Binance Cloud enterprise offerings

Binance expands its Binance Cloud’s enterprise offerings

Binance’s cloud service offering now also facilitates the development of decentralized finance products on Ethereum and the firm’s own Binance Smart Chain blockchain

Top cryptocurrency exchange Binance today announced an expansion of the enterprise services provided by its Binance Cloud, an all-in-one enterprise solution for launching digital asset exchanges.

According to an announcement shared with Modern Consensus on Nov. 5, Binance Cloud now offers services for building decentralized finance (DeFi) products on the exchange’s Binance Smart Chain (BSC) and Ethereum blockchains. Furthermore, the offering now also includes perpetual futures and a direct link to payment providers, enabling partners to integrate third-party payment channels.

That’s in addition to existing core products including cryptocurrency trading—both spot and derivatives—as well as local currency on-and-off ramps, and desktop browser and mobile app support.

“The goal with Binance Cloud is to provide the infrastructure to support any company that wants to build a digital asset exchange,” said Binance CEO Changpeng “CZ” Zhao. “Binance Cloud is a one-stop solution that delivers the Binance speed, quality and experience to more users around the world.”

This Binance cloud integration appears to be part of a wider initiative looking to attract part of the ongoing DeFi craze to its smart contract-capable blockchain. As Modern Consensus reported in late October, the cryptocurrency exchange announced that it would finance five decentralized finance projects built on BSC, bringing the total to 11. All of those funds come from the crypto exchange’s $100 million accelerator fund for DeFi projects that leverage its BSC blockchain.

The BSC blockchain apparently already attracted at least some development activity, although not all of it is of the kind that Binance would have hoped for. Just yesterday, the firm announced that it was forced to take action when the developers behind the Wine Swap DeFi project performed an exit scam and stole the funds that the users deposited on their platform. Fortunately, Binance was able to recover nearly all of the funds.

Binance launched its cloud offering in February, aiming to enable its partners to create new platforms in a timely way by leveraging the exchange’s infrastructure. At launch, services built on Binance Cloud were only accessible through web browsers, but now they also work through iOS and Android apps. Zhao explained:

“The goal with Binance Cloud is to provide the infrastructure to support any company that wants to build a digital asset exchange.”

Binance Cloud mirrors the functionality of Binance’s own platform, including its exchange’s matching engine, trading risk controls, and big data security system. Furthermore, it also grants access to the exchange’s market liquidity and in the future to the passive earnings, savings, and margin trading features.

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Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.