Binance Coin (BNB) became the 10th largest crypto in the world on February 7, as shown on CoinMarketCap.
BNB has been able to achieve this within two years of its inception.
Binance recently laid out ten drivers within its ecosystem that are helping BNB grow.
BNB’s Drivers and Use Cases
Binance wrote that different divisions help with the growth of BNB and also increase the amount of BNB use cases.
Binance listed the top 10 of these divisions.
The first was the Binance cryptocurrency exchange which uses BNB as a utility token. Traders can use it to pay transaction fees to the exchange and get discounts in return.
The second category was Binance’s new fiat exchanges like Binance Jersey, Binance Singapore, and Binance Uganda. These exchanges provide users with more options to use fiat in the crypto world.
Binance also listed institutional services– like sub-accounts and OTC trading desks that provide more options for larger traders to trader more conveniently and quickly.
Binance Launchpad was listed which recently helped promote the BNB token through a token sale it held for the BitTorrent Token (BTT).
Binance Labs and Other Initiatives
While Binance Launchpad provides public token sales, Binance Labs works with projects that are not suited to token sales.
The investment arm of the exchange bets on some high-potential blockchain projects, via fellowships and incubation programs.
Similarly, Binance Charity works to help disadvantaged people with blockchain by creating a transparent donation platform.
The project is aiming to have a sustainable impact on the world and drive long-term play for a wider blockchain user base.
Binance Academy helps users learn about the growing technology in as many languages as possible.
The content created at the academy helps to bring in more participators to grow the blockchain ecosystem.
Another educational initiative is Binance Info which works on providing accurate information about various cryptocurrency projects.
The exchange also talked about its research division, Binance Research, and its wallet service Trust Wallet, which has evolved from an Ethereum wallet to a multi-currency wallet.
It also mentioned Binance Chain and Binance DEX as “bonus items.”
Binance Chain has already been made available in a testnet to the exchange’s partners and will play a crucial role in launching Binance DEX.