In a recent CNN article, Binance is highlighted as one of the most prosperous online exchanges in the world. Having one of the highest volumes, Binance recorded a profit of 200-million in Q1 alone, beating out Germany’s Deutsche Bank at $146 million. We are seeing a shift from traditional exchanges for stocks, options, and futures into one that is exchanges tokenized assets and actively trades 24-hours a day, 7-days a week. With the emerging world of blockchain technology that looms over the financial and technological sectors, it is no surprise that these crypto-marketplaces will have an impact on how investors and consumers utilize these exchanges. We will take a look into what Binance is and highlight it’s exponential rise into prosperity.
What is Binance?
Binance is an international cryptocurrency exchange founded by Changpeng “CZ” Zhao. The enthusiastic CEO has a background in high-frequency trading systems through his work at Fusion Systems in Shanghai. In 2013, Zhao was the third-member of Blockchain.info’s wallet team and had a stint as the CTO of OKCoin.
Binance has support for numerous alt-coins as well as pairings with BNB, the exchange’s own ERC20 token. The utility behind BNB is that users can have a 50% discount on trading fees while using BNB. Originally based in Japan, Binance recently moved to the province of Malta, a country that is incredibly pro cryptocurrencies and has more laxed financial regulations.
Rise to Popularity
Binance has been an avid marketplace since it first launched in what’s the date?. There were many factors to Binance’s rise to popularity as a top-tier marketplace. Compared to other marketplaces such as Bittrex and other popular exchanges, Binance offers a more robust list of cryptocurrencies, all while providing a sense of security using their exchange. The exchange is also avid on listing new alt-currencies earlieAt this time of writing, Binance supports over 302 pairings of alts with BTC/ETH/LTC/BNB pairings. This expansive list makes it compelling for users to use Binance as the go-to alt exchange due to its flexibility. If you are looking to invest, here’s a 50% trading fee [discount] code(https://www.binance.com/?ref=10809936).
Other than being an exchange, Binance also acted as an incubator and raised ICOs for numerous coins. Binance offers both simplified and advanced trading views and provides tools to help traders of all skill levels.
Binance has set the precedent as a major player in the cryptocurrency community as the go to cryptocurrency exchange. Led by a passionate CEO who is moving the needle forward for innovation, Binance is here to stay, leading the forefront for trading in this exciting and constantly evolving sector.
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The Blockchain Musketeers
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