If you ever dreamed of running a crypto exchange like Binance, now is your time. The crypto giant Binance expands its empire and jumps directly into the Cloud.
With its newly launched Binance Cloud service, everyone around the world is able to start their own crypto exchanges in minutes. The newly launched service marks the next big step in accomplishing the Binance Open Platform initiative.
Benefits of the all-in-one platform
Binance Cloud will serve as an all-in-one open platform, based on Binance’s industry-leading technology, security, and liquidity.
It means, clients now can focus on running their business and leave all the technological or security issues for the Binance. The company will lend its infrastructure, including expertise in areas such as matching engines, risk control, and big data security systems. According to an official statement:
The Binance Cloud service is an all-in-one solution, featuring an easy-to-use dashboard that allows customers to manage funds, trading pairs and coin listings, as well as multilingual support, depth-sharing with the Binance.com global exchange, and more opportunities to collaborate with the ecosystem.
Currently, Binance Cloud infrastructure features spot market trading, local bank API integrations and P2P fiat-to-crypto currency exchange services.
Futures trading, staking and OTC (over-the-counter) trading services, as well as token launch capabilities via an IEO (initial exchange offering) platform, are also expected to be released on Binance Cloud later this year.
The world’s leading cryptocurrency giant confirms any local Cloud exchange can be launched in 3 to 5 days after a collaboration agreement is reached and the verification process confirmed.
A future of Binance
With the recent launch of a Cloud solution, Binance takes the next big step in accomplishing it’s Open Platform Initiative. The ambitious concept envisions the future of Binance as a decentralized open platform.
This is what one of the largest blockchain ecosystems speaks about its plans for development:
Additionally, under its Open Platform initiative, Binance will develop new products beyond its P2P, brokerage and cloud solutions, to provide more access to crypto around the world.
CEO Changpeng Zhao estimates the Binance Cloud to become the company’s biggest source of revenue in five years. He announces to Bloomberg:
Theoretically speaking, we can let anyone in the world create their own exchanges, and the demand is huge. Even during the crypto winter of 2018 and 2019, hundreds of new exchanges popped up every day.
Crypto giant Binance launches cloud service in revenue shift https://t.co/NUtafsm7kE— Bloomberg (@business) February 18, 2020
Currently, most of Binance’s profits come from transaction fees. Even though this is a profitable business model, it makes Binance dependant on cryptocurrency volatility. The shift to an enterprise-oriented business could possibly provide a more steady source of income.