Binance is an operator of a blockchain-based cryptocurrency exchange intended to facilitate exchanges at a lower trading costs. The company provides access to digital currency pairs that can be exchanged on the market, while offering security, liquidity, and a safe cryptocurrency exchange. Binance features a strong emphasis on altcoin trading, offering crypto-to-crypto trading in more than 600 cryptocurrencies and virtual tokens, including popular Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own Binance Coin (BNB).
Founded in 2017 by Changpeng Zhao and Yi He, the company moved its headquarters to Malta in 2018, in response to increasing regulations on cryptocurrency in China.
Binance's exchange service allows users to trade over 600 cryptocurrencies. Binance's transaction fees are lower than .10 percent. The company boasts $76 billion in 24-hour trading volume on the exchange and has 90 million registered users. As well, Binance offers NFT purchases and trading, to allow users to get into NFTs with lower barriers.
To increase trust, Binance offers a Secure Asset Fund for Users (SAFU), in which 10 percent of all trading fees are stored in a secure asset fund to protect a share of user funds. And the exchange offers personalized access control, including restricting devices and addresses that can access an account. For the exchange, Binance offers applications for iOS, Android, MacOS, Windows, and Linux and an API and Android APK.
Binance Pay, developed by Binance, is a contactless, borderless payment technology intended to allow people to send and receive cryptocurrencies and shop and pay with cryptocurrency. The service is intended to be offered with no fees. As part of this, users can set up payment preferences, such as the cryptocurrency they prefer to pay in, with fast payment transaction times, and allows users to choose over forty cryptocurrencies to use for payments.
Offered by Binance and Visa Debit, the Binance Card allows users to spend cryptocurrencies at more than 60 million merchants worldwide. In order to work, users need to transfer cryptocurrency from a spot wallet to their funding wallet, and then the card works as any other Visa Debit card. The card does not charge any administrative or processing fees, although third-party fees may be applicable. And users can receive up to 8 percent cashback on eligible purchases.
Binance's Launch Platform, which includes their Launchpad and Launchpool, are platforms intended to help cryptocurrency teams to launch their token. This includes help and advice on how to best issue a token, and other advisory services. As part of this platform, Binance offers the company's exposure, liquidity, and distribution possibility with the size of the company's exchange.
To help users learn about all things cryptocurrency, blockchain, and NFT, Binance offers the Binance Academy, which includes quick lessons on different parts of the emerging blockchain and Web3 and helps users understand mining and develop trading strategies with technical analysis.
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- BitcoinBitcoin is a cryptocurrency and a digital payment system invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
- EthereumEthereum is an open-source, public, distributed blockchain computing platform featuring smart contract (scripting) functionality, which facilitates online contractual agreements.