Cryptocurrency first made its mark back in 2009, and has been booming ever since. With around 3,000 different types of cryptocurrency, there needs to be a place to trade them. That’s where cryptocurrency exchanges come into play. With a rough estimate of 504 different exchange companies, there is one defining powerhouse.
Binance is the largest cryptocurrency exchange that started in 2017. It came into the crypto industry quite late, but, managed to become the largest exchange company very quickly. It was started by Changpang Zhao and Yi He.
Do you want to own an exchange like Binance? Of course you do but you might think that this will never be possible. There are projects like Burstex which allows you to earn money by holding their tokens; it’s like running your own exchange. By holding BEX tokens, you will earn money from the profits of the exchange. Your profits will be based on the percentage of the BEX tokens you hold. You may not like to risk your money on trading but keeping your money in the bank gives a very low return on investment so a project like Burstex may be perfect for you.
Once China banned all cryptocurrency, Binance had to move its offices to the likes of Japan and Taiwan. The crypto currency that Binance uses is called Binance Coin (BNB). It is quite easy to recognize that Binance has had such rapid growth due to a few reasons, however, their marketing techniques are what sticks out the most. About half of its funds actually go towards marketing itself.
To start, Binance has used YouTube as their foundation for creating a community that revolves around its users. One strategy that was used is that participators had to create a video to describe what their business is all about. The best video would then be selected to win Binances BNB tokens. Not only did this strategy allow for Binance to get its name thrown around, but people started to see Binances business strategies while promoting them at the same time. Other types of contests are currently used by Binance to promote their company as well.
Binance understands that their customers come first and they provide these customers with “givebacks”. They use 20% of their profits to use as buyback and burns as well as offering free trades. In general Binance’s promotions are usually geared towards their customers, which gives the customers a sense of belonging, and can almost make them feel as though they’re part of the success that Binance has had so far.
Another tactic that Binance chose to use was that of avoiding fiat currency. Because they chose to not accept common national currencies, they are not restricted to the regulatory requirements that come with national currencies. They are also constantly adding new assets. When certain companies were known to only support a few different types of coins, Binance secured a following by having a multitude of diverse projects for clients to choose from.
Because of the success of Binances token, BNB, users of Binance can invest in IEO’s using BNB. Through this method the risk of becoming a victim to scam and fraudulent matters is slim because users can make investments using existing exchange wallets. Furthermore, Binance would only work with legit companies so this gives investors more confidence. As DeFi (decentralised finance) is getting popular, there are also more DEFI IEOs on Binance. Recently, Binance announced a new DeFi project and their BNB token also increased in value.
To shed some light on their earnings, it’s been reported that Binance made an estimated 446 million dollars in 2018 alone. Through the decline of the market in 2019, Binance has still been able to keep the stars shining on them being the largest virtual currency exchange by volume
In the world of cryptocurrency there are none that compare to that of the successes and rise of Binance. Through their timing, their marketing styles, and, above all, their dedication to keeping their users happy, it is no wonder that Binance has made its way to the top and have earned their stay there.
