Binance, one of the fastest cryptocurrency exchange platforms has recently published its monthly operational data, showing significant progress in terms of adoption among the community as well as revenues. The platform, in its recent report stated various challenges it overcame over the past three months through effective implementation of intelligent business strategies.
Following its ICO, the platform offered no-fee trading for its customers during the first month, which resulted in the loss of potential revenues during that period. Soon after, the Chinese government’s decision regarding ICOs further forced the platform to forego a significant portion of earnings by limiting its dealings with various tokens issued as part of other ICOs by multiple projects.
However, no matter how had the setback was, thanks to the users’ confidence in cryptocurrencies and Binance, the platform has registered a record growth in revenues, of which a portion (20%) was allocated to buy back its native Binance Coin (BNB) cryptocurrency from token holders.
With a maximum cap of 200 MM BNB tokens, the platform had allocated 100 million to the ICO, 80 million to the founding team and the remaining 20 million to investors. During the planned token buyback, Binance announced that it will be purchasing and destroying a total of 989,000 tokens, which can now be easily verified on the blockchain.
The Transaction id:
From the address below, you can see a verifiable link of how the current total supply has reduced by 986, 000
For those who want a visual evident, the video below will share all you need about the burn process:https://www.youtube.com/watch?v=Da2pRlOELr8&feature=youtu.be
Designed for ease of use, the Binance platform has multiple language support, immediate customer support response and improved speed, efficiency, scalability and security. It is also capable of handling high transaction volumes at great speed.
The success of the platform has further encouraged Binance to expand its offerings to the cryptocurrency community and beyond. Binance Lab, a blockchain technology incubator which is designed to assist ideas to evolve into applications. Their main area of concentration is pre-ICO projects and teams. Some of the services provided by the incubator includes funding, advisory services, industry resources, priority consideration for listing on platform and more;
Binance also has a referral program that enables “Biananians” to invite their friends to register using their QR codes or referral link. Through this method, the referral gets 50% of the commission of the trading fee of their friends. If you are truly keen on making money, you should leverage this opportunity to create a financial empire for yourself.
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