The demand for cryptocurrency has seen a steady rise and consistently increased since 2010. This revolution happened to the entire fintech industry by introducing cryptocurrency exchange applications. The primary factor driving the market’s growth is the growth of distributed ledger technology & decentralized networks. The global cryptocurrency market is projected to grow from $910.3 million in 2021 to $1,902.5 million in 2028 at a CAGR of 11.1% in forecast period, 2021-2028, which is equivalent to the world’s 7th largest economy by GDP.
Therefore, the lucrative prospect of cryptocurrency exchange solutions grew manifold. However, cryptocurrency exchange applications like binance, coinbase and others etc, have become a mainstream form of business due to demands of cryptocurrency. It has increased a sudden demand for ecosystems that capitalizes on serving the needs of crypto users across the globe.
One most prominent among them is binance. Binance have become a vital role of this growing cryptocurrency exchange platform by allowing global traders to transact(buy or sell) cryptocurrencies through their quick exchange solutions with secure & reliable. Binance has gone on to attract the attention of cryptocurrency exchange startups. This is to capitalize on their revenues and their increased traders base.
Want to know more about them? Continue reading to understand the basics of the binance app, its operations, and the business model it has adopted to gain a perspective of how it streams revenue.
Binance was a strong cryptocurrency exchange registered in China first but in 2017 became registered in the Cayman Islands. Its founder, Changpeng “CZ” Zhao. During a poker game in 2013, Zhao first learned of the potential of bitcoin. Soon after, he decided to go all-in on the cryptocurrency, selling his apartment to buy as much as he could.
Binance cryptocurrency exchange platform that allows traders to buy/sell their cryptocurrencies as they want. Thanks to the quick and reliable operations of Binance, it has attained a great amount of popularity and holds a great standing in the market.Look at the attractive trader base below to gain insight into the lucrative nature of the exchange platforms and an understanding of its overall standing.
Binance became the number one most highly rated crypto exchange – largely a result of fast, reliable, low-fee trading. It added futures and margin trading to make it more competitive with similar services.
Zhao also released the Binance Coin (BNB) to allow users to trade and pay fees on the Binance platform.
These numbers give an estimate of the overall popular nature of the Binance successive & stable growth.