From Trading Platform to an Incubator Program, Binance Set to Dominate Beyond 2019

From Trading Platform to an Incubator Program, Binance Set to Dominate Beyond 2019

Binance

The growth within the digital currency exchange sector has been stupendous. With Bitcoin prices ever cyclic and characterized by boom and bursts in the last ten years, savvy entrepreneurs continue to sink their monies into this core infrastructure which according to a Cambridge Report is the largest in the crypto realm and continues to hire more employees as the race for dominance heats up.

Types of Digital Currency Exchanges

For the uninitiated, a crypto exchange is an on-off ramp where traders or investors can buy and sell digital currencies. Because of regulatory involvement, most exchanges offer crypto to crypto services while a handful allows investors to buy or sell crypto for fiat. There are three types of exchanges: order book exchanges where the platform acts as an order matching engine, brokerage service—this platform allow users to acquire cryptocurrencies at given prices no matter prevailing conditions and lastly, a crypto trading platform where traders can conveniently trade as it links several exchanges in a single interface. These platforms may allow margin trading while simultaneously listing crypto derivatives.

How Binance will Dominate

Of all the exchanges, Binance is the world’s largest digital currency exchange despite launching just over a year ago. Initial bases were in China, but following the crackdown of ICOs and crypto exchanges from Q3 2017, Binance shifted their headquarters to a Malta. It is from Malta where it flourished, offering a diverse number of trading pairs and services, allowing ICOs to list their assets while retaining a simple and intuitive trading interface. Besides, fees are comparatively low. Let’s also not forget that Binance has a five percent stake in Founders bank further breaking down the barriers between fiat and crypto worlds.

Binance Chain and Plans of a DEX

Even with that, Binance’s competitive advantage is not on fees, the speed of trade execution and the likes. Instead, it is their dedication to rolling out meaning services and/or solutions for the benefit of the crypto sphere. At no time will Chang Peng Zhao, the CEO, make demeaning or disparaging comments about competitors neither will he lash out at critics. Within a year, Binance has announced Binance Chain.

According to the official announcement, the new blockchain will aid in driving adoption. Technically, it will be a launching pad and Ethereum’s competition from where projects can easily issue tokens. Binance is gradually cementing their position in the space and a fitting appendage to further attract client is their plans of a fast and easy-to-use decentralized exchange (DEX) complete with a block explorer and fast transaction execution. Like every DEX, users will have control of their funds.

Wonders of Binance Labs and Academy

Furthermore, the exchange is a source of inspiration for developers keen on rolling out blockchain based products. Through Binance Labs which launched in October 2018, the exchange promise to help between 8-10 startups per quarter. To fast-track innovation, Binance promised to set aside a $1 billion social impact fund. The fund is an initiative to inspire and empower crypto entrepreneurs, communities or projects. The fund shall invest $500,000 in every chosen company for a 10 percent stake and incubate them for ten weeks. Together with Binance Academy, novices and experienced investors or traders can learn all the nitty gritty relating to the blockchain, crypto, offerings, and other technical blockchain jargon.

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