Binance
Date Launched June 26, 2017
Founders Changpeng Zhao, Yi He
Investors Sequoia Capital
Type Exchange, ERC-20
Binance: A Prominent Cryptocurrency Exchange with No Fiat Support Future
Utility of BNB Tokens
Utilize BNB Token for Trading Fee Reduction on Binance Exchange
Binance users have the opportunity to leverage the BNB token to enjoy a 50% reduction in trading fees during the first year. However, it’s important to note that this discount gradually decreases in the following years.
Founder Zhao Changpeng
Zhao Changpeng: The Inspirational Journey from Humble Beginnings to Binance CEO
Zhao Changpeng, a co-founder of Binance and its CEO, has made a significant impact on the cryptocurrency world. His journey to success began with humble beginnings when he immigrated to Vancouver, BC, with his family during the late 1980s. Faced with financial challenges, Changpeng took on various jobs, including working at fast-food restaurants and gas stations, to support his family.
Despite the hardships, Changpeng’s determination led him to pursue computer science at McGill University. He later gained experience working at prestigious institutions such as the Tokyo Stock Exchange and Bloomberg. In 2005, he returned to China and ventured into entrepreneurship, establishing a company that developed high-frequency trading software for traders.
Changpeng’s life took a significant turn when he learned about Bitcoin through a venture capital friend in 2013. Convinced of its potential, he decided to take a bold step, selling his house in Shanghai to invest heavily in Bitcoin. His journey continued as he joined Blockchain.info and eventually became the Chief Technology Officer (CTO) of OKCoin.
After departing from OKCoin, Changpeng seized the opportunity to create his own cryptocurrency exchange – Binance. With his leadership, Binance rapidly rose to prominence and, within a mere six months, claimed the title of the world’s leading cryptocurrency exchange in terms of trading volume. This remarkable achievement solidified Zhao Changpeng’s position as a trailblazer and a key figure in the world of cryptocurrencies.
Future
In 2018, Binance made a significant announcement regarding the launch of its decentralized exchange. As part of this innovative platform, BNB tokens would serve a dual purpose: covering gas fees and participating in the Proof-of-Stake consensus mechanism.
Binance is one of the world largest cryptocurrency exchanges. The company issued its own token, called the Binance Coin (BNB) which can be used to pay for fees on the platform. Each quarter, Binance will use 20% of their profits to buy back and burn BNB.