Beyond operating the world’s leading cryptocurrency exchange, Binance spans an entire ecosystem.
- Binance is an exchange where users can trade cryptocurrencies. They support many of the most commonly traded cryptocurrencies.
- Binance provides a crypto wallet for its traders, where they can store their electronic funds.
- Binance has its own token currency, Binance Coin.
- The exchange also has supporting programs that help traders make investment decisions.
Advantages of Binance: Additional Services
In addition to exchange-specific services, Binance also offers other tools, platforms, and services for supporting the overall blockchain ecosystem.
Binance has a blockchain 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 LaunchPad for hosting new and emerging blockchain projects. One can also create APIs, which stands for application programming interfaces.
It launched its own Binance Coin (BNB) cryptocurrency through an ICO in July 2017. BNB has gained popularity and actively trades with a market cap of around $2.5 billion as of September 2019. It is set to become the native currency of the decentralized Binance exchange.