The bitcoin and cryptocurrency exchange markets are growing at an exponential rate. New exchanges and trading platforms such as Binance.com have demonstrated a significant growth rate in terms of o user base and trading volumes.
Binance, founded and led by Zhao Changpeng, former CTO at major Chinese bitcoin exchange OKCoin and technical director at Blockchain.info, has been targeting the Chinese bitcoin exchange market to compete with some of the largest trading platforms in both the domestic market and globally.
Prior to establishing Binance, Changpeng led the technical development team at OKCoin and played a vital role in allowing OKCoin to become the largest bitcoin and cryptocurrency exchange within the Chinese bitcoin exchange market by securing over 30.6 percent of the market share.
With Changpeng’s experience in leading one of the largest bitcoin exchanges and wallet platforms in the industry, Binance quickly evolved into an emerging innovative trading platform with sophisticated technologies. Specifically, the Binance development team has prioritized security and high performance by implementing a multi-tier structure and integrating a matching engine technology that can handle up to 1.4 million orders per second. More to that, Binance supports bitcoin, Ethereum, Litecoin and BNB, and aims to integrate support for more cryptocurrencies in the near future.
Currently, according to sources including Coinmarketcap, Binance remains as the largest trading platform for NEO, China’s first ever open source public blockchain project, ahead of major digital currency exchange Bittrex. Of NEO’s $9 million daily trading volume, Binance has been processing nearly 50 percent of the trades, while Bittrex and Yunbi have been processed just over 33 percent combined.
Additionally, Binance is a relatively large trading platform within the Ethereum exchange market. Although South Korea and the Ethereum-to-Korean won remain as the largest market and trading pair, Binance is currently the 10th largest trading platform in the Ethereum-to-bitcoin pair. Itp processes over $2.4 million worth of Ether on a daily basis and in total, Binance processes nearly $9 million dollars per day.
In a short period of time, Binance has evolved into a leading bitcoin exchange and digital currency trading platform by optimizing user experience, integrating high performance order settlement technology and targeting the right markets.
China is still a market that is expected to mature and in comparison to overseas markets such as South Korea, the U.S. and Japan, China significantly lacks regulations and clarity on the legality of bitcoin. Once regulatory aspects of bitcoin and other cryptocurrencies such as Ethereum are properly established, exchanges such as Binance are likely to demonstrated a higher growth rate.
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