Shanghai Based Binance Exchange Making Big Waves in China
Binance, a new Shanghai-based digital asset exchange has been on the minds of many Investors as the Exchanges coin (BNB) continues to make explosive gains running up the charts from a dime on August 1 to recent highs over $2.
The Binance Exchange which stands for “Binary or Bit and Finance” meaning integrating digital technology with finance is China’s fastest growing digital asset exchange and one of the fastest exchanges in the market today . It provides a clean and professional trading interface powered by a noticeable fast matching engine capable of processing 1,400,000 orders per second. Binance deals purely in crypto and does not deal in fiat currency which means a lot fewer regulations for now. The Exchange is currently offering two trading screens, one regular, and the other Pro.
Binance was founded and is led by industry veteran CEO Changpeng Zhao who was also the co-founder and CTO of OKCoin, technical director of Blockchain.info, founder of FXI Information Technology Co., Ltd., and Head of Technology of Bloomberg Tradebook Futures in previous roles. Mr. Zhao is the founder and CEO of Beijie Technology which provides cloud trading system services for over 30 other exchanges and has a yearly income reaching 36.1 million yuan which is around $5 million USD.
The Binance Exchange has been busy promoting their homegrown exchange which utilizes the company’s tried and tested platform and adding new crypto assets such as EOS, NEO, SNT, QTUM, BCC, BNT, GAS, BTM ontop of the existing assets such as BTC, ETH, LTC, and of course the Exchanges coin (BNB) Binance plans to earn revenues from a 0.2% fixed fee per trade as well as withdrawal feels, listing fees, margin fees and other fees such as automated algorithmic orders.
Holders of Binance (BNB) tokens are eligible for fee discounts, currently set to 50% when fees are active. Binance has also begun offering zero trading fees until August 27th to encourage prospective clients.
Binance just finished the (BNB) ICO July 2 with a successful raise of 100 million Binance Coin (BNB) ERC20 tokens or around $15 million USD and attracting legendary bitcoin Investors Matt Roszak and Roger Ver. The (BNB) token has a strict limit of 200 million which will never be increased according to the Company and runs natively on the Ethereum blockchain. The BNB token can be used to receive a discount for any fees on the Binance platform, Gas for Binance advanced features, and Gas for the decentralized exchange. The development team behind Binance stated at the launch of the (BNB) token:
“We think this will be an ultra competitive space. There are probably hundreds, if not thousands of teams wanting, planning or doing exchanges. The competition will be fierce. But in this age, this is a common risk in any decent concept/start-up or a mature company. The question is: given our team, track record, experience, industry resources, and product, do you believe we stand a better chance than the rest of the pack?”
Binance said it used 35% of ICO funds to build the Binance platform as well as perform upgrades to the system such as training and team recruiting. Another 50% will be used for Binance branding and marketing such as promotion and education and 15% will be kept in reserve to cope with any emergency or unexpected situation that might come up.
Currently trading at a $241 million market valuation Binance (BNB) has a Circulating Supply of 100,000,000 BNB and is ranked 27th by market cap. (BNB) is considered an asset as opposed to a cryptocurrency and the token reflects and follows the strength and importance of the Binance exchange which is said to have a superior trading interface much fast and cleaner than the competition. This bodes weill indead for (BNB) as the Binance exchange with its top notch management team and huge plans going forward continues to make big waves in China.
Know affectionately at ‘Bitcoin Jesus’, Ver was an early investor and promoter of Bitcoin. While one of the five founders of the Bitcoin Foundation, in 2017 Ver was an avid supporter of the Bitcoin hard fork to create Bitcoin Cash. Ver was central to opposing Bitcoin Cash’s hard fork in 2018 (creating Bitcoin SV), and has recently taken to Facebook, giving away BCH to encourage adoption.
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