With the goal of ushering in a new era of global financial inclusion, infrastructure providers must first demonstrate that bitcoin usage is accessible to the general public.
Cryptocurrencies were created to usher in a new era of global financial inclusion by enabling people to use financial services they would not have had access to otherwise. Individuals and businesses around the world are finally meeting their requirements through a streamlined financial system, and this transition is believed to be reducing poverty, increasing wealth, and transforming how the world transacts on a broad scale.
Although money freedom is the goal, the technology is still in its infancy. As a result, exchanges and infrastructure providers are increasingly critical in offering an initial point of contact for users to connect with and learn about digital currencies and the transformation they represent.
Binance, one of the largest cryptocurrency exchanges in the world, has established itself as a market leader in these areas. Since its creation, the platform has worked tirelessly to build an environment that embraces the entire blockchain community, from digital asset projects to merchants to crypto investors and traders of all levels.
With ongoing efforts to lower entry barriers in this space, features such as their competitive pricing and fee structures, deep liquidity, reduced slippage, and broad product selection, among other continuous improvements, have proven critical to the growth of their community and the broader crypto industry.
How Binance is pursuing financial inclusivity through cryptocurrency
The cryptocurrency sector has continued to grow at a breakneck speed, closely followed by demand. Recognizing increased user interest in concepts such as the metaverse, Web 3.0, gaming tokens, NFTs, and other cryptocurrencies, the Binance platform has been steadily expanding their already sizable product offering. The exchange is now the largest in the world, with over 1,400 spot and 200 futures pairings available for customers to diversify or strengthen their trading methods at reasonable pricing.
When we take a closer look at Binance’s pricing structure, we see that users of Binance Convert have benefited from free trading costs on all transactions, in addition to various other discounts that assist make trading more accessible to everyone. Their most recent Zero Trading Fee Promotion applies to all USD stablecoin trading pairs, enabling customers to trade without incurring additional fees.
Alongside inclusion, asset accessibility is facilitated by Binance’s competitive cryptocurrency price and tighter spreads. The platform will continue to offer discounted trading fees on the Binance DEX (decentralised exchange) for customers that pay in Binance Coin (BNB), the Binance ecosystem’s native token, rather than the traded token.
When customers go from fiat to digital currencies for the first time, they seek an easy way to convert their crypto to cash. Recognizing this need, Binance currently touts the liquidity of 80 percent of their spot pairs as being superior to the rest of the market.
Additionally, the platform’s futures trade offers undertake daily liquidity monitoring to guarantee that both bear and bull markets have access to deep liquidity. Weekly housekeeping is also performed on pairs listed in the bottom 10% to aid in the maintenance of robust liquidity for users. The enhancements are the result of revamped and enhanced boosters and market-maker programmes that incentivize suppliers to contribute on a consistent basis.
Reduced slippage is a last component necessary for an inclusive environment. Slippage is defined as the difference between predicted and actual purchase and sell prices. Unfortunately, slippage can pave the way for less advantageous transactions in low-liquidity or high-volatility markets. However, because Binance has previously taken measures to strengthen it, the team has highlighted favourable statistics for low slippage (0.0006105), compared to the 0.001348 percent seen by other exchanges.
Creating a crypto-inclusive world
With the cryptocurrency market far from static, Binance has committed a major portion of its future effort to meeting the evolving expectations of its consumers. As a result, they are constantly updating their programmes, awards, and cost structures throughout their array of products and services in response to community feedback.
As a result, both existing and new Binance users may continue to anticipate changes that are consistent with industry trends today and in the future.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.