Binance US launched just over a week ago, but its liquidity is already above that of the Winklevoss Twin’s Gemini exchange. This fact was stressed by Binance CEO Changpeng Zhao (CZ).
Binance US Liquidity Triples
CZ cited data from cryptowat.ch to point out that Binance’s American branch saw its liquidity tripling in about a week.
Small beginnings @BinanceAmerica, one week in, liquidity more than tripled. Grown faster than @Binance back in the day. pic.twitter.com/03iUEdAfvm
— CZ Binance (@cz_binance) October 2, 2019
Liquidity is a term that refers to the ease at which traders can buy or sell a cryptocurrency. Trading on crypto exchanges with higher liquidity is more convenient since entering and exiting a particular market is more accessible due to the abundance of a given cryptocurrency held or circulating at the exchange.
Despite the high liquidity, Binance US’ trading volume is still infinitesimal. However, don’t forget that the platform came out only a week ago, so we should stay patient until more traders join the exchange. Currently, the US branch generates a 24-hour volume figure of $2 million. For comparison, the same Gemini displays over $16 million while Coinbase Pro generates over $152 million. Binance’s global platform itself handles more than $740 million in daily trading volume.
Currently, Binance US offers 28 markets to trade on, including 12 USD-based pairs, 11 USDT-based pairs, and 5 pairs that have Bitcoin as a base currency. American traders can sell their US dollars in exchange for Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar Lumens, Ripple’s XRP, Tether’s USDT, and the native token BNB, among others. More coins will show up gradually.
Despite being around for several days, Coinmarketcap still shows no data for Binance US, though it has already prepared a page for it.
Expanding at Fast Pace
CZ said that the US branch was growing faster than Binance back in the day. Traders might feel motivated to join the platform for zero fees until the end of October.
On a side note, Binance US announced through its Twitter profile that scammers were posing as official customer support agents.
?Scammers are posing as official https://t.co/AZwoBOy3iq customer support.
⚠️There are NO official https://t.co/AZwoBOy3iq customer support agents on Twitter.
If you have an issue, please submit an official support ticket here:➡️https://t.co/0PtrE4nZNX
Stay smart. Stay #SAFU. pic.twitter.com/wewywvF3nv
— Binance.US (@BinanceAmerica) September 24, 2019
We might find out more details about Binance US from Anthony Pompliano’s interview with CEO Catherine Coley. You might find the interview soon in another “Off the Chain” podcast.
Do you expect the American branch of Binance to challenge US-based crypto exchanges like Coinbase? Share your thoughts in the comments section!
Images via Shutterstock, Twitter: @cz_binance, @BinanceAmerica