In this guide, our primary focus will be on the newly launched cloud infrastructure of Binance, dubbed Binance Cloud.
The story of the cryptoverse will not be complete without Binance, a crypto exchange that has grown to become one of the heavyweights in the blockchain technology world by developing a vast array of innovative products and services, aimed at making mainstream adoption of blockchain-based virtual currencies a reality. This is the wide line of solutions including Binance Exchange, Binance DEX, Binance Charity, Binance Labs, Binance Chain, Binance Academy, Binance Launchpad, Binance Info, Binance Research, Binance X, Trust Wallet, Binance Coin, and Binance Cloud.
What is Binance Cloud?
Binance Cloud is an innovative platform created to function as a solution for customers and partners who wants to launch digital asset exchanges, leveraging Binance’s highly functional cutting-edge technology, security, and liquidity.
Binance Cloud will replicate the robust internal functionalities of the Binance global exchange.
Importantly, users of the Binance Cloud infrastructure will be able to take advantage of all the excellent features of Binance.com, including its superfast order matching engine, best-trading risks controls, and massive data security system.
At a time when Binance is doing its best to spread the good news of blockchain technology across all corners of the world, the fact still remains that the exchange cannot cover the entire face of the earth without help from other innovators.
With the Binance Cloud platform, people from around the world will be able to quickly launch their digital asset exchanges in their local markets, without having to build their systems from the ground-up.
These exchanges built upon Binance Cloud will come with virtually the same functions that are available on Binance global, including spot market and futures trading, as well as local bank API integrations and peer-to-peer fiat money trading services, among others.
As put by CEO of Binance, Changpeng Zhao, popularly called “CZ” The Binance Cloud service is designed to function as an all-in-one solution.
The system features an easy-to-use dashboard that makes it easier for users to seamlessly manage funds, while also giving them access to numerous trading pairs and coin listings.
In a bid to eliminate language barriers, Binance Cloud comes with multilingual support, depth-sharing with the Binance.com global exchange, and offers users a vast array of opportunities that will enable them to collaborate with the crypto ecosystem.
What Does Binance Cloud Do?
Just like the original Binance platform, the Cloud service will support a plethora of features including
- Coin staking and over-the-counter trading services (OTC), although, this is not available at present
- Market depth
- Seamless integration with the APIs of local banks
- Unlimited Liquidity
- Exchanges will also be able to launch new tokens for their clients through an initial exchange offering (IEO).
- Peer-to-peer fiat to Cryptocurrency exchange services and more.
Commenting on the launch of Binance Cloud, CZ revealed that the initiative is part of Binance’s mission to foster financial inclusion as well as the widespread adoption of blockchain-based virtual currencies.
“Binance Cloud provides its customers and partners around the world with a complete turn-key exchange platform solution, consolidating the few financial infrastructures to an open platform based on blockchain technology.”
CZ further hinted that one of the major objectives of Binance Cloud is to drastically reduce the technical challenges new crypto market participants face while trying to develop their exchanges from the ground-up:
“We aim to limit the technical challenges for platforms and partners, allowing them to focus on their users and local fiat access and accelerate the global adoption of crypto.”
Benefits of Binance Cloud
While Binance Cloud is set up to produce countless benefits, the one that tops the list is that the company will give users the opportunity to make use of its technology via the Cloud platform.
That implies that customers will get the privilege to leverage Binance’s technology to kick-start their own cryptocurrency exchange trading platforms.
Clients will benefit from Binance’s liquidity, and, according to the CEO, Binance Cloud will be the company’s main source of revenue for 5 years. Other benefits include spot market and futures trading, local bank API integrations as well as peer-to-peer (P2P) fiat-to-crypto currency exchange services.”
Binance Product Line
Binance Decentralized Exchange (DEX)
This is a decentralized exchange that is based on a Peer-to-Peer (P2P) protocol that enables users to exchange digital currencies directly between one another.
The basic benefit of Binance DEX is its high-performance trade matching system. Binance DEX is established on an immensely powerful blockchain engine “Tendermint Core,” with one-second block times that offer users lightning-fast trading and order execution.
Binance Labs is Binance’s venture capital arm that was set up to hatch, invest in and equip blockchain and cryptocurrency entrepreneurs and communities.
The primary objective of Binance Labs is to make life easier for crypto-focused startups, which will in-turn contribute to the overall growth of the blockchain industry, while also accelerating the adoption of cryptocurrency all over the world.
Binance Charity Foundation
Binance Blockchain Charity Foundation is a nonprofit establishment committed to realizing global sustainable growth by unlocking the power of blockchain. The foundation works onsite to comprehend the local needs through in-depth cross-sectional dialogues at international events, and reach solutions for specific social problems. These solutions are continuously tested and improved to maximize social impact.
It’s worth noting that Binance Charity has helped many nations by sending donations and relief materials to them during times of crisis, including Australia, China, and a host of others.
Binance exchange is a cryptocurrency exchange service offering users trading options in over 45 virtual coins that include Binance’s own Binance Coin, Ethereum, Litecoin as well as the giant of all, Bitcoin. The service provides wallets for users that enable them to store their digital funds.
Binance Chain is a blockchain software system that was initiated by Binance with many other community contributors also part of the project. The project strives to establish a blockchain that will act as a standby marketplace where digital assets can be used, issued and exchanged in a decentralized manner.
Binance Launchpad is a token launch platform established by Binance to help transformative blockchain startups in raising revenue to develop products aimed at driving cryptocurrency adoption. The platform’s dedication is to offer blockchain startups relevant information, networking, and support that is needed to raise funds through an ICO.
Binance Academy is a learning platform launched by Binance to provide online crypto and blockchain education to people. The platform has a mobile app, available both on Android and iOS through which people can read articles, watch videos and access crypto definitions and lessons on the blockchain, cryptocurrency, economics, etc, without paying a dime.
Binance info is a professional platform holding all the relevant market data, price actions and blockchain project information about bitcoin and other cryptocurrencies. The platform was established to help users rapidly gain information about every project, their network as well as the service they provide.
Launched in November 2018, Binance Research is an analysis division of Binance that offers professional, data-driven intuition to crypto investors to raise the transparency level and also enhance the quality of information present in the crypto ecosystem. It provides unbiased information, institutional-grade analysis and in-depth insights to every participant.
Binance X is a Binance-owned initiative that was created to help developers to acquire knowledge and collaborate in the blockchain ecosystem as well as across other Binance native initiatives. The initiative will aid developers in leveraging the infrastructure of the company for their own projects and ideas.
Trust wallet is Binance’s official mobile wallet app that provides full support for any ERC20 tokens on Ethereum network and BEP2 on Binance Chain.
Binance Coin is the digital currency issued by Binance exchange, which operates on the Binance Chain blockchain and is used by users to settle fees charged by the exchange platform for using the service. It was launched on June 30, 2017.