Binance, one of the world’s leading blockchain companies, has announced a new solution called Binance Cloud. This turn-key solution is a game changer for crypto exchanges and those looking to launch one.
Crypto Exchange Infrastructure by Binance
According to a blog post made by Binance, Binance Cloud is an “infrastructure solution for customers and partners to launch digital asset exchanges”.
The service provides an all-in-one solution for those looking to setup a crypto exchange, leveraging some of Binance’s industry-leading technology and resources.
“Binance Cloud is a product suite previously missing from the market […] We are eager to share the quality experience of Binance through different brands, communities, and markets globally.”Changpeng Zhao (CZ), CEO of Binance
Two essential elements of a new crypto exchange include security and liquidity. Without proper security, the exchange may become vulnerable to hacks, which have become relatively common within the crypto space. As for liquidity, it is comparable to that of a chicken and egg scenario; without users already trading, other users will not trade on the platform due to a lack of orders being filled. These two aspects can make or break an exchange.
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Binance Cloud will allow partners to leverage Binance’s security and liquidity, helping overcome these crucial barriers. By having the same security and liquidity as the world’s leading crypto exchange, this can certainly help jumpstart a new crypto exchange. More importantly, this allows the exchange to focus on other key aspects, such as their user base and providing a quality product for consumers.
Furthermore, according to the post, the solution will mirror core functionalities of Binance, including its matching engine, big data security systems, trading risk controls, market depth, and liquidity.
This lowers the barriers to entry with starting a crypto exchange substantially.
Additionally, Binance Cloud may enable crypto exchanges to be launched across the globe, further propelling crypto adoption and allowing users to access exchange services quickly, easily, and more importantly securely.
A Wide-Variety of Features Included
Binance Cloud offers a variety of features to those launching an exchange using the service. These include spot market and futures trading, local bank API integrations, P2P fiat to crypto exchange services, and more to come.
Future features including staking and over-the-counter (OTC) trading services, along with the ability to launch Initial Exchange Offerings (IEO’s).
The first major digital assets exchange powered fully by Binance Cloud is set to launch in early March 2020.
According to Binance, an exchange may be launched in as little as 3-5 days.
“As a part of Binance’s Open Platform initiative to enable more crypto access globally, Binance Cloud supports its customers and global partners with a complete turn-key exchange platform solution, consolidating the new financial infrastructure to an open platform based on blockchain technology,”
said Changpeng Zhao (CZ), CEO of Binance.
“With these initiatives focused on opening access to Binance’s technology and resources as an infrastructure provider, we aim to limit the technical challenges for platforms and partners, allowing them to focus on their users and local fiat access and accelerate the global adoption of crypto.”