What is the Binance Open Platform?
Reintroducing the Binance Open Platform: overview, mission, how it services the industry, and initiative updates.
In order for us to materially increase the freedom of the money around the world, we need to drive access to crypto with class-leading services, and also accelerate change by building platforms that allow other companies and entrepreneurs to take part in the crypto world of tomorrow. The latter fuels our Open Platform initiative: By empowering entrepreneurs, companies, and communities with tools and services that help them build sustainable growth, Binance can contribute to a global ecosystem of crypto initiatives, and serve as an infrastructure provider that helps boost crypto adoption worldwide.
An Overview of the Binance Open Platform
Initiatives under the Binance Open Platform include:
* Binance Access: B2B integration for qualified fiat merchant and crypto wallet partners who want to add a native “buy crypto” gateway to their website
* Binance Broker Program: Qualified small to mid-sized exchanges can apply to leverage the data and technology that powers the Binance exchange
* Binance Cloud: All-in-one enterprise solution for launching cryptocurrency exchanges
* Binance Widget: Integration that allows websites, platforms, or browsers to seamlessly enable their users to buy, sell, deposit, and trade crypto assets using Binance
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, enabling other industry players with a shared vision to build and grow their own projects 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 commitment to share our resources and technology, enabling others in the industry to build on our infrastructure and ecosystem in order to be stronger together.
We have worked diligently to expand the Binance Open Platform in the months since its introduction. New developments from us, our partners and participants around the open initiative include:
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 expands into crypto futures. 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 160 partners. The Binance Widget allows the users of our partners’ websites to seamlessly trade cryptocurrency assets through Binance. Binance Widget users helped facilitate an average of 27 million USD in crypto transactions every week.
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 available within the Brave browser app as well later this year.
5. Binance Access launches, reveals Advcash as the first use case. Through Binance Access, we use and share a standard API with our partners, allowing Binance users to easily link their accounts to our partners’ platforms. E-wallet provider Advcash is a pioneer on Binance Access, and now its users can buy BTC, BNB, ETH, XRP, and more using their available fiat balance.
A Holistic Way of Looking at Binance Open Platform
We provide multidimensional and multi-layered open initiatives in conjunction with the Binance Open Platform, involving the entire Binance ecosystem and beyond. 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 enabling development within the Binance Ecosystem.
2. Strategy. Another aspect of our Open Platform initiative beyond the technology-focused aspect is our strategic actions in identifying opportunities to link up with like-minded companies and projects.
a. CoinMarketCap. Even after its acquisition by Binance, crypto’s landing page remains independently operated. The acquisition itself reflects the openness of CoinMarketCap and, by extension, Binance towards working with many other exchanges.
b. Tokocrypto. Binance invested in Tokocrypto, Indonesia’s first regulated exchange, and the two exchanges worked together on a stablecoin pegged to the Indonesian rupiah. Tokocrypto’s latest update was powered by Binance Chain.
3. Community. An open platform for blockchain is only as strong as its community. We believe that delivering quality and attentive service will bring further growth to the 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 milestone in 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 new use cases to BNB, increasing its utility in order to facilitate more partnership opportunities. 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 all over the world.
b. Binance Chain. The community that brought you Binance Chain is working on the next innovation: Binance Smart Chain, which will introduce smart contracts that run parallel to Binance Chain functions. This is a major step because it provides Binance Chain developers the means to enhance the functions of the tokens and projects they build on our blockchain. With 530,000 addresses, 93,000,000 transactions executed, and more than 800,000,000 USD in trading volume already logged for Binance Chain and Binance DEX, the upcoming Binance Smart Chain will be a major driver for further growth. Preview the testnet of Binance Smart Chain.
In the long run, Binance Open Platform initiatives will benefit users and accelerate growth in the blockchain space. Remember: We’re stronger together.