Binance is a cryptocurrency exchange that was founded in July 2017 and has since become the world’s largest based on trading volume. Binance strives to make cryptocurrencies more prominent in global finance. The name Binance was chosen to portray this new way of looking at global finance, which is known as Binary Finance or Binance.
Binance is not only the world’s largest cryptocurrency exchange, but it has also created a vast ecosystem of services for its customers. The Binance network includes the Binance Chain, Binance Smart Chain, Binance Academy, Trust Wallet, and Research projects, which all use blockchain technology to bring new-age finance to the world. Many of the Binance sub-projects’ operations are dependent on the presence of BNB.
Binance’s founder and CEO is Changpeng Zhao. In 2001, Zhao joined Bloomberg as head of tradebook futures development. He spent four years at Fusion Systems before moving on to become a partner with Bloomberg.
From 2013 to the present, Changpeng Zhao has been significantly involved with blockchain technology and cryptocurrencies. He served as the head of development at Blockchain before founding BijieTech in 2015. In 2017, Zhao officially launched Binance, and he has led the company since then.
He Yi is a co-founder and chief marketing officer at Binance. Beginning her career path in 2012, she started as a TV anchor and presenter on China Travel TV. In 2014, Yi decided to venture into the entrepreneurial world by co-founding OKCoin; At that time, it was the largest fiat-to-crypto exchange located in China. Three years later she met Changpeng Zhao which led to their collaboration of creating one of the biggest crypto exchanges globally — Binance.
Binance is an innovative company that has created a number of blockchain-based networks. The company’s crypto exchange is the leading in several countries, and their side organizations are gaining significant attention as well.
Binance’s development mentality is one of the main competitive advantages it has. While Binance began only as a cryptocurrency exchange in 2017, today the company has expanded its offerings to several sectors. The company’s aim is for Binance to become the infrastructure services provider for the entire blockchain ecosystem, according on its website.
The volume has grown not just because the platform is new, but also because of the increased interest in Binance Coin from traders. The price of BNB rose dramatically in January 2021, putting it on the radar of business investors.
The recently improved BEP-95 tokens make Binance even more deflationary. By following the proposal, gas fees have become lower as well, since a part of the fees are burned to decentralize the network even further. The proposal was created after taking inspiration from Ethereum’s popular EIP-1559 standard.
Although there have been hacking incidents in the past, such as a $200 million exploit of Pancake Bunny and Cream Finance, people continue to use Binance for its lower fees and wider variety of meme coins.