Global cryptocurrency exchange power Binance just had quite the industrious start to the summer. In June, the company’s main trading platform facilitated its most prolific month of trade volume to date.
That reality was highlighted in a July 8th Twitter thread by Larry Cermak, Director of Research at The Block, who noted the Malta-based exchange’s “reported traded volume in May and June (~$125 billion) was higher than in the previous four months combined.”
Indeed, per data sourced from crypto tracker sites CryptoCompare and CoinGecko, Binance had reported volume of approximately $67 billion USD in June and approximately $58 billion in May, making those the two best months of volume — in a row — in the company’s fledgling history.
Prior to the recent bullish uptrends in the cryptoeconomy, Binance’s highest months for activity came in May, March, and February 2018, when trade volumes in each of those months respectively reached over $40 billion.
1/ Binance just had its best month in its existence; surpassing $60 billion of reported traded volume in June. The reported traded volume in May and June (~$125 billion) was higher than in the previous four months combined. pic.twitter.com/AzRPX3c6oU
— Larry Cermak (@lawmaster) July 8, 2019
The fresh surge of trading on the exchange shows not only that its popularity remains as high as ever, but also just how quickly its profile has risen in the span of two years. Binance first opened its doors to traders just before the fall of 2017.
To put the rapid growth into perspective, the more than $60 billion in volume that Binance facilitated last month marks an increase of 200 percent from the $20 billion worth of trades the exchange facilitated during the peak of the cryptoeconomy’s last bull run in December 2017.
In other words, the exchange’s ascension is seemingly picking up steam. Yet as Cermak concluded in his aforementioned thread, the company may be looking at an impending usage dropoff after Binance phases out American traders from Binance.com this fall.
Notably, the exchange recently announced plans to open up a Binance US platform in the coming months.
Binance Celebrates Turning Two
Also on July 9th, the cryptocurrency exchange giant announced it was beginning a #BinanceTurns2 social media contest.
With the platform’s birthday coming up on July 14th, the Binance team said the giveaway festivities were about honoring its community of traders:
“Since the beginning, the Binance community has been our cornerstone, and the growth of the Binance ecosystem has only become possible with your support. To show our appreciation for our community, we want to celebrate with you all as Binance Turns 2!”
As part of the contest, Binance users will need to share their so-called “Binance story” on Facebook or Twitter by the end of July 14th to become eligible to win exchange merch, 10 Binance Coin (BNB), or a Yubikey hardware authentication device.
It’s a modest goodwill campaign, but one that’s just the latest example of why the exchange has proven so popular in short order — it’s relentlessly focused on community building.
Binance Has Plans for a Cryptocurrency Futures Platform
The exchange powerhouse has already created its own blockchain and its own decentralized exchange, or DEX. As it continues to branch out its activities, the company has its eyes set on its next target: cryptocurrency futures.
That’s per company chief executive officer Changpeng Zhao, who declared at the Asia Blockchain Summit last week that Binance was preparing to release a crypto futures service.
“I don’t have the exact date yet,” CEO Zhao said. “The simulation test version will be live in a few weeks.”
The service, which could offer traders up to 20-times leverage, will give the company’s users yet another way to bet on and hedge against the prices of top cryptocurrencies. Its announcement comes on the heels of Binance opening up margin trading functionalities last month.
The global crypto exchange has undoubtedly been busy as of late, and it will likely be busier yet if its uptrend continues.
