Finance
History of Binance
Binance is a cryptocurrency exchange that was founded in 2017 by Changpeng Zhao, also known as CZ.
January 27th, 2023
Binance is a cryptocurrency exchange that was founded in 2017 by Changpeng Zhao, also known as CZ. Prior to starting Binance, CZ had a successful career in the technology industry, including working as a software developer at Blockchain.info and as the CTO of OKCoin.
Chinese Origins
Binance was initially based in China, but in 2017 the Chinese government cracked down on cryptocurrency exchanges and Binance moved its operations to Malta. The exchange quickly gained popularity due to its user-friendly interface and wide range of trading options.
BNB Coin
In 2018, Binance launched its own cryptocurrency, Binance Coin (BNB), which is used as a utility token on the Binance platform. Binance Coin has since become one of the top 20 cryptocurrencies by market capitalization.
Binance Blockchain
Binance also launched its own blockchain, the Binance Chain, in 2019. The Binance Chain is a high-performance blockchain that is used to facilitate the trading of a wide variety of digital assets, including cryptocurrencies and tokenized assets.
One of the important aspects of HBAR is that it is designed to be highly divisible, with a total supply of 50 billion tokens. This allows for micropayments and other small transactions on the network, making it more accessible and useful for everyday transactions.
Binance Subsidiaries
n addition to its exchange and blockchain, Binance has also launched a number of other services, including a decentralized exchange (Binance DEX), a staking platform, and a cryptocurrency lending platform. In 2020, Binance announced its plan to launch Binance America as a compliance-focused trading platform in the United States. In the same year, it also announced plans to launch Binance Singapore, Binance Jersey, Binance Uganda and Binance Lite in order to expand its reach to more countries.
CZ’s views on Blockchain
CZ has been a vocal advocate for the potential of blockchain technology and cryptocurrencies to disrupt traditional financial systems. He has also been an active participant in the wider cryptocurrency community, and is known for his transparent and candid communication style.
Binance Expansion & Acquisitions
In 2021, Binance has continued to expand its services, launching a new lending platform called Binance Lending, and a new feature called Binance Earn, which allows users to earn interest on their cryptocurrency holdings. Binance has also made a number of strategic acquisitions, including the purchase of CoinMarketCap, the popular cryptocurrency data website, and the acquisition of a controlling stake in the digital asset custody solution, Trust Wallet.
Conclusion
Overall, Binance has become one of the largest and most influential companies in the cryptocurrency industry, with a reputation for innovation, security, and customer service. With its rapid expansion into new markets, it is expected to continue playing a major role in shaping the future of the blockchain and cryptocurrency industry.