basically, till we have a critical mass, which is vaccinated against Covid,” he added.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="409" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876912-1619909902440-20210501-5gqhm-vaccine-doses-administered-in-april.png" alt="" class="wp-image-403050" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876912-1619909902440-20210501-5gqhm-vaccine-doses-administered-in-april.png 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/05/106876912-1619909902440-20210501-5gqhm-vaccine-doses-administered-in-april-300x166.png 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /></figure>



But the country is facing vaccine shortages and several states have&nbsp;<a href="https://www.reuters.com/world/india/indias-posts-record-daily-rise-covid-19-cases-386452-2021-04-30/" target="_blank" rel="noreferrer noopener">reportedly run out of supply</a>.



The supply crunch is expected to last through July, according to the CEO of India’s top vaccine maker, Serum Institute, which is producing&nbsp;<a href="https://www.cnbc.com/quotes/AZN-GB" target="_blank" rel="noreferrer noopener">AstraZeneca’s</a>&nbsp;shot. Adar Poonawalla&nbsp;<a href="https://www.ft.com/content/01784671-3834-49d8-9640-fc5d95f92eaf" target="_blank" rel="noreferrer noopener">recently told the Financial Times</a>&nbsp;that his firm is set to increase vaccine production capacity from about 60 million to 70 million doses a month to 100 million.



The other vaccine being administered is Bharat Biotech’s Covaxin.



New Delhi has recently approved the Russia-developed Sputnik V and authorized&nbsp;<a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1711558" target="_blank" rel="noreferrer noopener">foreign-made vaccines that have been granted emergency approval</a>&nbsp;by the U.S., U.K., European Union, Japan and World Health Organization-listed agencies.



—&nbsp;CNBC’s Nate Rattner contributed to this report.

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Ripple CEO Brad Garlinghouse said the lack of clarity in U.S. regulation of cryptocurrencies is “frustrating.”



Known for the cryptocurrency&nbsp;<a href="https://www.cnbc.com/quotes/XRP.BS=">XRP</a>, the fintech company has been caught in a high-stakes legal tussle with the U.S. Securities and Exchange Commission since last year.



In December, the <a href="https://www.cnbc.com/2020/12/22/sec-charges-cryptocurrency-firm-ripple-2-executives.html">SEC filed charges against the firm, Garlinghouse and a Ripple co-founder</a>, alleging they raised more than $1.3 billion through an unregistered securities offering.



Garlinghouse said the U.S. has yet to provide clear regulatory guidelines for cryptocurrencies unlike countries in Asia.



“I give credit to markets like Singapore and even parts of Korea where there really has been a thoughtful government-led effort to define and have clear regulatory frameworks around cryptocurrencies,” he told CNBC’s “<a href="https://www.cnbc.com/asia-squawk-box/">Squawk Box Asia</a>” on Friday.



He cited the company’s ongoing legal battle with the SEC as an example of where the regulatory framework remains unclear.



“Ironically, here in the United States they have not provided that same clarity. It is the only country on the planet that has said XRP is anything other than a currency,” he noted. “The SEC has said&#8230; XRP is a security. And so we’re now engaged in a court discussion. So far, I feel good about how that’s been going, but it’s certainly frustrating.”



In a complaint filed in December, the SEC said Ripple “created an information vacuum” when it did not disclose the offering to investors. The agency argues the company was required to share this kind of material information with investors because XRP can be considered an investment contract “under certain circumstances” and “therefore a security under the federal securities laws.”



Financial regulators globally are looking into how they should regulate the cryptocurrency industry.&nbsp;



Garlinghouse downplayed the current scrutiny of cryptocurrencies, saying the industry should continue to focus on what these technologies provide to customers.



“I think at the end of the day, the industry should focus on utility. And are these technologies solving real problems for real customers,” he said, adding that Ripple will continue to leverage its XRP ledger and tokens to make payments efficient.

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<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="740" height="416" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/105900013-1557315786407gettyimages-903631430.jpeg" alt="" class="wp-image-402692" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/105900013-1557315786407gettyimages-903631430.jpeg 740w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/105900013-1557315786407gettyimages-903631430-300x169.jpeg 300w" sizes="auto, (max-width: 740px) 100vw, 740px" /><figcaption>Changpeng Zhao, CEO of Binance, speaks during a TV interview in Tokyo, Japan, on Thursday, Jan. 11, 2018.Akio Kon | Bloomberg | Getty Images</figcaption></figure>







LONDON — Cryptocurrency exchange Binance on Tuesday revealed plans to introduce its own marketplace where users can create, buy and sell digital collector’s items known as NFTs.



NFTs, or non-fungible tokens, are a&nbsp;<a href="https://www.cnbc.com/2021/03/03/what-are-nfts-all-you-need-to-know-about-crypto-collectibles.html">type of digital asset</a>. They’re designed to represent ownership of rare virtual items — that could be anything from works of art to sports trading cards like those sold on the popular online basketball collectibles platform&nbsp;<a href="https://www.cnbc.com/2021/02/28/230-million-dollars-spent-on-nba-top-shot.html">NBA Top Shot</a>.



Total sales of these tokens <a href="https://www.cnbc.com/2021/04/13/nft-sales-top-2-billion-in-first-quarter-with-interest-from-newcomers.html">soared to more than $2 billion</a> in the first quarter, according to NonFungible.com, a website that tracks data on NFTs. And that figure doesn’t even account for the <a href="https://www.cnbc.com/2021/03/11/most-expensive-nft-ever-sold-auctions-for-over-60-million.html">record-breaking $69 million NFT</a> sold by digital artist Mike Winkelmann (AKA Beeple) at Christie’s in March.



Binance, which is the&nbsp;<a href="https://coinmarketcap.com/rankings/exchanges/" target="_blank" rel="noreferrer noopener">world’s largest crypto exchange</a>&nbsp;by trading volumes, said its platform would operate two markets: A premium venue for top auctions and exhibitions and a standard trading market that anyone can use to mint new tokens.



The premium segment would take a 10% cut from the proceeds of major auctions, Binance said, with 90% going to artists. The day-to-day trading market will charge a 1% “processing fee,” while creators “will continuously receive 1% royalty,” according to Binance.



Binance’s NFT feature is set to debut in June. The company has launched a lander page for now which will let artists contact the firm about potential partnerships.



“Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community,” said Helen Hai, head of Binance’s NFT project.



The move marks a challenge to Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss. Gemini operates its own NFT marketplace called Nifty Gateway, which has hosted auctions from big names like Eminem and Grimes. It would also open up a new revenue stream for Binance, which has benefited considerably from the surging interest in <a href="https://www.cnbc.com/quotes/?symbol=BTC.CB=">bitcoin</a> and other digital currencies.



Coinbase, the largest crypto exchange in the U.S., went public on the Nasdaq earlier this month. Like Binance, Coinbase has gotten a significant boost from surging crypto prices. Bitcoin, the world’s most popular digital currency, soared to an all-time high of nearly $65,000 ahead of Coinbase’s debut. It’s down almost 16% from that level now, however.



But there have been worries over signs of froth in the market. Some have compared the NFT boom to the&nbsp;<a href="https://www.cnbc.com/2018/07/13/initial-coin-offering-ico-what-are-they-how-do-they-work.html">rise of initial coin offerings</a>, or ICOs, in late 2017 and early 2018. ICO mania led to a number of&nbsp;<a href="https://www.cnbc.com/2018/03/09/cryptocurrency-scammers-of-giza-make-off-with-2-million-after-ico.html">scams</a>&nbsp;and many projects were ultimately abandoned. Meanwhile, dogecoin spiked to a record high above 45 cents a couple weeks back,&nbsp;<a href="https://www.cnbc.com/2021/04/16/dogecoin-doge-price-meme-cryptocurrencys-rise-sparks-bubble-fears.html">stoking fears of a bubble</a>&nbsp;in the crypto market.

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