What Is Binance?
Binance is one of the world’s biggest cryptocurrency exchange ecosystems. Founded in July 2017 by Chinese-Candian computer developer Changpeng Zhao (also known as CZ), Binance has grown from a simple exchange to incorporate a range of cryptocurrency services and related features.
The platform originated in China, but has since spread throughout the world and focused away from its homeland due to the complex situation regarding cryptocurrency regulation.
From its humble beginnings, Binance has morphed into arguably one of the best-known cryptocurrency exchange venues globally, rivalling industry stalwarts such as Coinbase.
The company has branched out from purely trading-oriented offerings, with spin-offs including Binance Research and token launching service Binance Launchpad.
What Does Binance Specialize In?
Binance seeks to incorporate a wide range of cryptocurrency trading options. Beginning with a simple exchange platform, the company now offers users various tools including leveraged and margin trading, futures and other derivatives based on an ever-increasing number of tokens.
More recently, Binance has become known as a financial brand in itself, thanks to the launch of its in-house token, Binance Coin (BNB).
The company subsequently launched its own token standard, and through various acquisitions has expanded into different cryptocurrency fields, including CoinMarketCap in April 2020.
As one of the largest exchanges in the world by volume, Binance has focused on appealing to as wide a range of cryptocurrency consumers as possible.
Binance Coin (BNB)
Binance launched its native token, Binance Coin (BNB), in 2017, and sold it via an initial coin offering (ICO) in July that year.
The ICO offered a total of 100 million BNB, with a total supply of 200 million BNB. The current supply is under 100 million due to planned token burns.
BNB was initially issued as an ERC-20 standard token on Ethereum. After the launch of Binance’s own blockchain, Binance Chain, these ERC-20 BNB were swapped for native-blockchain equivalent tokens on a 1:1 basis.
BNB had its primary function as a means of paying for trading fees on Binance exchange, but has since taken on a range of other uses. The token has also become popular as a financial asset in its own right, thanks in part to appreciation as Binance has grown and acquired other businesses.
As of November 2020, BNB was the seventh-largest cryptocurrency by market cap, totaling just over $4.1 billion.
What Bonuses Is Binance Known For?
Binance originally offered users discounted trading fees if they chose to pay in its native token, Binance Coin (BNB), having first purchased it in a separate transaction.
The exchange has periodically run various other bonuses schemes, such as one for new user sign-ups in 2019 which contained a prize pool worth 3,000 BNB. Spin-offs such as Binance Futures have offered similar incentive schemes.
Binance makes regular announcements regarding publicity initiatives such as bonus schemes via its blog.