The Future of Binance Is an Open Platform
At Binance our vision has always been to increase the freedom of money. We view crypto as a fundamental means to attain this goal, and we work hard to ensure that all of our products and services contribute in some way to reaching that original vision. We believe the future of Binance is a decentralized open platform and we have taken many steps in achieving this.
In CZ’s 2020 New Year message, he described Binance’s efforts last year as building the foundations of a house. Binance has evolved into much more than just the crypto-to-crypto exchange we launched in 2017. The foundations we’ve built to help grow the crypto and new financial ecosystem also include margin and futures trading platforms, many more fiat-to-crypto gateways, lending products, and staking services, to name a few.
But we’re building more than just a house. Now we want to build the roads (infrastructure) surrounding the house and the roads in the city so that other people can build their own buildings (products). This is how we’re pushing towards our vision of increasing freedom of money: by enabling others.
We’re making it our mission to build the infrastructure for crypto in tomorrow’s world. This encompasses our core businesses including exchange, futures, margin (liquidity), fiat gateways (access), exchange and wallets (storage), and much more to come.
In 2019 Binance DEX (Decentralized Exchange) was launched on Binance Chain; a blockchain project initiated by Binance and designed as an alternative marketplace for issuing, using, and exchanging digital assets in a decentralized manner. Furthermore, with Trust Wallet we continue our mission of making crypto more accessible, giving access to decentralized finance. But how can we push for decentralization via Binance DEX and Trust Wallet while also having centralized exchanges like Binance.com? Well, there’s more than one route to a decentralized future.
With the current state of UX and technology in crypto as it is, we believe that at present, both centralized and decentralized exchanges are needed. Ultimately, we strongly believe in full decentralization, but we recognize this may involve a few incremental steps, instead of one giant leap forward.
So what do those steps look like for Binance.com? One approach we’re pursuing is an embodiment of our mission of becoming an infrastructure provider for the crypto world: an evolution of our core exchange products into a platform for others to build their businesses on, and thereby accelerating crypto adoption and access.
It’s a concept we’re calling the “Open Platform.”
One initiative in the Open Platform concept is the recently launched Binance Broker Program where any other exchange, platform or institution can bring Binance’s liquidity and market depth to their users through an API that provides order-matching services, account management, settlement systems and more. More and more businesses around the world are now running on Binance in a very real way: At time of writing, more than 100 institutions around the world have applied to participate as a Binance Broker, with around 50 already onboarded.
We’ve recently announced a big upgrade to the Broker Program too: brokers can now bring futures trading to their users, and we’ve lowered the threshold to becoming a Broker with the addition of API key mode access. If you’re interested in becoming a Broker Partner, apply here.
Another big focus for the Binance Open Platform is our P2P (peer-to-peer) platform which serves as an open marketplace facilitating direct trades between users and merchants. Through Binance P2P crypto trading, we are expanding the peer-to-peer trading market for multiple currencies (CNY, VND and RUB to cryptocurrencies, so far) and plan to launch in more markets very soon this year.
So what else can you expect from the Open Platform concept in the future? While we can’t reveal much yet, we’ll be adding more products and services to our core exchange that advance our mission of providing infrastructure. We’ll keep building our house, but we’re turning more of our focus on building the roads around it too. All of this as one route to pursuing our vision of increasing the freedom of money globally.
Stay tuned for more news about our Open Platform next week.
PS. We’re hiring! If you’re interested in working with us on an Open Platform project such as the Binance broker program, please apply here.