What is the Binance Open Platform?
Reintroducing the Binance Open Platform: overview, mission, how it services the industry, and initiative updates.
Part of our mission in increasing the freedom of money around the world is to not only provide services to people with crypto as the fundamental means for furthering realizing this goal but helping companies and entrepreneurs build for the crypto of tomorrow. This is the underlying purpose of the Binance Open Platform initiative: empowering companies, projects and entrepreneurs with tools and services needed to build and contribute to the sustainable growth of the global ecosystem as a crypto infrastructure provider.
An Overview of the Binance Open Platform
The Binance Open Platform is our key initiative to become the crypto infrastructure provider of tomorrow by making Binance’s existing ecosystem into an open platform for blockchain businesses and users to connect and transact. Initiatives under the Binance Open Platform include:
Binance Broker Program: qualified small to mid-sized exchanges can apply to leverage the data and technology that powers Binance Exchange
Binance Cloud: all-in-one enterprise solution for launching cryptocurrency exchanges
Binance P2P: peer-to-peer exchange for buy and selling crypto directly with zero transaction fees
Binance Widget: crypto-exchange integration that allows websites, platforms, or browsers to earn on every transaction while seamlessly enabling Binance users to buy, sell, deposit, and trade crypto assets
The Vision and Mission
The Binance Open Platform initiative started as a vision. On New Year’s Day, Binance CEO Changpeng Zhao (CZ) shared that we were working to build the infrastructure layer for the new crypto and financial ecosystem. With the number of new products that we launched last year, from the futures trading platform,new fiat-to-crypto gateways to lending products, we officially shared our plans around building roads around this new initiative.
We want to be a resource and connect to other industry players, enabling them to build and grow their own projects that also share our vision of increasing the freedom of money. We believe that the future of Binance is a decentralized and open platform.
The Binance Open Platform initiative represents our committed service to share our resources and technology, enabling others in the industry to build on our infrastructure and ecosystem to be stronger together.
Three months after we introduced the Binance Open Platform, we have been working hard to further realize the core vision of the initiative. New developments from us, our partners and participants around the open initiative:
1. Binance Cloud launches in South Korea and Indonesia. Binance Cloud was introduced as an infrastructure solution for customers and partners to launch digital asset exchanges leveraging Binance’s technology, trading depth, security and cross-border liquidity. Binance.KR is the first implementation of that solution, and it features the same compliance, security, and safety advantages that are present on the Binance exchange. In addition, Tokocrypto 2.0 launched in Indonesia, powered by Binance Cloud.
2. Binance Broker Program. While the Binance Broker Program was launched before Open Platform, it adopted some of the initiative’s principles through updates such as support for futures trading. As a result, brokers were able to activate thousands of new active users across the spot and futures markets, resulting in $100 million in additional daily average trading volumes.
3. Binance Widget onboards 124 partners. The Binance Widget allows the users of our partners’ websites to seamlessly trade cryptocurrency assets through Binance. Within two months after the widget’s launch, its users helped facilitate a total of 6.6 million USD in crypto transactions during the first month of the program, with daily volumes reaching as high as 1.5 million USD.
4. Brave Browser integrates Binance Widget. Brave’s browser currently has over 13.5 million monthly active users, and the integration puts Binance, and crypto by extension, in front of Brave users. The widget will be the Brave browser app as well later this year.
A Holistic Way of Looking at Binance Open Platform
We now provide multidimensional and multi-layered open initiatives. Here are just some of the examples.
1. Technology. We started the Binance Open Platform as a technological solution for sharing our best practices on the technical side to partners, such as constructing exchanges, developing trade functions for spot and futures markets, integrating APIs from local banks, and building peer-to-peer trading services for fiat-to-crypto transactions.
a. Trust Wallet. The official crypto wallet app of Binance will continue improving its open-source wallet, adding related payment methods through which BNB can be used for payment in many countries around the world.
b. Binance X. As the Binance unit that backs nascent projects and developers in the blockchain space, Binance X contributes to the Open Platform vision by empowering these startups to develop more.
2. Strategy. One aspect of looking into the Open Platform initiative beyond the technology-focused aspect is to assess it from a strategic outlook. This includes investments, acquisitions, mergers, partnerships, collaborations, and other strategic actions that combine the best companies and projects to create something bigger than the sum of their parts.
a. CoinMarketCap. Even after its acquisition by Binance, crypto’s landing page remains to be operated independently. The acquisition itself reflects the openness of CoinMarketCap and, by extension, Binance to working with many other exchanges.
b. Tokocrypto. Indonesia’s first regulated exchange is a prime example of Binance Open Platform in strategic motion. Binance invested in Tokocrypto, and the two exchanges worked together on a stablecoin pegged to the Indonesian rupiah. In addition, Tokocrypto’s newest update is powered by Binance Chain. This shows the multiple opportunities that emerged through the Open Platform.
3. Community. An open platform for blockchain gets its strength from its community. We believe that taking good care of the people that use crypto services such as Binance will bring further growth to the entire industry.
a. Binance Angels. Our network of over 180 volunteers and evangelists are constantly on the lookout for ways to foster collaboration between Binance and the crypto market players in their respective countries.
4. Application. A major part of our transition from being an exchange to forming an ecosystem was the Binance community’s creation of the Binance Chain, which gave crypto token makers a blockchain upon which they can build their solutions.
a. BNB. Every month, we add use cases to BNB, and that constant expansion will open up opportunities for more partnerships. BNB is one of the top 10 cryptocurrencies in the world by market cap, with over 1 million holders and 180+ use cases. Currently, BNB is supported by over 30 merchants with over 180 use cases all over the world.
b. Binance Chain. The community that brought you Binance Chain is working on the next step: Binance Smart Chain, which will introduce smart contracts parallel to Binance Chain functions. This is a major step, because it provides developers that use the Binance Chain the means to enhance the functions of the tokens and projects they build on our blockchain. With 480,000 addresses, 77,000,000 transactions executed, and 800,000,000 USD in trading volume already logged for Binance Chain and Binance DEX, the upcoming Binance Smart Chain will likely be a catalyst for further growth. Here’s the testnet of Binance Smart Chain.
With the Binance Open Platform initiative, we want to share the benefits, values, and practices we have to accelerate the growth of our partners and hasten the expansion of blockchain as a whole.
In the long run, we want you to benefit and make the most of what we build together. We’re stronger together.