Binance is the leading cryptocurrency exchanges in the world, by volume. It features more than 100 cryptocurrencies that are available to be traded among each other.
Interestingly, Binance has its cryptocurrency called BNB – short for Binance Coin. Binance coin is what fuels Binance universe. It lets a cryptocurrency trader to pay transaction fee in BNB (25% discount on transaction fee if paid in BNB).
Binance has divided its trading platform in following 4 (sub) markets:
- BNB Market: This market is meant for the traders who are willing to trade BNB with other cryptocurrencies.
- BTC Market: This market is specifically for trading BTC (Bitcoin) with another cryptocurrency.
- ALTS Market: Here, ALTCoins (alternative cryptocurrencies launched after the success of Bitcoin) like ETH, TRX and XRP are traded against the rest of the cryptocurrencies.
- StableCoin Market: Cryptocurrencies are traded against stablecoins in this market.
Binance platform has all the features of a regular stock exchange like last traded price, change in last 24-hour, 24-hour high, 24-hour low, Market Cap and 24-hour volume.
But wait! There is more.
Binance is no longer just an exchange for trading cryptocurrencies anymore. Anyone who wishes to use cryptocurrency for making purchases or trading can get it from the Binance platform. It can be purchased with a credit card.
Binance might have started off with just an exchange service in cryptocurrency space, but now they really are riding the blockchain-wagon. Lately, they have launched Binance Academy and started teaching blockchain and cryptocurrency for free. They have covered basics with utmost clarity and for everyone to understand.
Binance is doing their bit by returning to society through Binance Charity. They don’t donate from their end per se, but they accept donations from others and pass it to the less privileged sections of society. The remarkable thing about these donations is that charity done through Binance is recorded on the blockchain. This ensures that it can be verified at any point in time. Donors have full visibility to where their contribution was headed.
Binance is also encouraging innovation through its Binance Labs. They encourage entrepreneurial ideas by supporting them through a 10-week (on-site) period where they help nurturing the idea into a market-ready product through their incubation program. They provide funding to startups with working product through their direct investment program as well. Either way, Binance is doing a great job by empowering innovation in this relatively new technology (called Blockchain).
Just when you think it can’t get better, Binance brings Binance Launchpad. It’s a platform for launching your own cryptocurrency by submitting ICO (initial coin offering). This platform serves cryptocurrency startups by having them launch their tokens and help fund their product. Additionally, the tokens are sold on the Binance Launchpad platform itself.
Binance Research is doing high-quality research and analysis in crypto space, coming up with very helpful insights. Not just that, they publish global market reports every month. In the report, they critically analyze cryptocurrency market performance and other related significant changes that occurred during that period. They also have project reports on their Binance Research, which lets one take a dive deep into some of the world’s leading crypto projects.
Trust Wallet is the multi-cryptocurrency wallet introduced by Binance which is available as an Android and iOS app. Trust wallet supports thousands of coins, including major cryptocurrencies like BTC, ETH, ETC, BCH, XRP, DASH, etc. with new cryptocurrencies being added every month.
Binance Browser & marketPlace
Trust DApp Browser, launched by Binance, is web3 compliant browser that can seamlessly connect to the Ethereum network and interact with DApps (Decentralized Applications). This can also be conveniently accessed from a smartphone since its optimized for any device. DApps submitted by developers, once they are optimized for Trust Wallet and are scrutinized, gets a place in Trust Marketplace.
Binance, started as cryptocurrency exchange service, has now evolved into a full-blown blockchain ecosystem. They have well established their presence in economy and transaction as well as in research and innovation in crypto space which is nothing short of fascinating! Now, it would be interesting to see where they go from here.