How is Bitcoin China, China's first Bitcoin exchange, doing now? How did Binance, once unknown, become today's leading exchange?
On June 9, 2011, Bitcoin China, founded by Wenzhou businessman Yang Linke, was officially launched, becoming the starting point for early Chinese people to enter the cryptocurrency world. At its peak, Bitcoin China’s daily trading volume accounted for 80% of the world’s total Bitcoin trading volume.
The current BTCC originated from Bitcoin China (BTCChina). On September 16, 2015, the brand’s globalization strategy was upgraded and officially changed to “BTCC”.
BTC China, once the No. 1 Bitcoin trading platform in China, has been reported to be shutting down in recent years. In response, BTC China said that it had stopped its domestic digital currency trading platform business as early as September 2017; in January 2018, BTC China sold its international business segments such as mining pools and US dollar transactions. After that, BTC China stopped its website login and online withdrawal services.
Since then, investors have begun to switch to other trading platforms, and Bitcoin China has gradually faded out of people's sight.
It was not until 2019 that Bitcoin China announced that Yang Linke had officially completed the acquisition of 100% of Bitcoin China's equity, and Bitcoin China will begin to transform into an enterprise that uses blockchain technology to serve the real economy.
Bitcoin China, which was once glorious, almost withdrew from the Chinese Bitcoin and cryptocurrency market. Then, Binance seized the opportunity and stepped forward.
Binance
In 2013, China's Bitcoin trading entered its golden age. China monopolized more than 90% of the world's Bitcoin transactions, and exchanges such as OKEx, Huobi, and Yunbi emerged one after another.
In 2017, Zhao Changpeng, the founder of Binance, started the creation of Binance.
On July 14, 2017, Binance Exchange launched its web version in Shanghai and opened 4 trading pairs. On September 11, Binance APP was officially launched.
To talk about how Binance quickly rose to prominence, it was in September 2017, the famous "94" incident in the cryptocurrency circle. At that time, industry supervision suddenly came in and the exchanges were reshuffled. Binance seized the opportunity and rose to become the leader among cryptocurrency exchanges. Until now, it can be said to be able to call the shots.
The cryptocurrency world was in a difficult situation in 2017, and even Binance, which survived the "94" incident, was no exception. At that time, Binance had low visibility and low trading volume, and was once on the verge of breaking even.
If Zhao Changpeng taught Binance to walk, then He Yi taught Binance to run. In 2017, He Yi joined Binance and served as CMO, co-founder and director. Later, He Yi, Zhao Changpeng and OKEX founder Xu Mingxing were called the "iron triangle of the currency circle" by the outside world.
Zhao Changpeng has great vision and ambition, and is fully committed to building a "decentralized" exchange. Although this statement is still a hot topic and subject to much discussion and doubt in the industry, there is no doubt that Binance's attitude towards users and its responsibility make it the first choice for cryptocurrency traders.
On January 3, 2020, Binance CEO Changpeng Zhao released an open letter to the Binance community. The letter reviewed Binance's experience and development in 2019 from the perspectives of users, security, financing, incubation, etc. At the same time, Zhao Changpeng said that 2020 will be the year for the implementation of blockchain applications, and hoped that Binance Chain and Binance decentralized trading platform (Binance DEX) will be fully open source in 2020. In terms of industrial layout, in 2019, Binance Incubator incubated 21 projects, directly invested in 14 projects, and wholly acquired no less than 9 projects; Binance X funded 59 hardcore developers in the field of cryptocurrency. Zhao Changpeng said that Binance DEX is the fastest on-chain trading engine at present; and Binance Chain uses the Tendermint-based blockchain consensus protocol BFT, and the block time of transactions is less than 1 second. In addition, regarding the previously controversial issue of open source, Zhao Changpeng also stated in this letter that he expects to fully open the Binance Chain Binance Dex decentralized trading platform in 2020.
The cryptocurrency world is constantly changing, and the market is constantly adjusting its development direction. It also contains infinite opportunities. What will happen to Binance in the future? Will there be other trading platforms that will rise like Binance? We can't guess now, but one thing is certain, that is, the industry in the future will definitely be more colorful than it is now.