Key Points
2022 is another year of innovation and construction for the Binance ecosystem.
Binance is committed to creating truly effective products that are both easy to use and meet people's daily needs.
In 2022, Binance focuses on creating real-life value for users, including building new bridges between cryptocurrencies and the traditional financial system and launching a new news feed based on Web3.
In this article, we’ll introduce you to the leaps and bounds that Binance’s products and services have achieved over the past year.
This year, Binance teams around the world have continued to build products around the same theme: users. From regular updates to the Binance App user experience (including a powerful crypto content aggregator), to intuitive trading and non-fungible token (NFT) products that anyone can use, Binance has been working tirelessly to ensure that our customers have the most convenient access to the digital financial field at every entry point. After all, the large-scale promotion of Web3 cannot be separated from the support of real value and ease of use. The curtain slowly falls, and the memories are worth cherishing. I hope you will remember this wonderful journey as much as we do.
Real World Use Cases
Every shiny new invention that promises to change the status quo faces two questions: First, what is it? Second, how does it affect me? Many first-time Web3 users have trouble finding their feet in the space. Either the use cases are too abstract and elusive to grasp, or the use cases are solid but the user interfaces are too complex and the learning curve too steep to be truly useful to users.
Binance is committed to building products that really work, are easy to use, meet people's daily needs, and fully deliver on their product promises. Here are some of the best Web3 products and services that Binance has carefully built or improved over the past year:
Binance Card
Binance recently launched its official cryptocurrency debit card, Binance Card, in three new markets: Ukraine (through the Binance Refugee Program), Argentina, and Bahrain.
We are also testing the card in three other major markets, including Brazil, Colombia, and other Gulf Cooperation Council (GCC) countries. With the Binance Card, users can spend cryptocurrencies directly from their Binance Wallet at merchants that accept Visa or Mastercard (depending on the user's country of residence).
Binance Card users can enjoy up to 8% cashback on purchases, and generally speaking, you can quickly pay for everyday goods and services without having to convert crypto to fiat.
Additionally, Binance does have ongoing promotions that can be combined with the cashback benefits that come with the Binance Card. To stay up to date on the latest promotions, check out the Binance Card landing page.
Binance Payment
Following our groundbreaking launch of Binance Payments in 2021, we’re adding more features to this diverse, crypto-friendly merchant ecosystem.
In 2022, we added 7,983 new merchants and partners to Binance Payment, and supported more than 70 cryptocurrencies, including BNX, BSW, COTI, etc.
Binance Payments currently allows users to send fiat using their crypto assets in 70 different markets, and we have added a host of new features including Trust Wallet integration, ride-hailing booking, and crypto mobile top-ups in over 100 countries through the Binance App.
Offline, at the annual music festival Primavera Sound held in Barcelona in 2022, Binance provided refreshments to more than 460,000 spectators, all paid in cryptocurrencies.
Other notable partnerships and use cases from 2022 include:
A cryptocurrency hotel booking partnership has been reached with the United Arab Emirates (UAE), including the world-renowned JA Hotels and Palazzo Versace.
Shop at major supermarket chains in Ukraine (Varus) and Bahrain (Lulu).
Refuel at all WOG stations in Ukraine.
Buy a virtual SIM card to over 122 destinations with Yesim.
Buy your event tickets on Entertix, Romania's number one ticketing platform.
Buy flights and travel in Latin America with cryptocurrency using TravelX.
Send crypto gifts and tips on Bolt, the Web3-based live streaming platform.
Binance Markets
The Binance app has launched a new Market section, which can be browsed by scrolling up on the homepage. This section allows users to shop with crypto, explore the latest Binance Payments offers, perform mobile top-ups, and even access decentralized finance (DeFi) services.
As restrictions ease around the world, we’ve created a dedicated travel section covering all the essentials for your next dream holiday or business trip, including hotel and flight bookings.
Making Web3 accessible to everyone
Every employee is instilled with the core value of user-centricity from the first day they join Binance. What do users want? This is the question we ask every time we design a new product or update an existing one.
In 2022, we will focus a large part of our energy on projects that make Web3 easily accessible to as many users as possible, across all levels of cryptocurrency experience and technical sophistication. We aim to demystify the Web3 industry and make it easily accessible to everyone, one product at a time, whether it's a feature designed for visual impairments or an NFT partnership that enhances the fan experience of the community inside and outside the Web3 space.
Binance push
For all those who love Web3 content, Binance Feed updates are essential, providing real-time cryptocurrency news, insights from top influencers, and more than 400 educational articles on cryptocurrency and blockchain topics. Since its launch, Binance Feed has provided a smooth platform for more than 1 million daily active users and about 1,000 (and growing) content creators focusing on the Web3 space.
Binance News provides a spam-free, premium content experience that touches every corner of the Web3 space. Whether you are looking for professional trading tips or exploring the latest breakthroughs in blockchain technology, you can get valuable information from Binance News.
Colorblind trading
According to the National Eye Institute of the United States, approximately 300 million people worldwide are color-blind. In addition, the most common color deficiencies are red and green, which are often the two most critical colors on trading interfaces.
To ensure our trading interface is usable by everyone, we’re launching a new color-weakness palette that replaces the traditional red/green palette with a more visually friendly blue/orange configuration.
Identity authentication (KYC identity authentication)
For users entering the Binance ecosystem for the first time, completing the identity verification process is crucial. Over the years, Binance has continuously updated its identity verification measures to ensure a smooth onboarding experience for new users while complying with the latest regulatory requirements in different regions.
In the nine new countries, Binance has integrated its systems with government databases and trusted service providers, allowing users to verify their identity without uploading documents. For example, users in the Middle East and North Africa and Latin America have enjoyed a faster identity verification experience thanks to our strategic partnerships with regional providers in these regions.
We’ve also made some changes to streamline the user process, adding 25 new supported IDs and introducing real-time photo quality assessment to speed up the authentication process.
Fan Experience
The year 2022 saw an exciting intersection between fans and cutting-edge technology, with Binance expanding the boundaries of Web3 to a range of subcultures, including football, Formula 1, and the music industry.
In the world of football, Binance has partnered with one of the greatest players of all time, Cristiano Ronaldo, to release its first NFT collectibles collection.
In the field of racing, Binance launched its first-ever F1 partnership, launching the ALPINE Binance Fan Token. ALPINE token holders enjoy exclusive benefits such as voting privileges and meet-and-greet with team members.
Additionally, Binance partnered with key figures in the music industry to sponsor the 64th Annual GRAMMY Awards and singer The Weeknd’s After Hours Til Dawn tour, the first global music tour powered by Web3. Tour participants can redeem a POAP NFT souvenir to preserve their wonderful experience.
Binance NFT
In 2022, we created an unparalleled user experience through Binance NFT, gained more than 600,000 weekly active users and 2.5 million listed NFTs, and reached top collaborations with some of the biggest names in sports, music, and entertainment.
When we launched Binance NFTs in 2021, our ecosystem was missing some features that would later prove critical to a smooth user experience. We listened closely to customer feedback and, as always, responded quickly to overhaul our NFT marketplace.
Speaking of other major improvements to the user experience, collectors on Binance NFT can now explore assets and earn rewards across multiple platforms such as OpenSea through our Ape NFT staking program and subscription mechanism, giving them a fair chance to purchase rare and unique NFTs.
While the Binance NFT platform is home to many well-known projects and celebrities, we believe that Web3 opportunities should be open to everyone, regardless of their NFT experience or fame. Today, any Binance Verified user with at least two followers can start minting their own works on Binance NFT. Since adding the minting feature, we have minted about 100,000 NFTs with a total trading volume of over 40 million USDT.
In addition to the above highlights, we also made many improvements to the Binance NFT platform in 2022. For detailed information on the improvements, please refer to our year-end summary.
More high-quality channels to earn coins
In addition to creating a great trading experience, Binance also offers a range of income-generating products from staking to savings. This year, we simplified some of the most popular Binance Wealth Management products, bundled Binance Savings and Fixed Deposits into one product, and introduced a crypto cashback program.
Consumption to earn coins
Our cryptocurrency cashback program, Earn Money by Spending, has been successfully launched with over 150 merchants and growing. Binance users can earn up to 5% BUSD cashback when shopping at participating merchants using any preferred payment method, with the cashback amount credited directly to the user's wallet. In addition, users who use the Binance Card can enjoy up to 8% BUSD cashback.
Earn coins
We have integrated Binance Savings Flex, Binance Savings Fixed Term, and Locked Staking products into a one-stop platform called Earn Coins. Users can choose any of the 339 supported tokens (as of December 2022) to deposit into the platform on a Flex or Fixed Term basis and receive rewards.
Investment and Trading
While Binance has evolved beyond just a cryptocurrency exchange, we continue to work hard to improve the trading experience for our users. In 2017, the Binance Dashboard was a simple, bare-bones interface, and today it has evolved into one of the most advanced personal trading interfaces in the cryptocurrency space and across finance.
However, unless you are a die-hard Binance fan, you might have overlooked some of the trading features that were updated this year. Here are some of the new tools we introduced that you might find useful in the future.
Binance Futures
Binance Futures, a service available only in certain regions, launched a range of new features in 2022.
First, traders can now trade European options contracts on Bitcoin, Ethereum, and Binance Coin using USDT. We are also reducing latency for high-frequency traders by launching a unified account program that combines margin balances for U-margined, Coin-margined, and margin accounts.
New traders who want to test the waters should consider using our new demo trading platform. This platform is a testing environment that allows users to practice live cryptocurrency trading and trial and error without losing any money. For experienced users, we have added four new easy-to-use tools favored by professionals, including grid trading, time-weighted average price (TWAP), advanced take profit/stop loss (TP/SL) and joint margin mode.
Fixed investment plan
The fixed investment function was launched in 2021 and is still one of Binance's most popular investment products, especially for those users with low risk tolerance who prefer to use the average cost method (DCA) to realize the appreciation of their cryptocurrency assets. This year, Binance has made three key improvements to the fixed investment function:
Index Linked Program: Track and automatically invest in the top 10 cryptocurrencies by market capitalization.
Portfolio Planning: Build a portfolio of multiple cryptocurrencies that generate income and suit your risk tolerance.
Hourly investment cycle: Establish new investment time frames for users to choose (including 1 hour, 4 hours, 8 hours and 12 hours), improving the accuracy of users' cryptocurrency investment.
Dual Currency Investment
The Dual Currency Investment product was launched in 2020, and Binance has continued to update the product over the years, introducing more features and tokens. In 2022, we added support for 12 new altcoins (BNB, XRP, SOL, Matic, ADA, DOT, BCH, AVax, FTM, Algo, Atom, and Near). For inexperienced individual users, we launched a beginner mode that focuses on popularization and includes step-by-step guides.
Frequent users of Dual Currency Investment may already be familiar with the new Auto-Reinvest feature, which allows users to automatically re-subscribe for positions every time the target price is reached.
Looking ahead
Binance’s motto is simple: build products that users want. This is one of the secrets that has enabled Binance to become one of the world’s largest cryptocurrency ecosystems. Binance always takes every aspect of the user experience seriously, even simple adjustments like adding a new color palette.
In 2023, we will continue to do what we have been doing, and whether there is a crypto midwinter, a bear market, or a record-breaking market environment ahead, we will keep our heads down and build. Even now, during the holiday season, our passionate team members are hard at work on exciting new features.
To stay up to date on the latest developments in the Binance ecosystem, stay tuned for our announcements!
Read the following articles for our year-end coverage:
(Blog) "A letter from Binance CEO: 2022, resilience is king"
(Blog) "2022 Event Review: Binance Events at a Glance"
(Blog) 2022: The Year of Compliance and Transparency
(Blog) There is hope in the midst of crypto woes in 2022