Binance Documents Its Progress
Binance, the world’s largest cryptocurrency exchange by daily volume, tweeted today that the company has been “dedicated to providing the highest level of security, reliability and quality.” It then linked to a Medium post that pointed out how the company has improved over time.
Since our inception, #Binance has been dedicated to providing the highest level of security, reliability and quality. Here are some of the ways we’ve evolved to cater to our growing user base.https://t.co/TAbWOs286Z
— Binance (@binance) November 9, 2018
The Medium post begins by explaining that Binance expects more institutional investors to enter the cryptocurrency market than ever, and that the company is taking necessary steps to ensure that it is ready for the influx of investors.
The post first praises the technological foundation for Binance, which has allowed the exchange to remain solid in terms of market activity. One could argue that Binance has a right to boast, considering that it has never been hacked to any meaningful extent. In fact, Binance has set aside a sizable sum – $10 million in crypto – for future bounty awards for Binance hacking attempts.
This is significant considering that there are other major exchanges that have been hacked for millions. Specifically, Japanese cryptocurrency exchange Coincheck and Korean cryptocurrency exchange Coinrail have been hacked for $500 million and $40 million, respectively.
Binance also has received a strategic investment from Vertex Ventures in order to built a fiat-crypto exchange in Singapore. The company pointed out in the Medium post that this was another step in their journey to ensuring more institutional money flow.
July 2018 also saw the launch of tiered trading fee discount programs, offering greater awards for high-volume traders.