Binance total 2020 trade volume hits $1 trillion

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Binance platform

Today, Binance reports $1 trillion of trading volume this year.

As a leader in cryptocurrency derivatives, Binance has gotten quite a bit of fame as a major exchange for these types of trading options.

Fans of the firm cite a great work culture and deliberate blockchain strategies at work at Binance.

For instance, there’s the company’s track record of creating fiat on-ramps by using third parties to exchange assets.

Earlier this year, Binance expanded those choices through a strategic plan with a company called Simplex.

“The Malta-based cryptocurrency exchange announced Friday that users can now purchase cryptocurrencies with a longer list of supported fiat currencies through its integration with Israeli fiat payments processor Simplex,” reported Paddy Baker at Coindesk in February. “The new integration provides gateways for currencies including the Swiss franc, Korean won and Australian dollar, as well as the Polish zloty and South African rand. Currencies that have already been made available through Binance’s fiat-to-crypto trading facility, such as pound sterling and Russian ruble, are also now supported through Simplex.”

Just weeks earlier, Binance had announced another of these options for the Vietnamese Dong currency:

“Starting today, users in Vietnam can directly buy and sell USDT, BTC, ETH and BNB using VND on the latest versions of the Binance iOS and Android mobile app. VND is the second fiat currency available on Binance’s P2P trading platform following the Chinese Yuan (CNY).”

In talking about the exchange’s current success, its leader, Changpeng Zhao, talked about getting spot pricing right, and developing a “matching engine” that delivers utility to blockchain investors.

“We focused our initial development in our first product to ensure we get it right,” Zhao said, according to Cryptopotato. “We now have 90 products across four product lines to meet user demand for greater diversification.”

Another way to interface with Binance is through the exchange’s proprietary Binance Coin (BNB). All of this has led to the current numbers as indicators that Binance will continue to be a major player in our crypto world.

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