Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. BInance was founded following an ICO in 2017. In the original whitepaper, the founders identified two types of exchanges namely;
- Exchanges that deal with fiat currency
- Exchanges that deal purely in crypto
Binance stated clearly that they will be focusing on a pure crypto to crypto basis to power the future of crypto finance. To this end they started by an analysis of problems that plagued current crypto exchanges. This included;
- Poor Technical Architecture
- Insecure Platform
- Poor Customer Service
Chengpeng Zhao (CZ)
Previously, CEO Changpeng Zhao established Fusion Systems in Shanghai in 2005; the firm constructed high-frequency broker trading systems. As the third member of the team of the cryptocurrency wallet, he entered Blockchain.info in 2013. He has also been working as a CTO at OKCoin for less than a year, a spot trading platform between fiat and digital assets.
The foray into cryptocurrency of the 40-year-old Zhao can be traced back to poker. He used to play in Shanghai in a personal group including Bobby Lee, now BTCC’s CEO, one of China’s biggest cryptocurrency exchanges. Ron Cao, CEO of Sky9 Capital, a venture capital company, also performed. Cao encouraged Zhao to enter Bitcoin in 2013–this was around the moment Lee purchased BTCC.
CZ had been constructing trading systems for years (in crypto and externally), he was able to raise cash through an ICO for the project back in 2017.
Initially an ERC-20 token, migration to the Binance Chain (BEP2) took place in late April 2019.
As the downturn in the crypto economy started in 2018 and other exchanges lost momentum, it moved to encouraging consumers to embrace value-added products, such as Binance LaunchPad, which directly propels the sale of fresh cryptocurrencies through its exchange.