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BINANCE – A WHALE OF EXCHANGES



Cryptocurrency, for a reason is considered as taboo in many parts of the world. Even, some developing countries are still unfamiliar with it. Cryptocurrencies are the digital assets which has enormous power to control the financial system effectively. So, to hold such great powers, we need Cryptocurrency Exchanges which has the proper systematic way of controlling, recording, utilising and improvising the system whenever needed.


In today’s blog we’ll discuss about the World’s Leading Cryptocurrency Exchange;


Image Courtesy: Binance



BINANCE


The journey of Binance started in the year 2017.  The founder and CEO of Binance is ‘Changpeng Zhao’. He is a Chinese-Canadian Business Executive. He was Chief Technology Officer of OKcoin. Also, he was a member of the team that developed Blockchain.info. Binance is headquartered in Malta.

Changpeng Zhao

Binance is a Cryptocurrency Exchange which is used to convert Fiat currencies to Cryptocurrencies and vice versa. It has Blockchain Ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. Binance exchange is considered as the leading global cryptocurrency exchange by trading volume and users from over 180+ countries and regions. Binance has its own Cryptocurrency also. It is known as BNB. It runs on Ethereum Blockchain and has a limit of 200 Million BNB tokens. The reserve will be systematically reduced to 50% of the initial reserve, (i.e. 100 Million BNB Tokens).


Now, let’s put some light on BNB Token.


·         It is a native coin of Binance Chain.

·         BNB was issued as on ERC 20.

·         BNB plays an important role in trading and trading fee.

·         If you have BNB then you can use it to pay as Transaction Fee.

·         The transaction fee can be paid through BNB or Other Cryptocurrencies too.

·         When BNB is used as a transaction fee, then you’ll receive a discount from Binance Exchange.



Trade View Panel: Binance



Binance, being a leading Exchange has struggled a lot to attain a Global dignity. To achieve a position many circumstances had come in front of it.

Let me tell you a recent incident which shocked everyone.


On May 7th, 2019

Binance revealed an atrocious statement stating ‘Large Scale Security Breach’. In which around 7000 BTC (approx. $40 Million USD) was hacked and stolen from the wallets. The attackers were so smart that they used several techniques to enter the system. They used viruses and other attacks like phishing and breaching. It was so well performed that it passed Binance’s Security checks easily.
The loss incurred to the affected users were instantly reimbursed by the Binance’s Secure Asset Fund.

In spite of all this, Binance still stood strong and faced the difficulties with calmness.

And now,

We all know.

 How great it has turned!

Binance has now created its own ecosystem with several arms spreading towards variety of fields. The following are lists of those part associated with the ecosystem:



Image Courtesy: Binance



·         Binance Labs (Venture capital arm and incubator)

·         Binance DEX (Decentralised Exchange)

·         Binance Launchpad (A token sale platform)

·         Binance Info (Cryptocurrency Encyclopaedia: An open source forum for everyone to contribute their knowledge)

·         Binance Academy (Educational portal for all)

·         Binance Research (Market Analysis)

·         Binance Charity Foundation (A blockchain powered donation platform and non-profit for aiding in sustainability)

·         Binance x (Developer focused initiative)

·         Trust Wallet (Official Multi-coin wallet and Dapp browser)


Trust Wallet - A Decentralized App


Unbelievable!


Binance didn’t stop here yet,

India’s biggest cryptocurrency exchange, WazirX was acquired by Binance.

“The next phase of mass adoption for Crypto will arise from developing nations around the world. India with more than a billion people is primed for massive crypto adoption and this acquisition by Binance gives us the opportunity to not only cater to India but every developing nation where fiat on-ramps have to be built. The acquisition is yet another step towards achieving our shared mission with Binance of decentralizing the world,” said Nischal Shetty, WazirX CEO.

Even the Coin Market Cap, was acquired by Binance recently.

 The most trusted and adored Decentralized application, TRUST WALLET was also acquired by Binance.






This are just few examples which I’m providing. There are many more things which Binance has done.

Let’s discuss more about Binance’s BUY/SELL Trading System.

Here,

·         You can easily buy Bitcoin with Fiat Currency.

·         You can easily buy Altcoins with Fiat currency too.

·         You can use Credit card to buy Bitcoin, Litecoin, Ethereum, Ripple (XRP) and Bitcoin Cash using US Dollars and EUROS.

·         Fiat currencies can be easily converted into Stable Coins such as PAXOS (PAX) or TrueUSD (TUSD). Similarly, you can convert PAX ↔ TUSD.

·         There are more than 150+ Cryptocurrencies listed on Binance and 450+ Trading Pairs on Binance.

·         Binance’s Fiat Partners are Simplex, Koinal, Trust Token and Paxos.

·         Binance’s trading platform is very unique and soon they’ll provide a customized layout which can be changed as per user's requirement.



In future Binance will rock with more surprises.

Till then I’m signing Off.

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