In 2017, Changpeng Zhao (CZ) founded Binance. Less than a year later, Binance became the leading cryptocurrency spot exchange globally by trading volume. This breakthrough success made CZ one of the fastest self-made billionaires in history. Forbes constantly ranks him among the 100 crypto wealthiest in the world since 2018.
Let’s learn more about Binance in this article!
Binance is the top global cryptocurrency exchange.
As mentioned above, Binance was founded by CZ in Shanghai, China. However, the company moved its headquarter and servers out of China before the Chinese government imposed a ban on cryptocurrency trading in September 2017.
The name “Binance” is a combination of “bitcoin” and “finance”. Binance’s vision is to promote global money freedom and, as a result, to improve the living standards of people globally. They realize this vision by becoming the provider of blockchain infrastructure services and financial products.
Binance is available on PCs and mobile devices:
- Website: https://www.binance.com/en
- Android application: https://play.google.com/store/apps/details?id=com.binance.dev&hl=vi&gl=US
- iOS application: https://apps.apple.com/vn/app/binance-buy-bitcoin-securely/id1436799971
Like every other exchange platform, Binance provides standard exchange-related services. Besides, Binance also stays true to its mission by offering services to support the whole Binance Smart Chain ecosystem.
- Crypto-to-crypto Trading: Trade in cryptocurrencies that are listed on binance
- Fiat Trading: Fiats supported on binance are traded for each other
- Futures Trading: Long (buy) or short (sell) futures contracts
- Margins Trading: Trading assets using leveraged funds
- Lending Services: Lending or borrowing assets
- Binance Savings Service: Earning interest by keeping your assets on deposit
- Staking Programs: Getting rewards for staking digital assets
- Binance POS Service Agreement: Earn more from staking with Proof of Stake service agreement. You can be selected as a block validator based on the number of coins you are staking in this agreement.
- Binance Labs: Incubator for potential crypto projects
- Binance Launchpad: Fundraising platform for crypto startups
- Binance NFT: An NFT marketplace
- Binance Academy: Crypto educational platform
- Binance Charity: Non-profit charitable organization
- Binance Info: Crypto info aggregator
- Binance Research: In-depth insights, analyses for stakeholders in the blockchain industry
- Binance X: A platform that helps developers learn about blockchain & collaborate with the blockchain ecosystem
- Binance Dex: The on-chain version of binance exchange
- Trust Wallet: The best-decentralized wallet for storing and managing BEP2, ERC20, and ERC721 tokens
- Safety & Security: With multi-cluster and multi-tier architecture, Binance provides safety & security to users’ data and assets.
- Trustworthiness: Besides higher-risk tokens listed on Innovation Zone, most of the other listed tokens are projects with a solid user base, credibility, and liquidity.
- Low fee: Binance is always at the top position of the crypto exchanges with the lowest fee. The standard trading fees on Binance are only 0.1%. If the user uses BNB – Binance’s utility token – to pay the fees, he/she will earn a 25% discount.
- High transaction speed: Binance can process around 1.4 million orders per second.
- Limited access for US investors: For the time being, US investors only have access to Binance.US, the American arm of Binance. (Note: Binance.US is a separate company from Binance). This US customized version has similar features to Binance. The platform is available in only 41 US states, and it has fewer trading pairs.
Binance Coin (BNB) is Binance’s utility token. It is used to facilitate trading activities in the whole Binance Smart Chain ecosystem. In the first months of 2021, BNB price has multiplied nearly 17 times from under $40 to the ATH at $675.68 on May 3rd, 2021.
Some investors prospect that we can still see new spikes in BNB price in the long run due to the strong growth of Binance & Binance Smart Chain.
One of the reasons why the demand for BNB remains high is that it has many use cases in the Binance Smart Chain ecosystem – the most popular blockchain system nowadays. According to Binance, there are at least 83 use cases for BNB. These use cases vary from storing, trading for products & services, to spending on transaction fees. On an AMA in 3/2019, CZ even said that: “I think right now the BNB token probably has more use cases than most other coins out there. And we continue to build.”
- Name: Binance Coin
- Ticker: BNB
- Total supply: 200,000,000 BNB
- Blockchain: ERC20
- Contract address: 0xB8c77482e45F1F44dE1745F52C74426C631bDD52
- ICO: 50%
- Founding team: 40%
- Angel investors: 10%
40% of the team share will be vested according to the following plan:
- Initial release: 20% (16,000,000)
- After 1 year: 20% (16,000,000)
- After 2 year: 20% (16,000,000)
- After 3 year: 20% (16,000,000)
- After 4 year: 20% (16,000,000)
The Binance team will spend 20% profits on buying BNB and burn them every quarter. The number of BNB burnt depends on the overall trading volume last quarter. The process will go on until 50% of the total supply, which equals 100,000,000 BNB, is burnt. This burning process will decrease the entire supply, therefore increase BNB price in the long run.
Binance is a major exchange platform that brings crypto to the masses. All market players, including investors and projects, will directly benefit from the expansion of the Binance empire. Binance and Binance Smart Chain have all it takes for a sustainable growth in the crypto world.