“Learn about blockchain like you did with algebra. Actually, it’s more fundamental like 2+2=4. You are gonna need it for future jobs.” -Changpeng Zhao, Founder and CEO of Binance
As the world’s largest cryptocurrency exchange (by trade volume) , it is necessary that we talk about Binance. Since the platform’s beginnings, they have made themselves a strong presence and have been the largest exchange for the past 3 years. This comes with no surprise when you look at the platform and the man behind the vision, Changpeng Zhao.
Zhao had started in the computer/ economic realm in 2005 when he created a more efficient trading system for stock exchanges, then moving to create software for futures trading, and into the crypto sphere in 2013 helping to lead blockchain.info, and then spending some time at OKcoin. It’s no wonder why His platform was so successful: he had experience in early very successful trading and crypto trading projects, not to mention the ban of cryptocurrency trading in China at the end of 2017 which only fueled the innovator’s motives and visions even more. It was a little before the birth of Binance when he saw the growth of the blockchain market when he decided to make one of his own, resulting in BNB and the Binance BlockChain. A mere 165 days after the birth of the network in July of 2017, it became the largest by trading volume in the world, and hasn’t given up that title since.
Binance is a decentralized blockchain, exchange platform , wallet and educational community. They offer a ton of educational resources, intending to be sort of a one-stop-shop environment to those seeking to trade and learn. Whilst offering users over 120 coins on their platform (Including their own stablecoin (BGBP) to minimize volatility), ease of use for traders, an open source encyclopedia of blockchain and cryptocurrency, they support the help of individuals to start and invest in their own or other cryptocoin projects! Binance’s wallet is a secure and efficient storer, sender and receiver of currencies. They also give the option of using a bank or debit cards to purchase assets. The exchange even has a non-profit philanthropic organization focused on blockchain technology and sustainable development as well.
With people working day and night (literally, because they’re around the globe) to innovate, grow and improve the platform and crypto sphere, as well as the rock solid foundation set forth by the creator’s genius and ambition, it’s clear to see how and why this entity has done what few have done in such a short amount of time. Although falling victim to a rather large hack in 2019 where they lost 7,000 BTC, as well as facing accusations of exploiting and deceiving investors with the platform, Binance continues to look forward, offering opportunity and taking advantage of the opportunities that lie before them. The crypto/ blockchain realm is here to help the individual around the world take control of their financial lives and to help the transfer of data be more private, respected, valued, efficient, secure and useful to all, and that is what Binance has set out to do.
We hope you enjoyed the read! Keep coming for more info on other exchanges and for more on the free market. Send us your feedback, suggestions or questions and look out for another episode of the OTFM Podcast next week.
