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The Inside Story of Binance Meteoric Rise to Global Relevance

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Binance few months ago celebrated its second year anniversary. Over its short time existing, Binance led by the charismatic Changpeng Zhao has grown to be a leading stakeholder in cryptocurrency exchange business in the world.

How did it come about? A report by Decrypt examines the rise in the global cryptocurrency exchange giant. A report which CZ acknowledged and said “This is probably the most detailed narrative of the #binance story so far. Very impressive piecing so much together from an external viewpoint.”

The report examined the life of CZ, CEO of Binance before he ventured into cryptocurrency business. According to the report, CZ heard of bitcoin in 2013 from Ron Cao and bought bitcoin for $600 per coin after selling his house for $1 million after he was advised by Bobby Lee who said “You should put 10 percent of your net worth into it. If it goes to zero, you lose 10 percent. There is a higher chance it will go 10X, and you double your net worth.”

Haven started out in matching trade orders on the Tokyo Stock Exchange, CZ worked in Bloomberg futures trading offering after moving to New York. After this CZ went back to China where he started his own company building high-performance trading software for global banks. CZ also worked in Blockchain and OKex exchange.

His experience in both non-crypto and crypto firms will help him to build Binance after the successful launch of an Initial Coin Offering.

Binance was built on the second company founded by CZ, a cloud based exchange software provider –

Despite several challenges along the way such as hacks, government issues with cryptocurrency exchanges both in China and Japan, which ultimately necessitated it to migrate to Malta, mass in-rush of users due to the explosive interest in cryptocurrency in 2017, Binance has continued to grow increasing at an unprecedented rate.

Over time, it has added powerful features to the platform such that Tushar Jain, said “Binance is strategically building something much bigger than a crypto exchange: They are building the future of finance.”.

However the success story of Binance today, it’s earlier days weren’t such all glorious. Notwithstanding, Binance has launched products such as Futures, Margins, Lending, DEX, Binance Chain, Launchpad etc.

Haven achieved all these within the space of a couple of years, CZ hopes to someday become irrelevant. According to the report, CZ decreed “I do want to help Binance to become a company that will last 50, or 100 years, or even more,” he said. “But at the same time, I do hope I can make myself irrelevant.”

The future of finance is set, crypto is that future, maybe Binance will ultimately transcend its current state to help people to achieve freedom of money as it exchanges the world.

Read full report here

Image Source: oracletimes

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Binance Acquires Decentralized Application Platform DAppReview

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Binance, a global blockchain ecosystem has acquired decentralising applications platform dAppReview. DappReview is the leading information and analytics platform for decentralized applications.

Binance through the acquisition of DappReview will support DappReview to further develop the dapps ecosystem and foster greater blockchain adoption.

Founded in February 2018, DappReview has become a platform for decentralized applications exploration and guidance with over 300,000 active users monthly spread across 9 dozen countries. Over its short time since inception, it has become the platform of choice for Dapp developers helping them to introduce their dapps to its global userbase.

According to Binance, DappReview will maintain its independence in technical development and operation, and Binance will offer support in non-technical fields including marketing and business development. DappReview will release a new suite of products in Q1 of 2020.

Speaking on the acquisition, Binance CFO Wei Zhou was quoted saying “On-chain applications are still the missing piece for mass blockchain adoption. The DappReview team has shown its commitment to dapps and strong execution in building a leading global dapps platform within a year of establishment. Binance and DappReview share a mutual goal of driving blockchain applications,”

The acquisition is part of Binance’s consistent efforts in building a robust global blockchain ecosystem. This isn’t the first acquisition in recent time. Less than a month ago, Binance in November acquired India based cryptocurrency exchange platform WazirX.

The acquisition of DappReview according to Wei Zhou , “ marks a significant step into the dapps ecosystem, and we will have more exciting developments in the near future.”

The mission of DappReview is to build a vibrant dapps ecosystem and boost mass adoption of blockchain. Apart from dapps analytics services, we also provide full packages of support for dapps developers from fund-raising, product development to marketing and promotion,” said Vincent Niu, Founder and CEO of DappReview.

The acquisition according to DappReview will empower it with more resources to accelerate its business growth while it aims to partner with more blockchain protocols and developers on dapp data integration, and push for the adoption of decentralized applications on a global scale.

Image: Binance

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Binance now Allows Customers to Freely Transfer Crypto Between Themselves  

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Leading global cryptocurrency exchange Binance has launched a new feature that allows its customers to easily transfer funds from account to another within the platform.

The feature which doesn’t charge users transaction fees for transfer works by having a customer initiate withdrawal as normally done and inputting the address of the receiving account however, the address must be from the Binance platform.

The transfers are made without having to require any block confirmation thus it ensures quick and seamless movements of crypto assets between user accounts on the platform.

For transactions which requires the use of MEMO, Binance said users are expected to include the correct memo/tag/payment ID else the transferred funds could be lost and it may not be able to recover it. Internal transfers without inputting the MEMO will be rejected.

Since each transfer internally is between customers and there is no block confirmation, Binance disclosed that there will be no TxID instead, what will be displayed to customers will be “Internal Transfer“.

Binance has continued to make the use of its platform easy for its customers by offering various features, upgrades and products. Few weeks ago, it upgraded its Buy Crypto page allowing its customers to easily purchase and cryptocurrencies with just a few clicks using various fiat currencies.

It also acquired an Indian based cryptocurrency exchange with its unique matching engine WazirX which it has integrated into its platform allowing Indians to purchase cryptocurrency on Binance with the Rupee.

According to Binance, the internal transfer function can now also be enabled and disabled via API.

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342,000 ETH transferred to unknown wallet as UpBit gets hacked

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South Korean cryptocurrency exchange UpBit has been hacked with 342,000 ETH transferred to an unknown wallet.

This was confirmed in a statement released by the exchange where the CEO of Upbit Lee Seok-woo apologizes for the inconvenience caused to users.

Speaking on the hack, the statement read “At 1:06 PM on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Upbeat Ethereum Hot Wallet to an unknown wallet. Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029

According to the statement, upon confirmation of the hack, UpBit responded by protecting customer’s assets. This it did by ensuring that owing to the hack that resulted in the transfer of 342,000 ETH to an unknown wallet, the exchange will be covered by UpBit’s funds.

Also, all crypto assets in Hot wallet storage has been transferred to Cold Wallet. Cybercrime in the cryptocurrency exchange business continues to be a threat to the growing adoption of cryptocurrency.

Over the decade bitcoin has been on, various exchanges has been hacked, while some were able to recover from the breach, some weren’t fortunate.

The hack which is worth over $47 million could be related to the negative price action across the cryptocurrency market. Ethereum is currently trade at 1.73% loss.

Owing to the breach to the exchange, deposits and withdrawals will be put on hold and resumption is estimated to commence in two weeks time.

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Exclusive Bonus for New Users: Sign Up and Earn 5USD with Huobi

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