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Home Cryptocurrency news Bitcoin

Binance Turns Two: A Look Back at The Young Crypto Unicorn

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Binance Turns Two: A Look Back at The Young Crypto Unicorn
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On July 14, 2019, Binance will turn two years old. The story of the young crypto exchange’s rise to stardom since its inception has been nothing short of inspirational, seconded to only maybe Bitcoin’s meteoric rise in terms of sheer dominance of the industry itself.

In both such a short period of time and in a fast-paced and ever-changing emerging market like cryptocurrencies, the company became the fastest-ever to achieve unicorn status, and has become a pillar of the crypto community. To celebrate the industry-disrupting exchange’s second birthday, we’re taking a trip down memory lane to highlight what helped make Binance so successful.

Binance: The Crypto Unicorn That Shows No Signs of Stopping

Binance first exploded on to the scene with fireworks, launching shortly after the United States Independence Day holiday back in 2017, on July 14th. Since then the story of how Binance CEO Changpeng Zhao went from flipping burgers at McDonald’s to topping Forbes’ crypto rich list, launching one of the most successful startups in history, and completely revolutionizing the crypto industry.

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Related Reading | Crypto Chronology: Watch the Rise and Dominance of Binance Unfold

The timing of the exchange’s launch couldn’t have been more perfect, as if the stars had aligned just in time for Zhao’s crypto venture. Bitcoin was just coming out of an extended bear market, and amidst in hindsight was the asset’s re-accumulation phase, investors had just taken notice that a new bull market was beginning.

Prior to the launch, Bitcoin has just broke above its previous all-time high and it appears the jets had been refueled. After that, Binance rose right along Bitcoin’s meteoric rise, and further skyrocketed right at the height of the 2017 bull market and crypto bubble.

In just its second quarter on the market in Q4, the crypto exchange took in over $200 million in profit. During 2018 – a year of a bear market and waning interest – the exchange was able to generate $446 million in profits.

It’s also reported to be the “fastest profitable startup to achieve unicorn status” in history, according to Chinese venture capitalist San Eng.

The company achieved such a monumental status of becoming valued at over $1 billion at such a young age by innovating in every area, and listening to its customers. The firm has launched its own highly successful cryptocurrency, and is known throughout the industry as a leader in nearly every space it touches.

To best visualize Binance’s incredible rise to dominance, and to celebrate the exchange’s second birthday, we’re revisiting the below animation from Blockchain Capital highlight the trading volume growth across exchanges in the crypto market.

Real cool to see the #bitcoin trading volume per exchange 2017 till today. ??? #BTC #trading #volume #cryptolife #thebitcoinfamily pic.twitter.com/gNvhIB8XM6

— ₿ Didi Taihuttu ₿ (@Diditaihuttu) April 19, 2019

The video clearly demonstrates how as soon as Binance launched, it became a force to be reckoned with and immediately earned itself a seat among the upper echelon of crypto exchanges. And at only two years of age, Binance is only just getting started.

Featured image from Shutterstock
Tags: Binancebitcoincryptostartupunicorn
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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