How are Binance and Amazon alike? Amazon is one of the most versatile companies in the world with its range of product offerings – from selling retail goods to publishing new books to making video content to developing groundbreaking consumer electronics, it is gradually becoming a one-stop shop for consumers’s needs. In the world of crypto, the same can be said for Binance, which is turning into a global crypto empire with CZ‘s clever expansion strategies.
A Finger in Every Pie
Binance has more product offerings than one can count on the fingers of both the hands. It is not just a blockchain and crypto-asset exchange, but it is also involved in investment and fundraising, digital asset research, and blockchain and crypto support and adoption.
Its variety of platforms support spot trading, margin trading, derivatives trading, and p2p trading, and they enjoy the healthy trading volume. As per data available on Coingecko, Binance has 570 trading pairs available for spot trading.
It has a lending program and a staking program which allows users to earn interest and rewards respectively on their cryptocurrency holdings. Binance Academy offers educational content on crypto and blockchain to users. Binance Charity uses blockchain for furthering philanthropic causes.
Binance Info is an encyclopedia of cryptocurrencies. Binance Labs is an infrastructure impact fund which incubates, invests in and empowers blockchain projects. Binance Launchpad is a platform for launching the tokens of promising, new blockchain projects.
Binance Research provides analysis, reports and data-driven insights to stakeholders of the cryptocurrency market. Trust Wallet is the official digital asset wallet of Binance. Binance Chain is a community-driven blockchain software system with developers from all over the world contributing to it, and the Binance DEX has been developed on top of it.
With so many product offerings, Binance has poised itself as a major driving force for development and crypto adoption in the crypto ecosystem.
Local presence is key, Binance Going Global
However, Binance is not ready to stop right here. It has not just been expanding horizontally, but vertically too. Among Binance’s strategies that are helping it become a global empire in the cryptocurrency space is the support it has been extending for fiat-to-crypto transactions. More fiat gateways will bring massive growth to Binance’s user base.
Recently, Binance announced that it had partnered with Paxful, which enables the P2P platform as a Binance gateway. Thus, Binance users will now be able to buy cryptocurrencies through Paxful using 167 fiat currencies. The fiat currencies which Binance will now support include Russian ruble, Vietnamese dong, Indonesian rupiah, Nigerian naira, Colombian peso, British pound, Mexican peso, Canadian dollar, euro, and Argentine peso.
Earlier, Binance had shared that it had opened Brazilian real and Argentine peso fiat gateways for Binance users by partnering with Latamex. As per a blog by Binance, Latamex/Settle Network is a digital assets Settlement network working across Latin America for exchange and cross-border payments.”
— Binance (@binance) December 12, 2019
In November, Binance had added support for the Indian rupee by partnering with a local crypto exchange, WazirX. Expansion into India was a bold move as the country has imposed a banking ban on crypto since April 2018. Though crypto has not yet been officially declared illegal in the country, the country’s central bank RBI, is not too keen on legalising any private digital currencies.
The Multiple Sides of the Fiat-to-Crypto Expansion
Binance’s aim is to support all the 180 currencies of the world in the coming six to nine months, and Binance is very close to achieving it.
Binance’s expansion of its fiat gateways poses multiple benefits for the various stakeholders in the crypto industry. First for all, for the industry as a whole, it is positive news as it will help drive crypto adoption. More fiat gateways mean that more people will be able to invest in crypto with ease, along with the assurance that their transactions are secure because they are being backed by Binance.
With the range of products that Binance is offering and millions of dollars in revenue from them, Binance is already a company of great significance in the crypto world. The move further cements Binance’s position as a truly global crypto power in the world.
It is worth noting that the expansion strategy is also quite clever because it helps Binance move more easily into new markets. Rather than negotiating with the authorities of different jurisdictions, investing in new infrastructure and teams, Binance is partnering with existing companies in those jurisdictions, thereby leveraging their resources and sharing risks in case their is a regulatory crackdown.
For the companies, the partnerships translate into greater visibility in the crypto market because of Binance’s power brand power and more resources to run the business, especially in this time of uncertainty and bearishness.
It’s a win-win situation for everyone, especially Binance, which looks all set to become the Amazon of the crypto world.
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