Binance is a blockchain ecosystem comprising a cryptocurrency exchange, startup incubator, startup investor, and coin information provider. Binance is a highly popular exchange and allows its users to trade hundreds of cryptocurrencies, including Dogecoin, Bitcoin, and Ethereum.
The exchange was founded in July 2017, by Changpeng Zhao (CZ), and was initially based in China, but was later moved out of China due to China's increasing regulation of cryptocurrency. The name ‘Binance’ comes from the two words ‘binary’ and ‘finance’. Binance exchange requires KYC (know-your-customer), which is the process that banks gather identifying data and contact information from current and potential customers, to prevent fraud. Binance is capable of processing 1,400,000 orders per second and supports many cryptocurrencies. Binance serves more than 15,000,000 users worldwide, operates in over 40 countries, and is based in over 180 countries & regions.
Binance coin (BNB)
Binance coin (BNB) is the native asset on Binance Chain and powers the Binance ecosystem. BNB has several use cases, like fueling transactions on the chain, paying for transaction fees on Binance Exchange, and making in-store payments.