Binance

Binance is a blockchain infrastructure startup founded in 2017. Their main service, binance.com exchange, is the biggest crypto exchange in the world. Binance built a number of other platforms to expand their ecosystem and scale Binance brand. Here is an overview of Binance ecosystem.

Some points why I am optimistic about their future

Binance Team

Changpeng Zhao „CZ“ (CEO of Binance), a guy who enjoys to be laser focused and create luck, has managed to build a very strong team. Binance Team has an outstanding execution culture and they are not tired to prove it again and again. This very culture and capability are one of the main reasons I think Binance is going to become bigger over time.

Binance is doing it the crypto way

Binance is a real crypto company. They raised 15m USD for giving out their native ecosystem Token BNB. Their exchange is crypto-crypto only. They don’t have a FIAT bank account. They are not here to accumulate FIAT. They only use FIAT to pay portions of the salaries and other bills which cannot be paid otherwise.

Communication

CZ (https://twitter.com/cz_binance) actively engages with crypto twitter community and shows up for live AMA’s. This has a strong impact and adds reputation to Binance brand. There are a number of other Binance twitter handles which try to interact with users on a regular basis. 

Community Trust

Binance is known for having the strongest security standards and technology out there. Although no IT infrastructure is 100% safe from being hacked, Binance is doing a very good job in reducing the risks towards zero. Here are some of their security features:

 2FA
 SMS Authentication
 Google Authentication
 Anti Phishing Code
 Address Whitelist
 IP whitelist (for API Key access)
 Binance’s Secure Asset Fund for Users (#SAFU) (link)
 Binance’s Security Education on Binance Academy (link)

They also run AI driven early detection systems and cyber forensic investigation tools. All these features managed to prevent a user who  got sim swapped, 2FA and Email hacked from losing his funds. Binance is probably the only exchange that is able to protect users against certain SIM swaps.

Some things I would enjoy to see 

 More partners for FIAT on/off ramps to binance.com
 For every Binance Hoodie purchased in a perhaps upcoming
    merchandise store, 1 BNB goes to Binance Charity.
Exploring distributed governance concepts

Attachements

 Binance Whitepaper (link)
■ Binance introduction video before their ICO (link)

My views are biased since I do hold a small amount of BNB. If you enjoy my content, feel free to donate a dime to Binance Lunch for Children, where all transactions are traceable on the blockchain.

Disclaimer: This is my personal opinion. This article is not financial advice in any way. I don’t recommend to buy, sell or hold any crypto asset. Crypto assets can fluctuate widely in value and all of your capital can be lost.