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Binance is set to celebrate its first anniversary this month. After its founding in July 2017, the largest crypto exchange in the world by trading volume has seen its fair share of struggles.
Despite these obstacles, however, Binance has not only thrived in the crypto industry but has become one of the most dominant players in its niche. And with all the success it's getting, the company is still gaining momentum.
Binance recently announced that its new decentralized trading platform will be available to the market by the end of the year, Crypto Daily reported. Binance head Changpeng Zhao said that almost anyone will be able to list a coin on the new exchange, called Binance Chain. Moreover, the team behind Binance Chain will have less control over the new platform compared to the model they’re currently using.
“That’s the philosophy of the decentralized exchange, it’s freedom of choice, freedom of investments. But with freedom, there will be people who are scammers. That’s not something we can control,” Zhao said.
The Binance CEO recently got in a bit of a Twitter confrontation with Ethereum co-founder Vitalik Buterin when the latter said that he wishes for all centralized exchanges to burn in hell. Zhao countered that, saying centralized and decentralized entities should be working together in order to solve issues that may be limiting their potential.
Indeed, a study released by consulting firm McKinsey said that one of the biggest obstacles that blockchain technology face is the coopetition paradox. The firm said that in order for a particular market to thrive, those who are competing with each other should work together in order to eliminate factors that are stunting the growth of their industry. But with polarizing views such as Buterin’s perspective, it’s difficult to achieve this mutual relationship.
Despite the apparently conflicting views of Binance CEO Changpeng Zhao and Ethereum co-founder Vitalik Buterin, both their projects have become two of the biggest players operating in the crypto sphere. Binance is now the global leader of crypto exchanges by trading volume, while Ethereum is the second largest cryptocurrency by market cap.
