Six months back when bitcoin was trading in the $2000-$3000 range, a new cryptocurrency exchange Binance was launched; in a short space of time, it has become the top crypto-exchange by volume.
The firm was nowhere to be found on Google six months ago and now stands with trading volume of almost $10 billion as per data from Coinmarketcap. Binance was founded in July 2017 and has reached an incredible crowd, counting 2.9 million users across the platform.
What must you know about Binance?
Zhao Changpeng, founder and CEO of Binance, recently stated, “We are humbled to reach this incredible milestone.” The objective behind Binance was always to provide, reliable, secure and efficient service to exchange digital assets, he added.
Binance seems to be the faster firm ever to surpass a $1 billion valuation, also known as a ‘unicorn’ (a private company with a value of more than $1 billion). The platform competes with Coinbase, another leading exchange, which in August became the first bitcoin-related ‘unicorn.’ However, Binance is suggested to have a more real valuation than Coinbase by Digital Alchemy Holdings as their business models are not identical (although it should be noted that Digital Alchemy Holdings does have a stake in Binance).
On top of attaining 2.9 million users globally, Binance supports multiple languages covering Japanese, English, Korean, Chinese, Spanish, Russian, German and French. Their proximity to the Asian market, which accounts for a substantial portion of trading volume, also goes in their favor.
Furthermore, Binance enables instant exchange between 96 different digital assets and BTC, ETH, USDT and BNB (the native token of the exchange).
BNB trades 24/7 and is close to the $10 level; with 99 million tokens circulating, this values the “float” near $1 billion. BNB is more rapidly swollen with a value of approximately $2 billion when including the 100 million tokens owned by the exchange’s early investors, founders, and insiders. The exchange has proven itself as the fastest profitable unicorn in history. Moreover, there are other businesses which have been acquired by Binance not reflected in the figures mentioned above.
As the users, trading volume and variety of altcoins offered has grown, so has the price of Binance’s token, shown below.
BNB-USDT (Binance, Daily)
The success is down to its unique features beyond than just a cryptocurrency exchange. These features are; a new token sale vetting program called “Binance Launchpad,” and a virtual gifting protocol “Gifto.”
Using Binance Launchpad, Gifto launched the first cross-over between an established mobile internet platform and crypto.
Gifto launched a partnership with Uplive and Binance, and the in-app wallet for Uplive will include the altcoin BNB. Uplive, a high-end live video platform, has 20 million users.
Above all, we cannot let it pass that the efforts of the exchange’s founder and CEO, Zhao Changpeng, have turned out to be a successful startup named as Binance. His experience with software in Wall Street and bitcoin startups in China has served the company well, making it one of the most valuable businesses in the crypto-world.