What is the Binance Open Platform? Explained in detail

To build a platform that allows companies and businesses to participate in the cryptocurrency world, Binance has launched the Open Platform. The main objective of this project is to provide entrepreneurs, companies and the community with the tools and services to help them achieve sustainable growth, and act as an infrastructure provider to promote the adoption of cryptocurrencies worldwide

Overview of Binance Open Platform

Initiatives included in the Binance Open Platform include:

* Binance Access: Integrating B2B solutions to help businesses handle fiat money and crypto wallets that allow users to "buy cryptocurrencies" right on their website.

* Binance Brokerage Program: Small and medium-sized exchanges can register to take advantage of the Binance trading platform's data and technology.

* Binance Cloud: Solution to deploy 'all-in-one' cryptocurrency exchange.

* Binance Widget: Allows websites, platforms and browsers to support users to buy, sell, deposit and trade crypto assets on Binance.

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Vision and mission

In the New Year Message 2020, CEO Binance Changpeng Zhao (CZ) shared about building infrastructure for the new cryptocurrency and financial ecosystem. CZ believes that this allows our visionary partners to develop their projects, thereby promoting monetary freedom. We believe the future of Binance is to become an open and decentralized platform.

The Binance Open Platform initiative represents Binance's commitment to sharing resources and technology to the community, enabling other organizations in the cryptocurrency industry to thrive on the infrastructure and ecosystem of Binance.

A comprehensive view of the Binance Open Platform

Binance brings a multi-dimensional and multi-tier open initiative through the Binance Open Platform, connecting to the entire Binance ecosystem. The following are some typical examples.

1. Technology

Binance Open Platform is a technology solution to share technical know-how with partners, including building exchanges, developing trading features for spot and futures markets, integrating API with local banks, build P2P trading service for fiat-crypto trading.

a. Trust Wallet. Binance's official cryptocurrency wallet application will continue to improve its open source wallet platform and support additional payment methods that allow the use of BNB to pay in many countries around the world.

b. Binance X. As a specialized supporter of projects and development teams just getting started in the blockchain field, Binance X contributes to the Open Network by encouraging development within the Binance Ecosystem.

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2. Strategy

Another aspect of the Open Platform initiative is strategic actions in identifying opportunities for connecting with companies and projects that share the same vision as Binance.

a. CoinMarketCap. Even after being acquired by Binance, this website still operates independently. The acquisition also reflects the openness of CoinMarketCap and Binance in cooperation with other exchanges.

b. Tokocrypto. Binance invested in Tokocrypto, the first exchange licensed in Indonesia, and the two have built a stablecoin together. The latest update of Tokocrypto has been done using Binance Chain.

3. Community

An open platform for blockchain can only be strengthened by the community. Binance believes that bringing quality services will enable the crypto sector to grow further.

a. Binance Angels. Our network of more than 180 volunteers and sponsors is constantly searching for new ways to promote cooperation between Binance and the units in the cryptocurrency market in each country.

b. Binance Affiliate Marketing Program. Besides volunteers, some of the most influential people in the crypto markets around the world are also helping us to expand our reach.

4. Application. An important milestone in the transition from an exchange to the Binance ecosystem is the launch of Binance Chain, which brings the ability to create cryptocurrency tokens on the blockchain for the Binance user community.

a. BNB. Every month, Binance has new uses for BNB, thereby attracting more new cooperation opportunities. BNB is currently among the top 10 largest market cap cryptocurrencies in the world, with over 1 million users and 180+ uses. Currently, BNB is supported by more than 30 payment processing units around the world.

b. Binance Chain. The community that built Binance Chain is now working on their next big project: Binance Smart Chain, which will introduce the smart contract creation function on a blockchain running parallel to Binance Chain. This is an important milestone because it helps developers on Binance Chain to increase the functionality of our tokens and building projects on the blockchain. With over 530,000 addresses, 93 million transactions made and more than 800 million transactions recorded on Binance Chain and Binance DEX, Binance Smart Chain is expected to push this blockchain platform even further.

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