- Binance may be one of the newer exchanges in the crypto space, but it has already taken a large market share
- Binance was ranked in the top 3 crypto exchanges by volume after just 143 days
- It has big plans for expansion
In terms of crypto exchanges, Binance is one of the youngest around, but don’t let its youthfulness fool you. Binance was founded in early 2017 by Changpeng Zhao. In July 2017, Binance held an ICO for its BNB token – which gives its holders 50% off fees on the trading platform – with it raising $15 million in funding. And it has its eyes firmly at the top of the tree.
A Quick Rise to the Top
According to data from Coinmarketcap, after just 143 days Binance was ranked as one of top three crypto exchanges globally. Since then, Binance has jostled with OKEx for second place on the 24-Hour volume rankings. At the start of 2018, Binance was recording over 100,000+ new users per day.
One of the key factors that has helped propel Binance from new kid on the block to top dog is its powerful exchange engine. It has the ability to handle 1.4 million orders per second. This unparalleled exchange power, combined with its ability to host 20 million users, and multi lingual support has made Binance a favorite amongst the people.
Leading from the Front
Binance isn’t one to shy away from adding new features that no other platform is implementing. Its BNB tokens come with a wide range of uses. Two of the most notable features of BNB are a 50% discount when using the tokens as the currency for exchange fees. This is on top of the ability to take part and make investments in the Launchpad ecosystem of Binance.
In addition to the versatility of Binance’s BNB token, they also list new cryptos at an incredible speed. Whilst some exchanges have come under fire lately for refusing to add popular cryptos, Binance is more than happy to accommodate for new cryptos. The reality is that – unlike other exchanges – Binance has shown that it’s all about giving the customer what they want!
These two features set Binance apart from the crowd and are the driving force behind the exchange’s meteoric rise to the top.
11 New Coins in Six Weeks
In a recent interview, Chanpeng Zhao (Binance CEO) said he has decided to slow down the listing of new coins on the platform to let other exchanges catch up. However, recently it seems he has decided to speed things up again, with the addition of 11 new coins to the exchange.
“We slowed listing of coins deliberately for a while, mainly, for other people to catch up, for other exchanges to catch up, but now I think we’ll go and push again,” Zhao said.
The 11 new coins listed on Binance are:
• Pundi X (NPXS)
• Siacoin (SC)
• Streamr (DATA)
• Nexus (NXS)
• SingularityNET (AGI)
• IoTeX (IOTX)
• Theta Token (THETA)
• Civic (CVC)
• ZenCash (ZEN)
• Augur (REP)
• Bytecoin (BCN)
Binance is on the Move!
Following crackdowns from the Japanese government, Binance has announced it will be moving its operational base to Malta. Malta has a crypto-friendly framework and legislation in place, which has attracted much attention from the crypto industry. Reports also suggest that Binance is working on a decentralized exchange that will be launched in the coming months. Clearly, Binance is going to be an exchange to watch in the coming years.