Binance Cryptocurrency Exchange has always been an industry leader, owning the biggest blockchain ecosystem and the Binance Smart Chain (BSC) network. With an average daily trading volume of 1-2 billion, Binance supports 385 cryptocurrencies, including Bitcoin and other altcoins. It offers a wide range of products, including BNB tokens and a crypto derivative platform launched in September 2019 known as the Futures platform. The Futures platform started with a single Tether (USDT) margin. Today, it has expanded its offerings up to 180 pairs, out of which 107 are USDT or Binance USD (BUSD)-margined futures contracts, 34 are coin-margined futures, and 36 are Binance leveraged tokens.
As per CoinGecko, the Futures market witnessed a record open interest of $10 billion. Thus, it has grabbed the leading position beating several other derivative platforms like FTX, Bybit, etc. Thereby, the Futures platform has managed to be the topmost bitcoin futures exchange making a global contribution of $4.33 billion.
Besides this, Binance P2P has now added two new payment methods for trading crypto tokens with Laotian Kip (LAK). These are BCEL and M Money, which would now enable users to purchase and sell crypto with fiat currency. These payment methods would also facilitate fiat money transactions between users.
Binance was founded in 2017 with an initial coin offering of $15 million. Ever since its launch, Binance has only continued growing over the years. The credit of its success goes to Binance’s low trading fees, referral program, the BNB token’s popularity, and the Community Coin per Month program. On the other hand, more than these merits, experts believe that it is the constant innovativeness of Binance that has made it a world leader among other cryptocurrency exchanges.
The Binance CEO, CZ, in his 2021 new year message, shared his reflections about 2020 with the Binance community. He addressed the Binancians saying that he feels they are still at the foundation level of building making and are yet to design the floors above.
In his letter, he mentioned that the average daily spot trading volume rose by 36% compared to the previous year. A similar significant increase was observed in the 24-hour spot trading volume. This, he believes, is due to the addition of more advanced products and opportunities by Binance. Binance added several new offerings last year, like Binance Earn, Binance Pool, and introduced DeFi Staking and Binance Liquid Swap. They also launched the Binance Smart Chain network to address challenges related to the rise of DeFi and other blockchain-based solutions. Additionally, Binance also created the Binance Innovation Zone. Thus, Binance keeps evolving, and this is what keeps it ahead of its competitors.