Binance celebrates its fifth anniversary. Looking back on these long five years, we have achieved many “impossibles”. Five years ago, we only had an inch of land and a few people, but we dreamed of building a stable and reliable crypto asset trading platform. At that time, how could we have thought that Binance would become the world’s largest digital asset trading platform and a powerful promoter of the global Web3 industry?
We are very clear that what users need is a trading platform that is more secure and has a better user experience; we have always believed that as long as we are truly good for users, users will return with kind support. Although we made a lot of mistakes along the way, we were right on this one.
Since 2017, the Binance team has grown more than 200 times; now, our users come from all over the world. We support 18 service languages around the world and have more than 120 million users. We grew together and made Binance the leader in the world’s fastest growing industry of crypto assets. Of course, with that comes great responsibility. We will certainly shoulder this responsibility.
All our achievements today are derived from the trust of our users. Building trust is a long process, but losing trust is instantaneous. Therefore, we have always put user-centricity as our core value. Everything we do is to tell users: we are worthy of your long-standing trust. We must protect users while advancing the industry and innovating in a sustainable and responsible way.
On the occasion of Binance’s fifth anniversary, we will not forget our original intention and reflect on the past. At the same time, we will look forward to the future, formulate a development blueprint for the next five years, and continue to serve users well.
Laying a solid foundation for the Binance ecosystem
On July 14, 2017, the Binance.com website was officially launched, aiming to provide users with a fresh experience in crypto asset trading. At that time, my team and I, as well as many blockchain practitioners, had a fundamental vision of “enabling the masses in finance”. But we all know we can do better. The masses need a trusted, intuitive, and simple crypto asset trading platform, and what we want to do is to provide such a platform.
Today, our ecosystem serves over 120 million users, a number we would never have imagined in 2017. More importantly, these users are extraordinary, they are loyal users who truly support the Binance ecosystem, and it is they who have created a warm and mutually supportive community atmosphere. They are at the center of everything we do, and I am deeply grateful for them.
Expand business according to user needs
In the eyes of many people, Binance is equivalent to the Binance trading platform. Trading services is indeed one of our core businesses, and our daily trading volume has always maintained an industry-leading position. But since 2017, in order to meet user demand for more innovative blockchain products, we have significantly expanded our product range.
At present, our products have been able to meet the needs of various users. From Trust Wallet to CoinMarketCap, from Binance NFT to Binance Wealth Management, we basically cover all types of blockchain and crypto asset products. Last year, we also launched Auto-Invest, Binance Live, Learn and Earn, and other new services that we are very proud of.
Empowering users through education
The biggest risk we face as an industry is the influx of new users into the market who do not have enough knowledge of blockchain and cryptoassets. Of course, user education is also one of the pillars of Binance’s reputation. Binance Academy, Learn and Earn, Binance Masterclass and other products are Binance’s user education platform to help users become more responsible investors and make clear decisions.
Knowledge is power, and the world of crypto assets is no exception. Armed with knowledge, Binance users can gain confidence when making decisions and know when they need help or support. If we can get the majority of crypto-asset users to have this mindset, responsible crypto-asset popularization is just around the corner.
The BNB Chain network operates independently
One of our most important achievements is the development and growth of BNB Chain. We see the benefits of an affordable, efficient, community-governed EVM-compliant blockchain for Binance users. In the past year alone, the transaction volume on BNB Chain has exceeded 2.4 billion, and the number of projects on the chain has exceeded 1,200. BNB Chain is the most active layer-1 network with its own prosperous ecology. Like parents, we are very proud to see BNB Chain grow, prosper, and embark on the road of independence.
Binance Products at a Glance
BUSD: One of the few stablecoins that are fully licensed and backed by fiat currencies.
- The second largest compliant stablecoin by market capitalization.
- The compliant stablecoin with the highest trading volume.
Binance Card: Over 1.7 million issued in the EEA in two years, with strong user demand.
- Payments during the same period reached $2 billion, indicating strong demand for swiping crypto-assets via Google Pay and Samsung Pay.
Binance Payments: 17 million transactions, over $12 billion in transaction volume, over 7,000 merchant networks and millions of users.
- Recently, it has reached cooperation with Splyt, Travala, Al-Futtaim, Primavera Sound Music Festival, etc., further realizing the popularization and facilitation of encrypted asset payment.
Binance NFT: Weekly active users exceed 600,000, the total transaction volume of IGO drops reaches 1 billion, and there are 3 million game NFTs listed.
- In April 2022, Binance NFT launched the Mini App function. The simple and intuitive design allows users to seamlessly access Binance NFT products and services directly in the Binance App.
- Collaborate with more than 100 game projects, top stars, athletes, and opinion leaders.
Binance Wealth Management: Crypto asset wealth management product platform.
- From January to June 2022, active users increased from 3.7 million to 4.9 million. The number of asset classes supported by the product has increased from 183 to 268.
Binance Institution: Officially launched in June this year, it provides institutional clients with tailored trading solutions, secure asset management, and industry-level services.
- The number of donations exceeded 5,000; the number of beneficiaries exceeded 1.8 million, and a total of 2,880.352 BTC was raised.
- Major projects include Code to Inspire: Women in Afghanistan, Ukraine Aid Project, Crypto Assets Against Epidemic, Tree Millions, etc.
User First: Create a compliant and secure trading platform
Build a regulatory-centric operational mindset
Over the past year, the industry has engaged in unprecedented in-depth engagement with governments and regulators around the world at various levels. The shift in the policy environment shows that the industry is about to usher in a more certain regulatory environment, and it also confirms the fact that crypto assets have been widely accepted and entered the stage of popularization.
Binance’s role as a responsible industry leader is critical. We have also been able to maintain our leadership position because we have been actively engaging with regulators where we operate. In the past year alone, we have obtained regulatory licenses and registered in Spain, France, Abu Dhabi, Dubai, Italy, Bahrain and more.
I am a firm believer that continuing to work with regulators is something we must do. The digital asset industry is still in its infancy. Almost every country has different views on how to regulate the industry, and these views can change over time. We cannot predict the future, but the future of the industry in the global financial system has been secured.
One of the biggest challenges we’re dealing with right now is that regulatory standards vary from place to place, and the way we operate has to be adjusted. However, this challenge also made Binance stronger. We were able to understand how different regulatory policies affect the development of the industry. We can compare, contrast, and make the best response decisions. Strong regulation that protects consumers and encourages innovation will eventually emerge, and we can contribute our own experience along the way.
Binance has constructive interactions with regulators in different locations. We are committed to legally registering and obtaining operating licenses locally, and hope to provide users with as many compliant products and services as possible. We are also committed to dialogue and collaboration with regulators where we have not yet obtained a license to pave the way for ourselves and the crypto asset industry as a whole.
Building a future-proof infrastructure
The crypto asset and blockchain industry has entered an exciting phase of development. Web3 aggregates all the technologies developed over the past few years: NFTs, digital identities, token economies, play-to-earn models, etc. The rise of Web3 has resulted in an influx of capital and talent into Binance and the industry as a whole. Looking back on history, industries where talents and capital gather will surely emerge with a large number of product innovations and promote large-scale popularization.
Server technology in the 80s, the internet in the 90s, mobile technology in the 00s, and social media in the 10s. The 1920s will be the home of Web3, where users regain control of their data, decision-making processes, and their own value creation.
What role will Binance play in this process? We want to be the gateway to the Web3 world, providing a set of simple, accessible, compliant, and trusted tools for the billions of users entering the new world of Web3. We will inform, educate, and even provide users with a more entertaining way to accompany them to experience what ownership is in the Web3 universe.
The key to all this is how to attract users to this new field. Many people still don’t understand Web3 and its implications. We’ve started introducing Web3 technologies to users through a variety of everyday use cases, and our collaborations with Cristiano Ronaldo, Khaby Lame, The Weeknd, and others are more than just campaigns.
We also educate the masses about how cryptoassets and Web3 can improve lives through these events. We invite celebrities to let Web3 reach more audiences through their influence, let them know that Web3 is not the patent of a few technology giants, and the general public can also use Web3.
Create future-proof products
The value of Web3 is its connectivity. So should our products. We need to find a simple way to connect with users that is compatible with the user’s language and cultural habits, and more importantly, local legal requirements. How can Web3 have a future without designing intuitive and easy-to-use products?
One of the advantages of Binance is that we have the widest range of products in the field, including high-end trading products such as derivatives, leveraged trading, and lending, as well as entry-level products such as spot, wealth management, and exchange. Exciting new products such as security payments, NFTs, etc.
To improve the Web3 user experience, Binance has created a super app. Specifically, users can seamlessly switch between the two worlds of Web3 and fiat. There’s still a lot to do, but I think we’ve laid a solid foundation for the future. However, by its very nature, Binance remains a single product, as its mission to achieve global financial freedom and inclusion has never changed.
Incubation and investment of the most promising blockchain and encrypted asset projects
Generally speaking, the most exciting innovations rarely come from established large enterprises – they always come from start-ups with founders with a strong vision and determination to achieve them, from young people, grassroots, and from the least optimistic about vested interests corner.
The market downturn is also an excellent time to invest in these young dreamers. Once the market picks up, it will usher in an explosion.
Binance Labs has done a lot of important work in this regard. Data can prove it. Since 2018, Binance Labs has invested and incubated over 200 projects globally. Binance Labs recently closed a $500 million fund to invest in blockchain, Web3, and other value-creating technologies. With this fund, Binance Labs will continue its stellar track record and invest in more promising projects.
Looking back at history, bear markets have generally favored those who are focused on long-term thinkers. In 2018-2019, we invested in Polygon, one of Binance Labs’ most successful investments. All in all, we are confident in our ability to support project founders in creating innovative, long-term solutions.
Looking to the future
The current market environment is the most suitable for laying a foundation and preparing for the next stage of industry development. Web3 has enormous potential to change our lives, and through responsible Web3 integration, we hope to improve the Internet today. Over the next five years, solving Web2 problems through Web3 technologies will be critical.
Our products must be safe, user-friendly, accessible, affordable, and truly deliver real value to people. Our ecosystem will further develop with the goal of becoming a “platform of platforms”. We will help other entrepreneurs build their products, provide them with funding, liquidity and user base to become true industry leaders.
Our future plans also need feedback and evaluation from users. We also thank regulators, policymakers, and other industry players for their cooperation as we build a secure, user-first cryptoasset ecosystem. However, that alone is not enough. We will continue to work with regulators and investors who guard the industry, while promoting responsible innovation.
Making mistakes is a must for startups, and we are no exception. However, no industry has yet faced such complex challenges as it develops and matures. It is unimaginable for a start-up to reach the same level of maturity and operations as a 200-year-old financial institution in just five years. However, we are almost there. By upholding our values, we can lead not only the fintech industry, but the entire financial industry.
Offer my sincere wishes!
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/open-letter-from-the-founder-of-binances-5th-anniversary-the-team-has-expanded-by-200-times-and-the-number-of-users-exceeds-120-million/
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