How did Binance become the largest exchange?

Binance was founded in 2017 by Changpeng Zhao, after cryptocurrency exchanges had been in existence for seven years, but incredibly it only took 180 days for it to become the largest cryptocurrency exchange in the world in terms of trading volume.

So how did a relative newcomer to the cryptocurrency exchange arena manage to subvert expectations and overtake all of the existing competition? The company’s meteoric rise to success is just as remarkable as the personal journey of its founder, Changpeng Zhao, who went from flipping burgers at McDonalds to crypto billionaire.

Do you want to own an exchange like Chanpeng Zhao? Of course, you do. However, it is not easy to start an exchange with no funding. Thankfully, Burstex, a crowd funded exchange has changed everything. You can now earn dividends from this exchange’s profits based on your holdings of their BEX tokens. Cryptocurrency is extremely volatile and there are many people who lose a lot of money but the people who are constantly earning are the shareholders of top exchanges.

Burstex is a Cryptocurrency exchange with a lot of potential and it may get as big as Binance one day which means you may be able to own an exchange as big as Binance if you invest into BEX tokens. Changpeng Zhao is estimated to have a net worth of $2.6 billion and this wealth comes from just his exchange, Binance. Now you know how much money owning an exchange can get you.

You may think that it’s too late investing into an exchange now but it’s not. Changpeng didn’t start investing into Crypto until 2013, 4 years after Bitcoin was created and Binance was created in 2017, 7 years after the first exchange was created. Just because you didn’t invest in 2009 doesn’t mean it’s too late. As they say “The best time to invest was yesterday and the next best time to invest is today”. Crypto can be risky and investing into an exchange is a much safer option and Changpeng saw this and created his own exchange business.

In 2017, Zhao did just this, with the idea that if he steered clear of fiat currencies and the associated connection to financial institutions, he could lower the potential risks and regulatory complications that his former colleague Ver warned him about. Zhao’s business strategy, which ultimately led to so much success for his exchange, consisted of three parts: low fees, shrewd marketing, and a huge number of cryptocurrencies available for exchange. In spite of it’s astounding success, however, Binance initially lost 20% of its value. Even though Binance lost 20% of its value, it eventually outperformed all their competitors and became the world’s biggest exchange.

The day he came onboard, the price of BNB, the cryptocurrency created by Binance, awoke and blew up 1,800 percent in just two weeks, rising from $0.13 to $2.45. And although Zhao’s company has faced difficulties, such as having to relocate to avoid restrictions on digital currencies and large-scale security breaches by hackers, Binance remains incredibly successful. Estimates show that Binance earned approximately $850 million in profits from July 2017 to October 2019 and it is thought to have crossed the $1 billion cumulative profit mark soon after, based on reports in the media.

Now you may think that exchange tokens are a great investment and indeed they are but it’s too late to invest into BNB. Luckily there are coins like Burstex that are extremely affordable.

Now that DeFi (decentralised finance) is getting popular, Binance has announced that they will be running some DeFi IEOs and after they made that announcement, their BNB token rose to $20 each.

As we mentioned earlier, Changpeng Zhao’s net worth is around $2.6 billion and most of his fortune is likely being reinvested in his exchange, which could explain the impressive pace at which Binance is innovating. It is this sustained innovation that has allowed Binance to stay at the top of the industry. Based on bold strategies Zhao continues to employ, like strategic investments and innovative technology, he is expected to maintain his position as one of the wealthiest and most influential leaders in cryptocurrency. After reading his story, I’m sure you want to start your own exchange and Burstex is the best opportunity for you to get started.

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