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The Binance Exchange is a leading cryptocurrency exchange founded in 2017 in Hong Kong. It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 500 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token BinanceCoin (BNB). In 2018, it moved its company headquarters to Malta, EU, in response to China's strict regulations on crypto exchange businesses.
Binance is an online exchange where users can trade cryptocurrencies. It supports most commonly traded cryptocurrencies.
Binance provides a crypto wallet for traders to store their electronic funds.
The exchange also has supporting services for users to earn interest or transact using cryptocurrencies. It also offers programs for miners and to help traders make investment decisions.
Binance has its own blockchain-based token, Binance Coin (BNB).
Other Services of Binance
In addition to exchange-specific services, Binance also offers other tools, platforms, and services. Some of them are as follows:
Ᏸinanĉe loģin Earn is a platform for staking or earning interest by depositing stable coins with the exchange. Depending on the coin and the tenure, the exchange offers investors multiple options and interest rates for these coins.
Binance Visa Card is a credit card that allows users to convert their cryptocurrency into fiat current and spend it on products and services. While the conversion does not incur adminstrative fees, third-party fees, in the form of payment network fees, apply.
BInance smart pool enables miners to switch between different cryptocurrencies for mining to optimize and multiply their income.
Binance has a block chain technology incubator called Binance Labs, which focuses on nurturing promising pre-ICO stage projects. It helps deserving cryptocurrency project teams by providing necessary funding for development, advisory resources, and a launchpad for any necessary listing and fundraising exercises.
Binance also offers a site called Launch pad for hosting new and emerging blockchain projects and API interfaces. As of March 2021, 42 projects have been launched.
It launched its own Binance Coin (BNB) cryptocurrency through an ICO in July 2017. BNB has a market cap of around $36.4 billion, as of March 2021. It is set to become the native currency of the decentralized Binance exchange.