Binance, a cryptocurrency exchange, which became the largest exchange in the world by trading volume, finally launched a brand new app with worldwide support. Earlier they only offered support for their app in the Chinese region.
This is going to be a massive setback for companies like Coinbase as it had been the most predominantly used exchange in the English speaking world. The new Binance app could see the firm open up to a whole set of new audience. They already have an advantage over Coinbase as Coinbase doesn't support a number of cryptocurrency such as IOTA, GAS, NEO and WTC.
The app is available in most locations worldwide except for China, due to the country’s legal restrictions. They are even moving their operation from Japan to a more crypto friendly Malta. They are even working with banks to launch its fiat to crypto trading pairs.
Positive stories have been coming out of Binance for the past few months. In December 2017, in less than 8 months of its operations, they overshot Coinbase to take over the crown of being the biggest crypto exchange in the world, earlier this week they launched their iOS app and now this. They seem to be on the path to capturing massive parts of the crypto exchange market and making it extremely easy for the users to trade in cryptocurrency.
Their CEO Zhao Changpeng is the man behind the meteoric rise of the company. The 41 year old coder turned exchange kingpin defied financial orthodoxy by not even having a bank account or a public address. He has risen from obscurity to the cover of Forbes magazine by amassing a personal fortune of $2 billion USD and steering Binance to a $200 USD million profits in just its second quarter of existence.