Binance isn’t an “our way, or the highway” kind of company.
Accordingly, the Malta-based cryptocurrency exchange giant just launched a new developer initiative that’s opened the doors for talented builders to create mainstream products on blockchain tech in general or on the exchange’s in-house network, Binance Chain.
The exchange’s initiative, dubbed Binance X, launched its inaugural campaign earlier this year. The effort was called the “Binance X Fellowship Campaign,” and it has since backed projects like BrowserBNB — the “MetaMask for the Binance Chain” per its makers — and Austin Griffith’s Burner Wallet, which has proven to be a hit in the Ethereum community in recent months.
“It was designed to support talented developers in creating free and open-source software that would enable new innovations and businesses in the crypto economy,” the exchange said of the new developer campaign in its August 29th announcement post.
Binance went on to note that there was no shortage of work that would be fruitful when it came to exchange services, wallets, and beyond. As the exchange explained:
“In other words, we have become a platform that third-party developers can build and leverage for their own products and services. As a platform that is rapidly evolving, there is a need to provide a cohesive way to engage and support developers in our ecosystem, and thus, Binance X is conceived.”
Comes on the Heels of Binance Angling to Make Its Own Libra
At this point, it’s no secret: Binance wants to become a “one-stop shop” for all things cryptocurrency.
That dynamic was driven home once more this month when the popular exchange declared it was creating Venus, a project inspired by the proposed Facebook Libra stablecoin. Binance hailed Venus as an “open blockchain project” and noted it would be used to make a series of regional fiat-pegged stablecoins.
Since Binance has also proven nimble at regulatory arbitrage, it’s also entirely possible that Venus and its associated products hit the market long before the Libra does. In fact, back in July Facebook admitted in a filing to the U.S. Securities and Exchange Commission (SEC) that their planned “basketcoin” may never go live.
“As such, there can be no assurance that Libra or our associated products and services will be made available in a timely manner, or at all,” the social media company told the SEC.
For its part, Binance’s leadership has maintained that they aren’t trying to mitigate the Libra and have that they have been inspired by the project. Upon the Venus revelation, Binance chief executive officer Changpeng Zhao said that the Venus and Libra projects could be mutually beneficial to one another in the wider cryptoeconomy:
“[We’re] Pushing adoption, yes. Domination, no. Always happy to co-exist. In fact, this should help Libra, if you think about it. Will leave it at that.”
Unto the Horizon
As part of its mission to become a hub for cryptocurrency users of all stripes, Binance is expanding in all directions.
Beyond Venus, the exchange announced this month that its coming U.S. platform was considering listing as many as 30 different cryptocurrencies upon its launch. While it remains to be seen which assets will get the greenlight, some speculated that Binance would be decisively entering Coinbase’s turf if it launched with more assets than the U.S. exchange currently supports.
Moreover, in July Binance revealed it was rolling out a new margin trading platform and a cryptocurrency futures platform. These are but a few examples of how the exchange is comfortable moving into any nook of the cryptoeconomy that is open for business. And the young company’s willingness to be nimble and expansive has certainly worked in its favor to date.