🇨🇳How Changpeng Zhao created Binance

How Changpeng Zhao created Binance

Binance was established in July 2017. It was born with a mission to be "purely crypto," according to the opening of the project's white paper: "In our opinion, there are fundamentally two different types of exchanges: those that deal with fiat currency; and those that deal purely with cryptocurrencies. It is the latter that we will focus on." However, over the years, because of regulatory pressure, the company has softened its "libertarian" side.

To raise money and bring the exchange to life, in the middle of that year CZ and the team held an ICO (Initial Cryptocurrency Offering). An ICO is similar to an IPO (Initial Public Offering), and is used to raise funds for projects in the blockchain area.

200 million units of Binance Coin (BNB), the brokerage firm's "native" cryptocurrency, were created. Of the total, 40% of the BNBs stayed with the founding team, 10% with shareholders, and 50% were put up for sale. In three weeks, Binance raised $15 million.Six months after the millionaire fundraising, the exchange consolidated itself as the largest in the world in trading volume. By the end of 2021, the exchange was moving around $18 billion daily, according to data from Coingecko. The volume is four times greater than that recorded by the US exchange Coinbase, the second in the ranking.