Founding and Early History:
Founder:
- Changpeng Zhao (CZ), a Chinese-Canadian entrepreneur, founded Binance in July 2017.
Funding and ICO:
- Binance conducted an Initial Coin Offering (ICO) in July 2017 and raised approximately $15 million. The Binance Coin (BNB) was introduced as part of this ICO and is now widely used within the Binance ecosystem.
Initial Growth:
- Platform Launch:
- Binance launched its exchange platform shortly after the ICO, offering low trading fees and high-performance trading services.
- User Acquisition:
- Binance quickly attracted users by listing a wide variety of cryptocurrencies, offering low fees, and maintaining a strong focus on customer service and security.
Innovations and Expansions:
BNB (Binance Coin):
- BNB was initially launched as an ERC-20 token on the Ethereum blockchain, but later was migrated to Binance Chain, an independent blockchain developed by Binance.
Technological Advancements:
- Binance became popular for its high-speed processing capability, reportedly handling 1.4 million transactions per second.
Launchpad and IEOs:
- Binance Launchpad was introduced to support and launch new cryptocurrency projects through