Binance is a platform that has taken the blockchain industry to new highs. What the platform does is that it creates a ground where startups in the blockchain economy can flourish. It does this by offering an exchange where up and coming crypto-based businesses can easily launch their coins. Traditionally, there have mainly been fiat based exchanges. These had their own limits and could only be accessed by a select few investors due to the stringent requirements needed to get access to these exchanges.
Binance offers a powerful exchange that has the ability to process over one million orders in one second. This supersonic speed makes it unrivaled in the trading and exchange spheres. As an exchange platform, the site supports all the major cryptocurrencies on their platform. Some of these are BTC, ETH, and LTC. It also supports BNB which is its own coin offered during their ICO.
As an exchange, the platform offers multiple ways through which their clients can trade. These methods include web-based trading, use of Android platform and through the use of IOS just to name but a few methods.
When the platform was launching their ICO, a total of 200 million coins were created. Out of this,100 million were sold to the investors. Once the tokens were sold, one of the key ways of increasing the value of the coins was through buyback. The company had told investors in their white paper that they intended to use 20% of their profits in every quarter to buy back the coins from them and destroy them. They would do this until they bought back 50% of all the BNB in the market. Exactly three months after they launched, the company has fulfilled their promise.
The platform recently bought back close to a million BNB from the market and destroyed them. The value of this was about USD 1.5 million. This is quite impressive for a company that hasn’t been in the market for more than three months. In their recent release, they announced that they had made a profit of USD 7.5 million. Though it hadn’t been an easy ride for them, especially these three months, they still managed to weather the storm and turn a profit.
The exchange has expanded its services and it has also launched the Binance Lab – Blockchain technology incubator that is purely dedicated to enabling ideas, mostly in the pre-ICO stage to grow into full-fledged projects. As a part of the incubation program, the platform helps companies launch their ICOs in a professional manner. Some of the services that the lab provides are Funding, advisory services, resources and an ability to be listed on the exchange.
Binance has also introduced a new referral program to encourage participation of more people while ensuring the benefit of existing userbase. Those referring their friends to Binance through their unique referral links or QR code stand to receive 50% of their trading fee as commission.