Beyond the Exchange: Unraveling the Binance Ecosystem

Ever since the 2017 launch, Binance has expanded the platform's services, and it continues to do so. The world's largest crypto exchange is currently on a roll with upgrades to its products, incredible extra features, and new investment ventures.

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Author: Edith
Last Updated: November 2, 2021
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Beyond the Exchange: Unraveling the Binance Ecosystem

Everyone in the crypto space has come across Binance. However, most people only know about the crypto exchange, even though Binance spans an entire ecosystem. 

Ever since the 2017 launch, Binance has expanded the platform’s services, and it continues to do so. The world’s largest crypto exchange is currently on a roll with upgrades to its products, incredible extra features, and new investment ventures.

The ecosystem’s native coin, BNB, has proven itself a worthy digital asset to compete with the top coins, even after only existing for a much shorter time. 

This ecosystem comprises several products, all of which offer different opportunities for their users. This article seeks to highlight these products and services so that you can become better acquainted with Binance.

So, stick around for some insightful information on one of the largest blockchain projects in the world. 

An Overview of Binance

Binance Exchange OverviewIn 2017, Changpeng Zhao founded what would become the world’s largest crypto exchange only months after its launch, Binance. CZ, as he’s known in the crypto space, had worked at both the Tokyo Exchange and OKCoin.

He had also founded Fusion Systems- a company that provided brokers with high-frequency trading systems. These experiences came in handy when developing the Binance Platform. 

Binance held an ICO in July 2017 that raised about $15 million. At the time, the Binance Coin was built on the Ethereum blockchain, and the project’s investors were awarded BNB tokens.

In 2018, Binance launched its own blockchain, Binance Chain, and BNB moved there. Now, the coin, which was initially designed for the ecosystem, could serve various purposes outside of Binance, a factor that has led to its rapid rise among the ranks. 

Today, BNB is the 5th largest cryptocurrency by market capitalization and is currently valued at $230.71 against its ICO price of 15 cents per token. 

Since its launch in 2017, Binance has been adding new products to the ecosystem. It is now more than a crypto exchange and offers several products and services, which we’ll get into in the sections below. 

Binance Ecosystem Products

Binance now has an average daily volume of 2 billion and facilitates 1.4 million transactions per second. What started as a platform for trading cryptocurrencies has now evolved to offer its users various ways of investing and earning from cryptos. 

All the ecosystem products fall under four distinct categories; blockchain and crypto-asset exchange, investment and fundraising, digital asset research, and support and adoption.

According to the website, the Binance Ecosystem is ‘spreading the freedom of money and building the infrastructure for the blockchain ecosystem.’

So, how exactly does it do that? 

1. Crypto Asset Exchange

The blockchain and crypto-asset exchange only has one product, the Binance Exchange, which is perhaps the ecosystem’s most popular product. The exchange allows crypto enthusiasts to trade their digital coins with their peers on a secure, seamless, and fast platform. 

Binance Exchange

The world’s largest cryptocurrency exchange has over 200 coins listed. The platform allows users to exchange cryptos for other cryptos and even recently introduced fiat to crypto trading. 

Binance Exchange

One of the core elements of the Binance Exchange is the native coin, BNB. During the 2017 launch, BNB was designed to be a utility token within the exchange. Users on the platform qualify for discount perks whenever they use BNB tokens to pay for any trading fees.

Binance has shown its 5-year discount plan for BNB users in its White paper, starting with a 50% discount during the first year, before decreasing by half each year and eventually getting to 0% discount in the 5th year. This incentive was one of the factors that contributed significantly to Binance’s early success. 

Currently, there are 152,532,785 BNB tokens in circulation, which is 91% of the total supply. The coin’s use has expanded beyond the confines of the ecosystem. BNB has various third-party uses, including being used for making payments and booking travel arrangements.

2. Investment and Fundraising

The investment and fundraising category exists for the blockchain community, projects, and entrepreneurs. Through this product, Binance provides a platform for upcoming projects to showcase what they offer, and investors also get opportunities to earn some cryptocurrencies. 

Binance Labs

Binance Labs exists to empower viable products for the decentralized web. It acts as an incubator for upcoming blockchain projects, which the Binance team believes will help grow the larger blockchain ecosystem.

Binance

Binance Labs supports technical teams that disrupt the crypto space and has an impressive portfolio of blockchain projects on its sleeve. BitTorrent, Bitsika, and Capitalise are some notable ones, all of which offer DeFi solutions in different industries. 

Binance Launchpad

The Binance Launchpad is another innovative product that makes it easier for blockchain startups. New tokens can use the Launchpad to hold fundraising events for their launch- IEOs. They can list all details of their project on the Launchpad and have Binance users use their BNB tokens to gain some new ones. 

These fundraising events are held monthly and have helped many blockchain projects have an easier transition to the scene. BitTorrent held the first IEO on the platform and was a huge success.

The event raised $140 million, and TRON, the platform behind BitTorrent, gained 100 million more users to its blockchain protocol. [/su_button]

3. Digital Asset Research

You’ll agree with me when I say that data is crucial in the crypto world. Whether you are a trader, an investor, or just an enthusiast, it helps to have a recent account of the crypto world’s happenings.

The Digital Asset Research arm of the ecosystem provides professional and data-driven insights and analyses, so the platform’s users can make informed decisions. 

Binance

Binance Research

Binance Research is the go-to resource for the platform’s users who need in-depth insights, analysis, and unbiased information on different digital asset industry players.

The platform offers project reports, which contain all the information you would need about particular blockchain projects. It also provides analysis reports based on surveys and other data sources from the crypto space. 

Binance Academy

The Binance Academy is packed with helpful resources to provide users with blockchain and crypto education. It includes various articles that can be helpful to anyone, whether they are a beginner or have been in the crypto industry for a while. 

The interface is easy to navigate, and the ‘Get Started Here’ feature is especially helpful for new users. Instead of roaming through the academy and reading random articles, they receive sequential articles to understand the blockchain and cryptocurrency world better. 

Binance Info

In April 2020, Binance acquired CoinMarketCap, which is used to provide information on various cryptocurrencies. CoinMarketCap is a valuable resource for many crypto enthusiasts who want real-time information on the cryptocurrencies in their portfolios. 

CoinMarketCap currently has over 8000 digital coins listed. It provides information such as the market capitalization, current price, 24-hour trading volume, and percentage change in price for each of these coins. It is, therefore, no surprise that it is the number one price tracking website for crypto assets. [/su_button]

4. Support and Adoption

Another crucial factor in the entire blockchain ecosystem is the communities rallying behind the technology. Seeing as blockchain is a decentralized technology, it relies heavily on the communities formed.

Binance offers two products under support and adoption, which expands global access by building communities through transparent initiatives. 

Binance Charity

Thanks to Binance Charity, users can donate to different worthy projects with cryptocurrencies. The venture is an innovative way of using blockchain technology to reach individual beneficiaries. Binance Charity is a non-profit and takes nothing from donations.

The platform has partnered with some key players in the industry, including TRON and crypto savannah, to raise 1357.70 BTC for 106,643 beneficiaries. 

Binance Trust Wallets

The Trust Wallet is Binance’s official crypto wallet. It provides a private and secure way for users to buy, store, secure, and earn crypto. The wallet is easy to use, and the option of purchasing crypto with a visa or Mastercard is quite convenient. 

Besides keeping your cryptos safe, the Trust Wallet also provides an impressive selection of DApps and charts for different digital coins. It also lets you earn interest on the stored cryptos and exchange digital currencies without leaving the app.

Parting Shot

Well, there you have it! If you only knew about the Binance Exchange, you must be stoked to find out there’s an entire ecosystem behind it. True to its word, Binance contributes to the whole blockchain ecosystem with its broad range of services and products.

The entire ecosystem caters to different needs for players in the crypto world, a significant selling point for the company.

Undoubtedly, Binance is making strides in the crypto space, thanks to its innovative products. We can only wait to see what it will unveil next. 

Also Read: IC Markets Signals Review 

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