Despite the shaky crypto market, Binance’s American branch, Binance.us has reached $10 million in daily trading volume a month after the launch.
The Binance.us CEO, Catherine Coley, confirmed on Twitter (sort of) this morning that the current daily trading volume is at $10,456,602.
It is interesting to note that, according to these results, Binance.US outperforms the long-anticipated Bakkt futures trading platform.
$10 million daily trading volume faster than before
It has been a day short of a month since Binance.US launch on September 23rd. Regarding the timeframe for Binance.US to reach $10 million daily volume, the CEO, Changpeng Zhao commented:
Took Binance longer to unlock this achievement back in the day. Most people underestimate the effort involved in jump-starting a new platform.
We aren’t sure what jump-starting means in this instance, but it seems that popular CZ thinks that their efforts are not cherished enough by the community.
Binance.US added their own stablecoin
Binance.US started the operation with 13 pairs available for trading, including:
- Bitcoin (BTC)
- Ether (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Binance Coin (BNB)
- Tether (USDT)
Nevertheless, on October 22nd, Binance included additional assets to their American platform in form of IOTA (MIOTA) and their native stablecoin Binance USD (BUSD). Their newly-launched stablecoin was developed in collaboration with Paxos in September. BUSD was recently approved by the New York State Department of Financial Services.
We don’t know if the new additions had anything with $10 million daily volume on Binance.US, but it will be interesting to see how the battle of stablecoins on the trading platform plays out.
Binance.US set to raise USD deposits to $30,000
Moreover, Binance has increased its USD deposits to a maximum of $5,000 for the next ten days. After that period, the exchange is going to set the maximum US dollar deposit to $30,000, which will probably charm US-based whales.
However, Binance obviously will not stop there as CZ announced that original exchange, Binance.com, is due to release the support for the Russian ruble. Zhao made the announcement on an Open Innovations Forum in Moscow two days ago.
At the same venue, he stated that,
Vladimir Putin is the most influential person in the blockchain space.
It seems that CZ has some plans for Russia, so it remains to be seen how his new-found love for the Russian president will benefit his growing business.