The ever changing crypto market has seen a lot of ups and downs, but thriving in the such crypto market for a longer time is no ordinary thing. “Binance Exchange” is the best example as it has bloomed from a small start-up to number one exchange with respect to the trading volume in the span of two years and has served an average trade of $2Billion USD per day.
It may be astonishing for us but we need to delve into the rise of Binance and why it is popular in order to understand how Binance exchange is harboring well in this competitive and unpredictable market.
History of Binance
Binance was not created abruptly. The founder and the CEO Changpeng Zhao, had his set of experience in the Crypto world before launching Binance in the year 2017. Changpeng was an expertise in building software for brokerages and Exchanges. Along time he got up with blockchain technology while working for blockchain.info in the year 2013. Later, he Co-founded OK Coin, a Chinese Exchange with which he raised near to $15 million in 2017 to launch Binance Exchange.
His previous experience in the Cryptoworld allowed him to make out the need of Crypto users and also the working tactics in Crypto space. This puts the exchange far higher than any other as it was developed based on the requirement of the customers.
Launch of Binance
The timing launch is something that has to be spoken about. By launching the platform in the mid-2017 it was able to add up and attract new users as the bull market started to take hold. If the launch has happened nine months later than that, probably it would not have grown into a mighty Exchange.
Not only that, the CEO of the company was able to make up a team that arranged and supply the infrastructure Binance needed in order to meet up the market demand. This allowed Binance to scale near to three million users in the first six months of launch.
The Way Binance Operates
Just the way mentioned before prioritizing customers need was the first success step of Binance. For Instance, after the launch of Binance, the Chinese government made strict rules that instructed that all ICO (Initial coin offering) Exchanges return funds to their investors and shut down all exchanges.
But Binance went a step ahead by refunding all the original assets at the original investment rate to the Binance users.
This gave a way for Binance to gain a loyal following from crypto community from around the world.
Other features such as
- Allowing only Crypto to Crypto trading
- Adding new assets
- BNB Coins
- Initial exchange offering
- Best User interface
were also the main reason for the popularity of Binance