Binance Exchange and Token Summary (BNB)

Binance is a crypto-crypto exchange with a focus on the international market and rapid development. Binance has grown tremendously over the past few months, especially with its early adoption over various coins and the large trade volumes for other popular coins. Currently, it supports English and Chinese users and there is a possibility to expand to Korean and Japanese in the future. Binance has recently expanded operations with various regional development teams around the world.

The Binance token (BNB) was created during the ICO event to fund the development of the Binance exchange.

Features of Binance

  • High performance – capable of processing 1.4 mil orders/second
  • Multi-language support – Chinese, English, Korean, Japanese
  • Good support team – Binance support is reachable (rare in crypto space)
  • All major coins available – BTC, ETH, LTC, BNB etc.
  • Low trading fee – Only 0.1% trading fee
  • Early support for Bitcoin Forks – Bitcoin Gold, Bitcoin Diamond were all listed on Binance
  • GAS distribution for NEO – storing NEO on binance yields GAS too!

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.

Interview with the CEO of Binance, Changpeng Zhao

I had the privilege of interviewing the CEO of Binance, ChangPeng Zhao. Binance is taking the cryptocurrenc exchange scene by storm with a massively positive response from both the Chinese and International community.

Binance ICO:

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 Token:

Binance tokens were issued to project supporters. The token has 3 major features:

  1. 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.
  2. GAS: Binance will eventually feature advanced features that require GAS. BNB tokens can be used as GAS to power these advanced features.
  3. Staking: Binance eventual want to develop a decentralized exchanged. The BNB tokens will eventually be used on this exchange to stake transactions.

Sign up to Binance here:

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

Previous articleWAX Token Overview – Decentralized Gaming Exchange
Next articleCrypto Catchup – Christmas edition
Ben is a cryptocurrency China correspondent who loves Bitcoin and Bananas. He has been covering the Chinese cryptocurrency market for the past 5 years and has a deep understanding of the industry. He is passionate about the potential of blockchain technology and its impact on the world economy.

Comments are closed.