CryptonewsZ Raises a Toast to the World’s Largest Crypto Exchange
Legendary icons don’t need much of an introduction. And so is the case with the world’s leading crypto exchange- Binance. With 1.2 Billion average volume daily, more than 1,400,000 transactions every second, and the customer support that is available every minute of every single day, Binance’s passion, competitiveness, capabilities, hard work, commitment, and drive to do more and more every time; naturally, get proven.
This article is a tribute to the excellence which this platform has brought to the crypto industry. With services that understand the micro needs of the users, and with a vision that drives the entire crypto sphere, Binance is a sure benchmark to check when it comes to inspiration, innovation, and growth. Founded in 2017, the crypto exchange has offered several benchmarks that dictate the quality standards in the crypto industry. Let us have a look at the stunning journey of this crypto-genius platform, on the occasion of its second birthday!
Lions never back down, neither did Binance after the infamous BTC Hack-
It’s not that the strongest ones never get injured. What makes them the strongest is the ability to get back up again on their two feet as quickly as possible.
The hack- Two months ago, Binance faced a crypto hack of 40 million BTC due to a data breach. This resulted in the theft of API keys, two-factor codes, and other sensitive information. The hackers managed to steal 7000 BTC to their personal wallets.
The immediate reaction of Binance- When the hack was noticed, the company immediately froze a few features temporarily to conduct security scrutiny. The services of withdrawing or depositing were frozen for seven days to prevent any more stealing. Further, Binance contacted other crypto exchanges for seeking help in tracking down and freezing the stolen cryptos.
Bouncing back with more power and vigor- Binance didn’t let the situation break its back. It stood back up again with more strength after the blow. The company covered for loss of its user-base by supporting it with their own funds.
Further, the CEO of the company, Changpeng Zhao (aka CZ), hosted An “Ask Me Anything” session in order to answer all the questions that were rolling in the air around the situation. It showed the heart of the company to place the users’ concerns before its own injury.
Integrity in the face of challenge- Questions around convincing other network stakeholders to roll back the lost BTC were raised. To this, the company politely explained the situation. Of course, it was possible to do it if we focus on Binance singularly. But the CEO of the company had a bigger vision and a bigger heart when he said how rolling back BTC, despite being very much possible, can actually question the credibility of BTC in return. How many, in today’s time, can scarify personal gains for the sake of integrity?
The Journey of being just a crypto exchange to becoming a ‘blockchain ecosystem’-
With the global vision of inducing greater freedom around money for the customer, the crypto exchange aims at enhancing the quality of life of everyone around the globe. The crypto exchange has always strived to become that platform that offers unmatchable blockchain based services. Since its commencement, it has gone on to introduce great services one after the other. The platform which was once just a crypto exchange can now be confidently called a ‘blockchain ecosystem,’ because of its passion for offering a variety of services and products. Some of the products that you can find of Binance are-
Humility as its root value-
The strength of a huge tree lies in its roots. Similar is the case with Binance. Despite reaching the unimaginable heights in a very short period of 2 years, the company has ensured to stay away from resting on its laurels. The greatness of this company can be understood when we read about the secret of the success of the platform. The company dedicates the credits of its success to ‘people.’ It takes pride in having exceptional talent in its company’s team that works with sheer passion.
What comes under the umbrella of the Binance Ecosystem?
Binance is not called Binance Ecosystem without any reason. It offers exceptional services such as-
Let us start from where this ecosystem took off into the sky. It has earned the title of world’s largest crypto exchange based on the trade volume it conducts every day. One can find live rates, recent fluctuations, buying and selling prices of more than hundred cryptos on this platform which include- BNB, ETH, BTC, BCH, LINK, LTC, ADA, TRX, and so on. Other features include-
- Fast performance-
It is also considered the fastest among all its competitors. The platform offers steady and a solid performance of trade that can support more than 1,400,000 orders every single second! It stands solid and performance is never compromised even in the peak time.
- User-Friendly services-
The platform offers customer-centric services that prioritize the user’s comfort of using Binance. This ensures that trading with Binance becomes easy. It supports the users with quick-guide on how to get started for crypto trading in no time
This is the key ingredient that glues the users to the platform down the years. Loyalty is earned through persistent quality services that are safe in all circumstances. The platform offers security through the following features-
- “Multi-Tier” and “Multi-Cluster” System.
- “Secure Assets Funds for Users (aka SAFU) services for the users.
Further, the Binance exchange extends itself to the users in the form of apps to make trading accessible to the users round the clock. For the convenience of the users, Binance offers various apps for mobile, laptop, and desktop. They are-
- Android Mobile Apps,
- iOS Mobile Apps,
- MAC operating system based apps, and
- Windows operating system based Apps.
Further, to make the process even more simple and efficient, the platform offers a very effective API that helps in seamlessly integrating the trading apps with Binance. Still, if the user faces any doubts or has any query, then he or she can get support from the Binance Support Team. No question is too small to be raised. The support team caters to the users of the 24/7 basis.
Binance believes in the type of growth that takes everyone forward. In order to promote mass adoption of crypto, and to deepen the roots of the crypto industry further, the platform offers Binance Academy, which is an open learning platform for knowledge about everything related to blockchain technology and cryptocurrency.
Binance offers- ‘Info.’ It is basically an encyclopedia which is all about cryptocurrency. It is an open platform where information about crypto is stored. It is open for everyone to contribute.
Binance is a highly successful company with its heart in the right place. Through Binance Charity, which is a not-for-profit foundation, Binance supports philanthropy and activities related to international sustainable development, which is backed by blockchain.
Binance Labs is a place where all the blockchain based innovative projects come into existence. It is a “social impact fund.” Its main objective is to support crypto entrepreneurs, projects as well as communities. It supports entrepreneurs through direct funding, developing market strategy, token distribution, in-depth technical review, hiring of talented people, etc.
It is the best platform for launching the most exciting crypto token projects. Entrepreneurs can make use of it to see their dream project come to reality.
Strong growth graphs come to reality through strong background research. Binance does it very skillfully. It offers “institutional-grade” research reports. These reports are packed with detailed data, smart insights and intelligent market patterns, stern analysis for investors, and so on. In short, this research can be christened as the crypto-trade-Bible.
The native crypto wallets of Binance are called ‘Trust Wallets.’ They are decentralized, multi-coin crypto wallets and offer absolute security. They come with features such as-
- They are available for both Android and iOS users. The wallet can be easily downloaded from the Apple Store and the Google Play.
- It offers tight security for your funds, as the private key is stored locally. Further, there are several safety layers to ensure added security. Further, the platform never looks into the user’s sensitive information.
- You can find various leading cryptocurrencies that are supported by this wallet. Some of them include- ETH, BTC, XRP, TRON, XLM, BNB, and so on.
- Trust wallet is in perfect sync with Binance DEX and Kyber Network.
- This crypto wallet is also compatible with all kinds of ERC 20 tokens on Ethereum network. It also supports BEP2 on Binance Chain.
It is a blockchain software system. The driving forces behind this software are community, developers, and contributors. The user can send or get crypto assets on this platform; one can also release token on Binance chain. Also, the user can burn or freeze tokens, and so on.
The types of wallets which are initially supported on Binance Chain are given below. Other users who have access to Binance Chain explorer, web wallet, public data nodes, APIs, and trading will be allowed to start at a later date.
- Trust Wallets,
- Magnum Wallets,
- Coinomi Wallets,
- Atomic Wallets,
- ZelCore Wallet,
- Infinito Wallet,
- Ellipal Wallet,
- Guarda Wallet, and
Based on Binance Blockchain, the company has come with a decentralized exchange, which is called- Binance DEX. Binance DEX was launched on 23rd March, this year. Here the users can freely own their private keys. This gives them full control over their funds. It is a peer-to-peer platform where the traders can interact with each other directly. The decentralized exchange is based on “Tendermint Core,” which is a very powerful blockchain engine. The unique point about Binance DEX is its capability of matching with one second block time.
The main objective of Binance DEX is to offer “trustless and transparent financial system, greater power, and control in the hands of the user, and freedom in the community overall.” The platform along with supporting several other cryptos supports BNB, which has recently migrated from ERC 20 to BEP-2.
Binance Native Coin ‘BNB’-
Binance Coin or BNB is issued by Binance exchange. BNB was launched in July 2017. It has a limit of 200 million BNB tokens. One can be used for paying the trading fee, exchange charges, listing charges, the user can also invest in Binance launchpad backed ICOs on the platform. Using BNB offers the user a fifty percent discount on the platform on trades. This discount halves on an annual basis and expires after five years. The crypto coin is supported by various other platforms such as Uplive (where virtual gifts are sold for BNB), other mobile apps, VISA debit cards of Monaco, and so on.
The company has also declared repurchase plans and token burning plans after reaching 100 million BNB tokens. Such moves talk about the sustaining the value of the crypto token, and it also points as the profitable run of the BNB token.
DOGE on Binance-
Binance, on 5th of this month, listed DOGE (Dogecoin) on its platform. It also opened the trading of the coin with trading pairs-
- DOGE/PAX, and
The platform does not charge any fee for listing DOGE. Soon after this listing, the crypto-coin gained good profits. Back in May, the crypto was also supported by Coinbase to its crypto wallet- Coinbase wallet.
Extending a hand to the others-
End of Period poverty with ‘Binance Pink Care Token’-
It is an initiative by the Binance Charity Foundation which has been recently launched. Forty-six crypto-based companies have come together to support this cause. The main objective of this move is to support the underprivileged young women around the globe to fight the period-related challenges that come due to poverty. The charity amount will be used for offering sanitary napkins to these women. CEO Changpeng Zhao started a ‘photo challenge’ on Twitter. The initiative requests Twitter users to support ‘Binance Pink Care Token’ for supporting the noble cause.
The cherishable mix of heart and brain-
In today’s time, crypto platforms such as Binance, are a must for the overall development of our society. Not only do such platforms bring in more business and development to world economics, but such platforms also lead the industry by example. Along with being the world’s leading crypto exchange with a heart that actually works to uplift the society through endeavors such as ‘Binance Pink Care Token’, Binance Launchpad, Binance Research, Binance Charity, Binance Academy, or simply bouncing back up after the major blow of crypto hack; it is definitely a rare combination to find, and most certainly- a highly valuable mix to cherish!
On this note, we would like to wish Binance a very happy second birthday! We are equally proud to celebrate the achievements of this remarkable crypto exchange, and wish for many successful years of this wonderful boon to the crypto industry!