Success Story of World’s Largest Crypto Platform: Binance

Source- Binance

Cryptocurrencies have garnered the attention of millions of people around the globe. Since these assets are traded digitally, investors initially had to face several problems exchanging them on current platforms. Due deal with this issue several crypto exchange platforms were designed to provide smooth and secure trading of these digital currencies. One of these platforms is Binance, the world’s largest crypto exchanging platform. In this article, we’ll talk about the man who sought to create a cryptocurrency empire, the man behind the success of Binance- Chang Peng Zhao. 

About the company

Binance was one of the first cryptocurrency exchange platforms founded in the year 2017. It is a cryptocurrency exchange platform that provides cryptocurrency infrastructure. The company allows users to trade digital currency in the market while retaining security, allowing them to transact safely and efficiently, at any time and from any location.

Today the trade volume of Binance is currently 3 trillion with an average trade volume of 3.8 billion USD. It supports nearly 184 tokens and provides services in almost 26 languages to its clients.

Binance had also started a free online portal in October 2018, called the Binance Academy, to educate traders and crypto enthusiasts about the Bitcoin market, Blockchain technologies, and the latest crypto trends. Apart from entering into the education sector, the company also started a non-profit organization in 2019. During the pandemic, Binance donated 3 million USD to help the affected.

In the same year, the company also launched its own blockchain ‘Binance Chain’. This chain along with the Binance Coin uses BNB as its currency. It is used to power many projects and acts as a payment method for many NFT markets. BNB, which was initially designed for the Ethereum network has now become the currency of the Binance chain to trade the securities.

Life history of the founder- Chang Peng Zhao

Chang Peng Zhao has become one of the most influential entrepreneurs in the crypto market with a net worth of 96 billion Dollars. Popularly known by the name CZ, he has guided many youngsters and people all around the globe and has encouraged them to invest in this new investment opportunity. Born in the year 1977, Zhao was born in an ordinary family in China, where both his parents used to worked as teachers.

The family soon shifted to Canada in the 80s because of better opportunities. Zhao in his teenage years used to work at Burger shops and gas stations to help and support his parents. He attended McGill University in Montreal, with a major in Computer Science. After graduating he soon received an internship opportunity to work as a sub-contractor for the Tokyo Stock Exchange, where he built software for future trading. He then worked full-time for four years at Bloomberg as a software developer.

In 2013, he began to learn about Bitcoin and Blockchain technology and started to gain interest in the subject. He had a vision back in 2013 that bitcoin was going to be the next revolutionary technology and wanted to educate other people about it.

He soon joined one of the leading crypto companies like Blockchain.info as the Head of Development and OKchain as the Chief Technology Officer.

In 2017 he decided to start his very own cryptocurrency exchange and the rest that happened in history.

Source- Fortune

Lessons to learn from the start-up

Here are some lessons that any crypto start-up can learn from.

• Build your reputation 

One of the key lessons from CZ is to build a strong reputation. He built his reputation in the crypto industry by working with one of the most popular and influential companies in the industry. People reached out to support the company because he was the one who was running it.

• Build a large network

Another crucial lesson that CZ shares are to build a strong network of people over the years of your service or professional career. When entering into doing the ICO, often he relied on relationships he had built over the years to support his organization. CZ also relied on new ideas and advice from his network.

• Move quickly

Finally, and perhaps the most important lesson that CZ offers is to move quickly. Before he made any move, CZ had to establish if he was truly passionate about his project. CZ moved quickly with his intention to enter into ICO. 

Conclusion

Binance has risen to become the world’s leading crypto platform, with the highest trading volumes in Bitcoin and other cryptocurrencies. Currently, the company is focusing to continue its compliance with local regulations for its safeguard. It also aims to continue and give the finest crypto services to its clients.

According to the Creator, the firm is also aiming to collaborate with more local officials in the future and encourages them to do so. 

Written By- Paridhi Aggarwal