Binance, the world’s largest cryptocurrency exchange by daily trading volume, has been on a tear lately. 2018’s bear market didn’t effect Binance from pushing forward in the slightest. The exchange expanded their team, delivered new products, added new trading pairs, supported more stablecoins, and so much more.
In a recent blog post by Binance CEO Changpeng Zhao (better known as CZ), he laid out his current outlook on the market and future plans for the Binance exchange.
CZ addressed last year’s dramatic bear market and last November’s recent market drop-off when Bitcoin lost over 40% of its value in less than a month.
To this, he stated that markets always overreact, adding:
Around this time last year, the market overreacted too much on the positive side. I am hoping that this year, the market overreacted too much on the negative side, but you never know.
He further stated that while he doesn’t know for sure when this bear market will end, he does know that in the long run, the builders will win.
Explaining more, he added:
People who consistently work hard to create value, day in and day out, during both bull markets and bear markets, will eventually win. That’s our focus, it’s long term.
CZ also addressed the issue that many cryptocurrency-related businesses have taken a big hit from the bear market and have experienced massive layoffs. He stated that Binance has never had any layoffs; instead, they have been steadily growing their team and building new products and services.
For instance, CZ is very excited about the new fiat on-ramps they are building in big markets such as Europe and Asia. On January 16, Binance launched their EUR/GBP fiat exchange Binance.je with trading pairs BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR to start.
Another exciting service Binance has been building is Binance Chain and Binance DEX which will be launching soon. CZ noted that while the Binance DEX will not directly increase the profitability of Binance, it is a major development for the Binance ecosystem from a tech standpoint.
According to CZ, their DEX will certainly increase the utility of BNB in a big way, which should increase its price, making it very good for BNB holders as well as Binance because they are a large holder of BNB.
Binance also successfully completed their 6th BNB token burn, with the dollar value of the burn equating to about $9.4 million. The purpose of these token burns is to increase the dollar value of BNB by decreasing its supply, and thus incentivize people to buy and hold BNB.
CZ ended his market outlook for 2019 on a positive note, stating that these are only some of the things he’s excited for and that he looks forward to sharing more at Binance Blockchain Week in Singapore this weekend.
The Binance exchange and CZ obviously have big goals and a bright future, as seen from the points above. But what is the exchange doing to accomplish these goals?
In another recent Binance blog post, the company highlighted their most recent developments and achievements.
Most notable are their recent and upcoming developments for the Binance ecosystem. For instance, Binance Launchpad, the company’s exclusive token launch platform, is featuring new blockchain projects this year, starting with BitTorrent and Fetch.AI.
Another notable development is the expansion of the Binance Labs Incubation Program, where meetups are continuously being held for promising startups to get involved with Binance’s investment arm.
More interesting developments from Binance include the incredible donations from Binance Charity, innovative talks during Binance Blockchain Week, new lessons and educational content at Binance Academy, and updated information at Binance Info.
On a more technical standpoint, the official crypto wallet app of Binance, Trust Wallet, is releasing new features over the next couple of weeks, starting with the support of Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC) for both iOS and Android.
Furthermore, Binance has introduced a variety of important updates to their exchange over the past month.
They renamed the ETH trading market to ALTS trading markets to support more trading pairs with different quote currencies such as their recently added XRP quote currency for the trading of TRX and XZC.
The exchange also added 6 new trading pairs on the stablecoin markets, and now features a total of 151 tradeable cryptocurrencies with 406 total trading pairs.
All in all, Binance is a tremendously busy exchange that is always building and developing their services and the cryptocurrency ecosystem as a whole. As we move through 2019, it will be interesting to see how much Binance continues to grow and accomplish.
What do you think about Binance? What would you like to see the exchange to accomplish in 2019? Let us know in the comment section below.
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