Binance X: Nurturing a Community of Open Source Development
Binance has launched a new initiative to foster a sense of community amongst open source developers. Since launching their exchange, Binance has set up many other ventures including an academy, research lab, and charitable foundation. They have quickly become one of the largest cryptocurrency companies and continue to exhibit their ambition to diversify into new areas, August 29, 2019.
Engaging With Developers
The exchange began engaging with developers ever since their inception in 2017. Binance has a number of platform facing APIs and they allow individual developers to pull data from these sockets.
After setting up Trust Wallet and their charitable trust, it became evident that Binance was looking to offer more to the cryptocurrency ecosystem. Despite criticism regarding certain practices, they have never really been embroiled in major controversy as Bitfinex and Coinbase have.
With Binance X, the exchange has already offered fellowships to several notable developers, including Austin Griffith and Jeremy Rubin who have already published projects under the fellowship. Other notable developers who are a part of the program are James Prestwich of Summa and Peter Pan of Meta Cartel.
The vision behind this project is to make open source development a more fruitful process for all parties involved. A lot of open source projects in the decentralized economy could’ve have been sold by their developers for millions of dollars to companies tech behemoths.
Binance Evolving Into a Powerhouse
While crypto doesn’t have any systemically important institutions that can be considered “too big to fail” like the traditional financial system, it does have a concentrated interest in a few companies that make navigating the ecosystem much easier.
At the same time, the likes of Coinbase are transitioning into an institution facing company as well. Binance, as of now, is focusing its effort into developing the retail space.
It wouldn’t be surprising if Binance announced that they were launching a custodial arm with OTC trading services, but this isn’t expected for the time being given their trajectory thus far.
Binance has acted responsibly throughout its history, even cushioning investors from losses during the hack earlier this year where 7,000 BTC was siphoned out of their hot wallet.