As most cryptocurrency exchanges based on poor architectural infrastructures struggle to scale during bitcoin’s meteoric rise, Binance has been rising to the podium less than a year after launching, as it recently surpassed the 1 million user mark.
According to data from CoinMarketCap, pure cryptocurrency exchange Binance recently made it to the podium amongst exchanges, as it hit a 24-hour trading volume of over $1 billion. The number of traders using the platform has also been rapidly increasing.
Notably, Binance made it to the top 3 a mere 143 days after launching in July 2017, and continues to make remarkable progress. Binance currently has BTC, ETH, BNB, and USDT trading markets available, meaning the platform has hundreds of trading pairs.
As mentioned above, various cryptocurrency exchanges have been suffering outages amid Bitcoin’s surge to a new all-time high, while Binance has seen thriving thanks to its matching engine is capable of sustaining 1.4 million orders per second, coming from 20 million users simultaneously using the platform. This means that traders who used Binance during Bitcoin’s surge didn’t miss out on anything.
Moreover, the exchange’s customer service is available 24/7 in both Chinese and English, effectively guaranteeing users know their money is taken seriously. On various occasions, users have taken to social media and other platforms to show how happy they are with the exchange.
The BNB token
Binance was launched through an ICO, in which investors got a token called the Binance Coin (BNB) in exchange for investing in the company. As per its whitepaper, Binance uses 20% of its profits each quarter to buyback and burn BNB, until 50% of the cryptocurrency’s total supply is burned (100 million). For the September 2017 quarter, Binance burned a whopping 986,000 BNB tokens with 20% of its 1st quarter profits.
The BNB token has surged 40% in the last few days, as the token itself can be used in various ways. The BNB token is the underlying gas that powers Binance’s Ecosystem, and as such can be used to pay for trading fees on the exchange while giving users a 50% discount on traders (during its first year), can be used to invest in ICO project on the Binance Launchpad, and can be used to pay for service and advertising fees on the Binance Info platform.
More is set to come in the future, as the company’s professional team, led by high-profile bitcoin enthusiast Changpeng Zhao, keeps improving the Binance Ecosystem. To make sure you don’t miss out on anything, follow Binance on Facebook and Twitter, and subscribe to their Subreddit.
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