Binance is a cryptocurrency exchange with a focus on the Chinese market and other Chinese coins. Currently, it supports English and Chinese users and there is a possibility to expand to Korean and Japanese in the future. The Binance token (BNB) was created during the ICO event to fund the development of the Binance exchange.
Makes trading in China easier
Binance (combination of binary and finance) deals with digital assets to digital assets, allowing it to bypass issues in dealing with the Chinese government that might plague other digital to fiat and vice versa exchanges.
Trade volume (as of 29/08/2017): 3.8 mil USD
Features of Binance
- High performance – capable of processing 1.4 mil orders/second
- Multi-language support – Chinese, English, Korean, Japanese
- All major coins available – BTC, ETH, LTC, BNB etc.
- Only 0.1% trading fee
Partnerships with Other Chinese Coins and ICOS:
One of the advisors for Binanace is Da Hong Fei – The founder of NEO. This means that there is a strong partnership between Bianace and NEO. Currently, Bianace is the only exchange that gives NEO GAS for holding NEO on the exchange. The exchange takes a snapshot of the NEO balance on a daily basis and will distribute NEO GAS based on the snap shotted balance.
The Binance Exchanged was financed through an ICO that was held on the 14th of July 2017. A total of 15 Million USD dollars were raised during the event. Here are achieves for the Whitepaper and the ICO page.
Binance tokens were issued to project supporters. The token has 3 major features:
- Exchange Fees: Binance tokens can be used to reduce fees for trade costs and commissions. Currently, Binance has a 0.1% trade fee and 50% of the fee can be paid in terms of Binance tokens.
- GAS: Binance will eventually feature advanced features that require GAS. BNB tokens can be used as GAS to power these advanced features.
- Staking: Binance eventual want to develop a decentralized exchanged. The BNB tokens will eventually be used on this exchange to stake transactions.