Binance has announced through its blog page that it’s working to build its company as an open platform in the future. According to the blog post, the crypto exchange, which offers both centralized and decentralized blockchain services, is working to make the company more decentralized to give access and freedom to its users.
The crypto exchange platform offers more than 100 crypto assets to its users to trade with. Since its inception back in 2018, the company has seen tremendous growth in the trading volume, hence earning the title of the largest crypto exchange in the world.
According to CEO Changpeng Zhao, 2019 was the year the company was building its foundation, whereby the developer team worked hard to see the base of decentralization kick-off. In his 2020 New Year message, CZ assured Binance customers a more secure and fast platform that values every user. The company has been evolving from the crypto-to-crypto business to a more diversified crypto and finance ecosystem.
Binance launched its decentralized exchange, Binance DEX, in 2019 on its blockchain system to facilitate its user’s access crypto exchange in a decentralized manner. With the help of the Trust Wallet, the company is making crypto assets more accessible in a decentralized manner.
With the company having built the basics over the past years, it is now working on infrastructures to assist other people to build their businesses on the Binance blockchain ecosystem. This will include; facilitating exchanges, providing margin more or less liquidity, providing secure and reliable crypto wallets and much more.
Binance Open Platform
In order to move from a centralized system to a decentralized one, Binance has outlined a number of steps to follow. This will entail becoming an infrastructure provider for the crypto world.
According to the blog post, one of the initiatives to make the company an open platform is seen in the recently launched Broker Program. The broker program allows any other exchange, institution to access Binance’s Liquidity to their users. It is made possible through an API that provides account management services, order matching services and also settlement systems.
With the company boasting of more than 100 institutions around the world requesting to join the program, and 50 more already on board, it has announced an upgrade of the brokerage program. The brokerage program will now allow brokers to bring futures trading to their customers. Besides, Binance has lowered the required threshold for one to become a broker.
The other main focus the company is putting to become an open platform is its P2P platform which functions as an open marketplace. This feature facilitates direct trades between traders and their merchants.
Author: Steve Muchoki