The biggest crypto exchange by trading volumes, Binance, has set many milestones for the crypto community. It has set these milestones in terms of delivering top-quality innovation and options for virtual currencies worldwide. To maintain this forward trajectory, the exchange has rolled out yet another offering called Binance X.
Binance X is a platform designed to foster innovation on the Binance platform. Its primary aim is boosting and increasing the rate of cryptocurrencies’ mass adoption. The company made this announcement via a tweet.
Introducing Binance X
— Binance (@binance) August 29, 2019
Binance X will let developers learn and collaborate with the entire blockchain ecosystem and Binance’s local solutions. These solutions include Trust Wallet software development kits (SDKs), native public blockchain Binance Chain, Binance.com application program interfaces (APIs), and many others.
The key driver behind the initiative is attributable to Binance’s long-term mission to offer infrastructure that can support ‘freedom of money.’ Discussing the many offerings that the company devises currently, Binance’s official statement focused on the:
“Need to provide a cohesive way to engage and support developers in our ecosystem, and thus, Binance X is conceived”
The head of Binance X, Teck Chia, said that the long-term aim of the platform is to support a growing developer ecosystem that continuously creates products and services that will advance the cryptocurrency space and assist in mass crypto adoption.
The Binance X Fellowship Program is an intriguing feature of the offering that is developed to support developers in their creation of free and open-source software. Additionally, it strives to let innovations and new businesses in the crypto world to grow.
For now, the Binance X project has successfully registered over 40 projects across different ecosystems. These include Alexandr Safonov of BrowserBNB, JP Thorbjornsen of BEPTools, Hammad Tariq of GoBNB, Nikita Kozlov and Austin Griffith of Burner Wallet, among others.
Binance earlier teased the announcement of Binance X this past week on Twitter. Now that the platform has finally launched, it connects developers to different programs. These programs include Binance Labs Incubation, Binance Launchpad, Binance X Fellowship, and other partnership programs.
— Binance (@binance) August 23, 2019
Chia believes that this is the right time for the launch of this initiative since there are a growing number of developer-facing products at Binance. Furthermore, there are an increasing number of third-party developers creating products and services supported by this platform.
“These developers deserve a team focused on helping them succeed through all stages of their development.”
Chia said that talent comes ‘first and foremost’ in the selection of projects that Binance X will include in its programs. Also, projects have to be fully open-source and available for the entire community to use. He added:
“We are generally very open-minded and supportive of ideas and projects that are out-of-the-box and creative.”
Binance also created a list of projects, concepts, and ideas it wants to see from developers, particularly in the Binance Chain ecosystem. These include Bloomberg-like terminal for serious manual traders and Robinhood-like UX for casual traders. Chia believes that the platform will produce innovative and creative projects from third party creators and developers. That, in turn, will catalyze mass adoption of cryptocurrency.
Binance leads the group of a few cryptocurrency exchanges that launch new services and products frequently. A few days ago, the exchange invested in the lending space. It let Tether (USDT) stablecoin, Ethereum Classic (ETC), and BNB token holders earn interest on their funds.
On August 28, Changpeng Zhao, the Binance CEO, said that the futures trading on the crypto exchange is coming probably in September. Binance also plans to launch Venus to compete with Facebook’s Libra. Binance aims to break the “financial hegemony” while reshaping the world’s financial infrastructure with the proposed crypto.