Key takeaways
To make its decisions, the product team relies on five principles: simplicity, transparency, innovation, speed and community.
The journey to one billion users will be long: it is essential for Binance to create products appreciated by its users and to improve or complete them.
Binance wants to bring positive change to the world to drive adoption and trust from our users and regulatory authorities alike.
Mayur Kamat, Head of Product at Binance, spoke on March 22, 2023 at the Ramadan Super Meet-Up to detail the creative force behind Binance's products and detail the new product roadmap. Note: For clarity, this transcript has been edited and/or shortened.
Humble beginnings
Mayur: CZ gave a very simple instruction to my team: “Keep designing. » He meant, continue to design the products that our users demand, products that greatly facilitate their crypto adventure and which form this ecosystem where more and more people, technologies and platforms can flourish and prosper in order to to make financial inclusion a reality for everyone in the world who needs it. This has been our work for the last five and a half years.
We started as just a crypto exchange, which quickly became one of the largest in the world; but this is only a very small part of our product range. Today, less than 10% of the world's citizens know or use cryptocurrencies. The adventure will still be long, and this is precisely what makes this experience so interesting for us, because we have the chance to live it alongside our community.
Inspiration for future Binance products
Mayur: Our product team follows five principles when making decisions.
Above all, we want to design simple products. This simplicity is essential for a billion people to use our creations: ease of use means simplified integration, less friction and a better adoption rate.
Our second principle is that of trust, to which the notion of transparency is linked. Many talents develop within our sector, but unfortunately there are just as many criminals. So how do we prove to the world that we are trustworthy? By our actions, and our products, which offer a high degree of trust and transparency to users, but also to the sector and regulatory authorities. We want to make sure that we build this ecosystem together and trust each other.
Our third principle is that of innovation. To change the world, we must accomplish great things, and take the risk of failing from time to time. We want our products to see mass adoption, and the only way to do that is to continue to innovate, even if sometimes that innovation involves recycling our old products.
Our fourth principle is that of speed. We want to be fast: you've seen how quickly the market has evolved in terms of price volatility and innovation over the last two or three weeks. We want to ensure that Binance products are offered to users at the pace of the industry. When we are sure that users like our products, we expand and deepen them.
Finally, and perhaps most importantly, we create products for our community, with their help. We design products that take into account feedback from our community, including the difficulties encountered by users, their requests, as well as use cases for cryptos.
Recently launched products
Mayur: One of our latest launches is a feature that allows users to directly suggest improvements to our designs to product managers. A new version of this tool is now available, which allows you to directly read comments from product managers to find out if this functionality already exists or if your proposal allowed them to improve. You can also attach images, descriptions, and vote on the opinions of other Internet users. If we can't meet your feature requests, we'll tell you why. This feature will guide the design of future products: we will read every review and comment submitted using this tool. And that's not all: we (and especially CZ) will continue to engage directly with the community on our social channels and respond to you when you contact customer service. This is one of our pillars for product creation.
We also offer Binance Build: If you use Twitter, consider following the hashtag #BinanceBuild, as we launch a new feature every day for optimal pace of innovation. We tweet every day about a new improvement, more or less rich; The most important thing is to keep pace with innovation, and Binance Build is the best way to do that.
Proof of Reserves with Zk-Snarks represents a relatively new and innovative technology. We are now able to confidentially prove to our users that their assets are in Binance wallets, as we claim. We are probably the first in the sector to offer such an option, which we have made open source (free access) to encourage other players in the ecosystem to follow our example and also publish their proof of Zk-Snarks reserves. When we put our trust in the system, our sector will be able to grow, and this possibility is the first step towards this goal.
Despite everything, we remain an exchange: we have therefore launched several very interesting trading tools. It is now possible to modify orders using drag and drop, a feature that came to my mind following a discussion with a customer. Other tools have recently been launched, such as the rebalancing bot which automatically adjusts your portfolio without you needing to do anything.
Binance Pay is one of the bridges between the Web3 universe and the real world. One of its use cases that excites me the most is remittances. Many immigrants send part of their meager salary to their families each month, but the system takes a lot of this money. Additionally, these shipments take days and are not completely secure. Binance Pay is now a much better option for transferring crypto and fiat money without borders. It is now available in shopping centers, physical kiosks and car dealerships to help users solve their everyday problems.
To conclude, let's talk about Binance Tax, our latest creation which was launched only a month ago in France. I’m excited to announce its global launch over the next two months. All our users around the world will be able to take advantage of it for free to better understand their tax obligations and respond to them with one click.
Future product launches
The programmed investment bot (DCA) will be a game changer. To put it simply, this strategy bot will do almost all the work for you, give you financial advice and allow you to automate it as you wish. A highly requested trading feature will also be available soon: a win/loss analysis tool, with which you can track your portfolio's performance over time and improve as a trader.
Multi-factor authentication is still a painful step in withdrawing funds, but it is extremely secure and essential for interactions with financial institutions. We want to keep it, without it being too tedious: we are therefore making a large number of improvements to our product which use biometrics technology to allow you to use secure and modern infrastructures such as access keys and facial identification to authenticate these use cases.
The final changes I want to cover today, which will be available soon, are those to pages and interaction sets: we plan to make sure the submission process is easy to follow. You'll be able to save your addresses and scan QR codes rather than copying and pasting addresses, all to simplify your daily interactions with the tool. Games and campaigns like the Bitcoin Button and WODL game are very popular, and we will offer more to help Binancers attract new users to Binance to earn crypto through sponsorships, campaigns and games.
The final word: looking to the future
We want to change the world, and be at the origin of positive innovation, which promotes adoption and trust among our users and regulatory authorities. We're working even harder to design innovative products and ensure our systems are compliant: we're taking steps to combat money laundering (AML), monitor transactions, report suspicious activity to governments, attract new users through different channels, and ensure they have a KYC compliant system. We are doing important work in these respects, which does not seem fun or exciting, but which is very important to reach the billion crypto users.
For more information
Binance Product Team Answers Your Burning Questions
The Creator: How Binance Product Manager Mayur Kamat is Building the Future of Web3
Recap: AMA with CZ and Mayur
Trade anywhere with the Binance mobile crypto trading app (iOS/Android)
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