Binance Reports Record Trading Volumes in 2020

Binance, one of the leading cryptocurrency exchanges, reported strong financial results in 2020 amid growing interest in trading of Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. The company reported a $3.88 billion average trading volume this year, which is up by 36% compared to the previous year.

According to the official announcement highlighting the milestones achieved by Binance in 2020, the exchange reached an all-time high of $15 billion spot trading volume within 24 hours this year, a significant rise from $5 billion in 2019.

In addition to the record volumes, the exchange listed 184 tokens in 2020. The total number of trading pairs on Binance increased from 396 in 2019 to 591 this year. The exchange currently provides customer service in 11 languages.

“At Binance, we see 2020 as the tipping point when Bitcoin and crypto transformed from an upstart, experimental technology for exchanging value into a globally-recognized rethinking of the global financial system. We saw an influx of institutions and major companies who ventured into crypto as a major part of their strategies. We also saw a world that’s suddenly more conducive to remote work and mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, which encourages more crypto adoption,” Binance mentioned in the blog.

2020 Surge

The company reported a surge in trading activities due to positive market sentiment regarding cryptocurrencies. Moreover, Binance highlighted the growing popularity of decentralized financial solutions. In December, the exchange launched new services and formed partnerships, including the launch of Ethereum 2.0 staking service and a strategic partnership with Chiliz.

“In 2020, we saw the resurgence of Bitcoin and crypto amid shifting tides in world markets, as well as the emergence of decentralized financial solutions. Binance has moved from strength to strength this year, serving as a bridge between fiat and crypto, between centralized and decentralized finance, and between the past and the future,” the official blog post states.

Furthermore, the company enabled Segregated Witness (SegWit) deposit support for Bitcoin deposits. Binance Korea announced it will close operations in January 2021 due to low trading activity.