- Changpeng Zhao says Binance is 10x bigger than other exchanges.
- Speaks on unique strategy Binance adopted to be number one crypto exchange.
According to Changpeng Zhao, the exchange didn’t rise to the top by chance. It was a carefully calculated effort made up of interesting innovations and a culture of focusing on the product.
According to him, in 2017 when Binance launched, Coinbase and Kraken controlled the bulk of the US markets while Poloniex and Bittrex topped the charts for their large volumes. He pointed, however, Zhao pointed they all had narrow focus.
Changpeng Zhao reveals Binance win strategy
He said, when Binance was coming to the market, no exchange looked to cater for the need of the global audience which prompted him to adopt the new approach.
“We had support for 31 languages on the day we launched and nine languages within a month. Today we support 31 languages on our interfaces. Our customer support is in 16 different languages” said Zhao. “So I think listing a high number of tokens was an advantage, but being more international was also the first thing we did.”
Also the platform’s interface which allows one full-screen trading that other exchanges have adopted also was a win strategy for Binance exchange.
“Most of the time, we’re 10x bigger than the second biggest players. We also have the largest fiat-to-crypto exchange most people don’t know about.” Zhao told Forbes. “We support 50 something fiat currencies all over the world, and nobody has this coverage.”
He boasted that the exchange iwn Trust Wallet one of the most used crypto wallet and CoinMarketCap.com, a top crypto analytics provider.