Binance marks 5 years of a user-first ecosystem! (2024)

Binance has grown more than 200 times in the past 5 years, multiplying its user base to more than 120 million people, supporting an active blockchain with over 2.4 billion transactions, and providing support to users in 18 languages. Needless to say, the platform is a pioneer in the crypto space and constantly strives to bring in growth and innovation sustainably and responsibly.

This year Binance marked 5 years of its operation and opened its doors to users seeking a new crypto trading experience. The platform started with the fundamental vision of bringing financial empowerment to the masses with a simple and trustable marketplace for trading cryptocurrencies.

Its commitment to the ‘user-first’ approach shines through in all its actions and endeavors from Trust Wallet to Binance NFT and Binance Earn. Binance has also introduced many new features over the past year from Auto-Invest to Binance Live, Learn and Earn thereby catering to virtually any interest across the broad spectrum of what blockchain and crypto have to offer.

Empowering through education and awareness

While the crypto space has seen an influx in the number of new users, there is an alarming increase in the gap between the number of new users entering the marketplace and the number of users with a sufficient understanding of crypto and blockchain.

Binance Academy, Learn and Earn, and Binance Masterclass has been a crucial part of the Binance ecosystem, educating and helping users in the space make more responsible and informed decisions.

Rundown of a range of products

For many, Binance is synonymous with its exchange platform, which allows users to buy cryptocurrencies like BTC, ETH, and more with much ease. Even so, Binance has worked extensively since 2017 on expanding its product offerings. Some of the major highlights and achievements within the Binance ecosystem include:

• Binance Pay: Binance Pay has seen more than $12 billion in total volume spanning 17 million transactions and 7000+ merchants. It has also recently partnered with Travala, Al-Futtaim, Primavera, and Splyt.
• BUSD: BUSD has established itself as one of the very few fully regulated, licensed, and fiat-backed stablecoins and is the second-largest regulated stablecoin in terms of its market cap.
• Binance Earn: Binance Earn offers a suite of products for users to grow their crypto holdings. The number of active users on the platform has grown from 3.7 million to 4.9 million between January and June 2022. The number of supported assets has also increased from 183 to 268.
• Binance NFT: With more than 6000,000+ active users weekly and 1 billion in total trading volume for IGO drops and 3 million gaming NFT listings Binance NFT has grown tremendously. It introduced a Mini App feature in April 2022 giving users a chance to access Binance NFT products and services seamlessly within the app.
• Binance Card: In the past 2 years, more than 1.7 million cards have been issued in the EEA region showing signs of strong user demand for the Binance Card. Additionally, the payment volumes have topped $2 billion.
• Binance Charity: Binance Charity is the charity arm of Binance that has worked on notable campaigns like Code to Inspire, Women in Afghanistan, Crypto against COVID, and Tree Millions. It has more than 5000 total donations, 2,880.352 BTC raised, and 1.8 million beneficiaries.

Building trust with regulation-focused initiatives

Binance has acted as a responsible industry leader in its initiatives and efforts towards compliance with government and regulatory bodies around the world. The platform has proactively engaged with authorities and worked on getting regulatory approvals and registrations in Spain, Dubai, Abu Dhabi, Bahrain, and Italy.

The crypto industry is still in its nascent stage and one of the biggest challenges is addressing the variance in regulatory standards around the world. Binance has worked on evolving and adapting to these standards and comparing and contrasting them to determine what works best. This constructive approach has helped the platform engage with regulators where licenses are available and ignite a conversation where the path to licensing is still not laid.

Web 3 is still new to people around the world and Binance is aiming to be the gateway for users into this universe. This is being done by building connectivity, a connection with users that is simple and customized to their language and culture while also being compliant with their local laws.

Binance’s road ahead

Binance sees the current market environment as an opportunity to build a base for the next industry growth phase where Web 3 has massive potential to transform lives. This vision is reflected in the products that they build. The products are secure, user-friendly, and affordable while bringing real and tangible user value.

The platform continues to rely on the feedback and comments of its users while also cooperating with regulatory bodies that protect the industry and investors while enabling responsible innovation.

For more information on Binance please check out their official website.

Disclaimer: This is a paid post and should not be treated as news/advice.