Bitcoin- exchange Binance, perhaps, and is present on the market for a little over a year, but has already managed to break out into world leaders in this short period of time in terms of trading volumes. Today the company summed up its first year of work.
# Binance's First Year in Reviewhttps: //t.co/dPFv7lscay
- Binance (@binance) 19 July 2018
As they say in the stock exchange's blog, already on the 42 day of its existence, it entered the top ten world exchanges, and in another 50 days - and the top five. Sincerely climbing up in the rating, on the 165 day of work, Binance emerged into absolute leaders, and on the 175 day the volume of daily transactions on the platform exceeded $ 10 billion.
The exchange itself is available in 12 languages, including Russian, and the assets on it cover 143 coins and tokens in 370 different trading pairs.
Since its launch on 14 July 2017, Binance has introduced a number of other products and platforms, in addition to trading, including Binance Labs, Binance Launchpad, Binance Info, Binance Chain, the first Binance Uganda fixture, and the Binance Charity Foundation. The company also plans to launch Binance Academy and Binance Research.
Earlier, some of the work of the platform in the fourth quarter for it since its launch in its recent entry on LinkedIn was led by the company's head Changpeng Jao.
In general, according to Jao, the market of crypto-currency, even despite the overall decline, remained stable during this period (April-June 2018). He also noted that the flow of money from institutional investors has grown significantly, including from the point of view of investing in the ICO.
"For this year, investments in ICO amounted to $ 14 billion, which is four times more than in 2017. Only one factor should positively influence prices. We also note an increase in jurisdictions that favor the development of ICO, exchanges and crypto-currencies. Their position changes from uncertainty to "we want to attract BlockCompany. " It's exciting! ", - wrote Changpeng Jao.
He also noted the explosive growth of interest in the crypto-currency space by institutional investors - both in the number of organizations and in the volume of orders. In this connection, Changpeng Jao expressed surprise that prices fell, suggesting that it could be an overly nervous reaction of the markets.
Also today, the Binance Exchange announced changes in its discount program for users paying commissions for trading on the platform using BinanceCoin tokens.
#Binance Launches New Tiered Trading Fee Discount Program and Adjustments $ BNB Discount Ratehttps: //t.co/v6ZP7oNtaZ pic.twitter.com/NjMeK38F8v
- Binance (@binance) 19 July 2018
So, 20 July, the discount amount will be reduced from 50% to 25%. The exchange reminded that it will continue to reduce discounts on an annual basis, until it completely eliminates them for the fifth year of its existence.
Simultaneously, Binance introduces a multi-level system for collecting commissions - the amount of commission will be determined by the user's role in the transaction (maker / takeer), the balance of BNB on his account, and the trading volume for the last 30 days.
The trading volume of the user for the last 30 days and the balance of the BNB stock exchange will be evaluated every day. In order to reach a certain level, the user must meet both conditions. For example, if the user is at a general level and has traded 30 BTC (VIP 500) for the last 2 days, but only has 50 BNB in his account, commissions will be charged according to the level of VIP 1. Getting a higher level still allows you to enjoy a discount of 25% when covering commissions with a BNB token.
Prior to this, Binance used a fixed commission for all traders in the amount of 0,1%.
Earlier it was reported that the profit of Binance following the results of 2018 could be from $ 500 million to $ 1 billion.