#TradeNTell. Binance Blockchain technology (BINANCE CHAIN) is changing the world ecosystem greatly.
Blockchain technology is changing the world ecosystem greatly, and Binance is one of the world's largest cryptocurrency exchanges, but its foundation story began in 2017. The company was founded by Changpeng Zhao, also known as CZ, who has a background in computer science and extensive experience in the cryptocurrency industry.
CZ's journey in the crypto space started when he joined Blockchain.info, a popular Bitcoin wallet provider, as the Head of Development in 2013. He later became the CTO of OKCoin, a major Chinese cryptocurrency exchange. With his knowledge and expertise, CZ recognized the immense potential of blockchain technology and the need for a user-friendly and efficient cryptocurrency exchange.
In July 2017, CZ founded Binance with a vision to create a platform that would provide fast, secure, and reliable trading services for a wide range of cryptocurrencies. The company's name, "Binance," is a combination of the words "binary" and "finance," representing a digital financial platform.
Binance quickly gained popularity due to its user-friendly interface, wide selection of cryptocurrencies, and low transaction fees. Within a few months of its launch, Binance became one of the most active and influential cryptocurrency exchanges globally.
To further enhance its offerings, Binance conducted an Initial Coin Offering (ICO) in July 2017, issuing its own cryptocurrency called Binance Coin (BNB). BNB serves as the native utility token on the Binance platform, allowing users to pay for trading fees at a discounted rate and participate in various token sales and promotions.
Over the years, Binance expanded its services and introduced innovative features, such as margin trading, futures trading, decentralized exchange (Binance DEX), and the launch of its own blockchain platform called Binance Chain. The company also established Binance Labs, an incubator and investment arm supporting promising blockchain projects.
