What is Binance?
Binance is a global cryptocurrency exchange platform and blockchain ecosystem founded in 2017. The name "Binance" is a combination of two words: 'binary' and 'finance', reflecting the platform’s purpose. Binance stands as one of the biggest and most popular cryptocurrency exchanges on the globe due to its comprehensive selection of the altcoins (alternative cryptocurrencies launched after the success of Bitcoin) which users can trade.
Binance at a Glance
Founded by Changpeng Zhao, a well-known blockchain industry figure, Binance exploded in growth in mid-2017 and rapidly claimed the title of the world's largest cryptocurrency exchange by trading volume. Binance offers a standard trading fee of just 0.1% and thrilling discounts for those who pay in their native BNB tokens, which factors into the platform's popularity.
The Binance Ecosystem
The Binance ecosystem is a pillar of the blockchain industry. It includes the Binance Exchange, Labs, Academy, Research, Charity Foundation, and Info. Binance Exchange is the leading global cryptocurrency exchange by trading volume, providing a platform for trading more than 200 different cryptocurrencies.
Binance Coin (BNB)
Binance Coin (BNB) holds a central role in the Binance ecosystem. It's the native token of the Binance exchange and is used for various transactions within the platform. The use of BNB coins attracts trading fee discounts, taking part in token sales, and much more. The Binance Coin is powered by the Ethereum blockchain and uses the ERC20 token standard.
The Safety and Security of Binance
Binance makes strong efforts to ensure the safety and security of its users. It utilizes an advanced multi-tier and multi-cluster system architecture for utmost security. The platform recently introduced the Secure Asset Fund for Users (SAFU) system, which takes 10% of all trading fees Binance earns, and puts it into a fund that will be used to cover user losses in case of emergency.
As a centerpiece in the blockchain industry, Binance draws in users worldwide with its low fees, high trading volume, and the fact that it supports hundreds of different digital currencies. Whether you're an experienced trader or just starting your cryptocurrency journey, Binance is a platform that accommodates everyone with its user-friendly interface, high security measures, and broad support for different digital currencies.
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