Binance Soars Into Top Spot; Many Crypto Exchanges Remain Impeded
Incredibly, it has taken all but 5 months for Binance to become the world’s leading crypto exchange based on trading volume ($USD). Based out of Hong Kong and Japan, Binance is a digital asset exchange that is less than half a year old, having launched on July 14.
Founded by a team of fintech and cryptocurrency experts, the company is executing at a proficient level; listing countless cryptocurrencies and trading pairs, amongst other things. Leading the team is CEO and founder, Changpeng Zhao, who boasts a wealth of past experience within the blockchain space. In commenting on their recent achievements, he remained cognisant of Binance’s long-term vision:
“Our focus has always been and will continue to be providing our users with the most secure, fast, and efficient way to exchange digital assets.”
The widespread adoption of the trading platform has accelerated this month in particular. It took Binance until December 7 to register their first million users (or, Binancians). Incredibly, December 19 marked the day that the cryptocurrency exchange celebrated registering over 2,000,000 Binancians. Only days later on December 24, that number had surged past the 2,600,000 mark.
The token coin of Binance, called the Binance Coin (BNB), has unsurprisingly benefitted from this same influx of demand. Just today, a tweet from Mr. Zhao revealed that BNB had surpassed a market cap of $1 billion for the very first time. Remarkably, this represents more than a hundredfold spike in both the unit price and market cap for BNB since August 2, according to CoinMarketCap.
BNB can be used to pay for any fees on the Binance platform including exchange, withdrawal, listing, or any others. When the cryptocurrency is used to pay for such fees, users receive a discount rate of 50% for the first year, which halves each subsequent year until no discount is enjoyed in the fifth year. BNB is set to play a central role in Binance’s eventual release of other projects related to things like margin trading, ICOs, and a decentralised exchange.
The recent ascension of Binance has been made easier by the fact that numerous popular cryptocurrency exchanges have faltered in light of the recent overwhelming demand for their services. Today, the latest of those was Bittrex, headquartered in Las Vegas, whose members complained about being unable to withdraw money from their accounts.
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