It has been more than a decade since the revolutionary digital currency, Bitcoin, was launched on the back of blockchain technology. But what nobody realized when Satoshi Nakamoto created Bitcoin was that it would disrupt not only the financial sector but all sectors as we know them. Now, 13 years later, the market potential is said to be equal to, if not greater than, that of the internet.
In the midst of all this, however, Binance, an infrastructure provider for cryptocurrencies and blockchain technology, has stepped into the spotlight to lead the competition.
Since its founding in 2017, the company, which initially started as an exchange service provider, has undoubtedly grown with its founder to become one of the fastest-growing crypto companies in the industry.
However, it should be noted that the company did not become successful overnight. They accomplished this by carefully setting their vision for themselves and working towards it step by step. Binance CEO and Founder – Changpeng Zhao recently wrote to list some of the reasons for its success and present a page that even those in the crypto space have not known about for quite some time.
Behind the curtains:
A look back: The platform launched in July 2017 after raising around $15 million in an initial coin offering. Not long after its launch, the exchange faced its first major challenge: the Chinese government cracked down on crypto exchanges and ICOs.
To make matters worse, the government decreed that all projects that had raised funds through ICOs had to return them to users at the original price. In this matter, Binance proved lucky as the exchange’s native token, BNB, was 600% above its ICO price.
While Binance was lucky in this matter, the same cannot be said for other projects. The founder noted that there were four projects launched on the platform that underperformed their ICO price. Nonetheless, the team viewed the matter optimistically and decided to step in by covering the shortfall on these projects, making it the exchange’s first major move to put its clients first.
Setting standards from the start:
Now any company working in the service sector or otherwise knows that customer service should always be the focus as they are the business. In this regard, no other firm in the crypto verse has understood this better than Binance.
The world’s leading exchange has surpassed customer service by providing not only quick responses but also proper solutions. The exchange was the first to implement a process where a customer does not have to wait days, or even months, for a response or assistance on a specific matter, which was common practice at the time.
The platform set a default response time of 24 hours maximum and 1-hour minimum, a move much appreciated by the Binance community. Now that time has been reduced to just minutes, and the exchange even supports a live chat system.
Binance also has customer support in 12 languages, adding the platform to this list, keeping in mind that its community is global rather than country-specific.
Also, the exchange has a long history of helping its users with non-exchange-related matters. This includes helping with coin recovery and even chasing Crypto funds and fuses in hack or fraud situations.