Binance has an extensive network of partners - and that’s not counting the several interesting projects that are launched on the Binance launchpad. Looking at this list of partners, you can see that there seems to be a focus on decentralized finance (DeFi), compliance and fiat to crypto payment gateways, the latter being a prominent obstacle for the mainstream adoption of decentralized finance services.
It’s no surprise that Binance would focus more of its resources on DeFi. Now considered a cornerstone of the market that is expected to become more accessible over the next decade, Binance - as one of the world’s go-to exchanges - could have a sizable influence in facilitating the growth of the DeFi sphere. Compliance is another major area that Binance has focused.
The list of partners below is not exhaustive, but it does for the most part comprise of Binance’s most notable partnerships, and offers a glimpse into their business strategy.
List of Partners
Decentralized Finance (DeFi)
- Chainalysis (Source)
- CipherTrace (Source)
- Coinfirm (Source)
- Elliptic (Source)
- IdentityMind (Source)
- Refinitiv (Source)
- Advcash (Source)
- Banxa (Source)
- Flutterwave (Source)
- Koinal (Source)
- Papara (Source)
- Settle Network (Source)
- Vertex Ventures (Source)
- Amun (Source)
- HTC (Source)
- Simplex (Source)
- Tagomi (Source)
- Travelbybit (Source)
- Z Corporation (Source)
Partnerships in Detail
Decentralized Finance (DeFi)
October 2019: Binance and oracle provider Chainlink announced a partnership with the agenda of boosting DeFi applications. In a detailed and lengthy blog post, Binance described the role of oracle providers in the DeFi ecosystem and how it would pave way for rapid growth.
The specifics of the collaboration see Oracle provide accurate off-chain data at the lowest rate of latency, ideal for big investors who are playing with big bucks. Chainlink will bridge Binance’s data to blockchains, which boosts the possibilities with DeFi platforms.
Some of you might have become aware of Chainlink after its sudden rise into the top 20 tokens by market cap. The remarkable spike in price made it one of the best performing assets in 2019 and it still continues to hold the interest of investors. Chainlink’s rise coincided with the news that it had partnered with Google in June that year - which opened the floodgates of investment. This partnership with Binance is no small thing either and is sure to give Chainlink a much wider awareness boost.
December 2019: Binance announced a strategic investment in cryptocurrency derivatives exchange FTX. This included both an equity investment and taken a long term position on the FTX token. Binance wants to enable sustainable growth for FTX, which would help the broader terms of the partnership.
The partnership will see the two entities work “to further develop the cryptocurrency ecosystem.” On FTX’s part, they will help flesh out liquidity and institutional product offerings on Binance’s exchange and OTC desk.
FTX is a cryptocurrency derivatives exchange that was launched in early 2019 that also features an OTC desk. The exchange put a focus on offering good liquidity, and the offering of perpetual contracts on crypto, leverage tokens and OTC services. Average daily trading volumes are at about half a billion dollars - not bad for an exchange that launched very recently.
December 2019: Shortly before the FTX partnership, Binance and Paxful announced that they had formed a strategic partnership, with the focus being on liquidity and accessibility.
The partnerships sees Binance integrating Paxful’s web based Virtual Bitcoin Kiosk, which gives Binance users the option of buying Bitcoin with 167 different fiat currencies. This is a feature that needs no explanation - Binance suddenly has access to an enormous part of the world’s population.
Paxful is a peer-to-peer Bitcoin marketplace where anyone anywhere can trade in cryptocurrencies. Despite the increasing sophistication and acceptance of exchanges, P2P marketplaces still find a lot of use and has quickly grown in the niche. There are several payment options available on the platform, including Amazon, Steam and eBay gift cards.
September 2019: Binance and Paxos announced a partnership to launch a USD-backed stablecoin called Binance USD, which has received approval from the New York State Department of Financial Services (NYDFS). New York has special regulations that often makes it one of the last supported jurisdictions.
Paxos is a regulated financial institution that offers custody of assets, asset digitization services and various products and services. It has also released the dollar-backed stablecoin Paxos Standard (PAX). It also a settlement service and automation for the commodities and FX markets.
5. Band Protocol
November 2019: Binance and Band Protocol announced a partnership, one that is similar to the Chainlink partnership.
The integration with Band Protocol’s oracle means that the data that Binance enables on the API will be available on Ethereum and other networks integrated with Band Protocol. Developers on these networks can use Binance’s considerable data to refine their products. The official announcement explains how exactly Band Protocol works with Binance and explains the aforementioned connection of Binance data to DeFi applications in detail.
Band protocol is a “data governance framework” for Web 3.0 applications, or decentralized applications. They are right when they say that without any reliable real world data, DApps are limited. It also allows connections to open APIs without a centralized party.
October 2018: Binance and Chainalysis announced that a global rollout of Chainalysis’ compliance solution had been released. The purpose of the partnership is to “help address the challenges at the intersection of cryptocurrencies, regulators and traditional financial institutions.”
The partnership sees the use of the Chainalysis’ software Chainalysis Know Your Transaction (KYT), which provides real-time monitoring of cryptocurrencies.
Chainalysis is a cryptocurrency data analysis firm that has a strong focus on compliance. It works with companies, law enforcement and lawmakers fight illegal activity based in crypto. It has been backed by the likes of Benchmark and serves over 150 cryptocurrency businesses.
November 2019: CipherTrace and Binance announced a partnership that sees the former, experts in cryptocurrency intelligence and blockchain security, support the latter’s blockchain, Binance Chain. The CipherTrace will provide institutional grade AML controls for the Binance Chain.
Specifically, the AML control will allow the “identification of high-risk addresses” and the “setting controls to protect decentralized applications (DApps), exchanges or other cryptocurrency-based applications.”
CipherTrace provides blockchain security, AML and cryptocurrency intelligence solutions to companies, auditors and investigators to trace suspicious transactions. Clients include exchanges, companies, banks and lawmakers. The U.S. Department of Homeland Security Science and Technology (S&T) and DARPA initially funded CipherTrace.
October 2019: Binance and Coinfirm announced that they had partnered to ensure compliance with FATF AML rules. Binance will integrate Coinfirm’s blockchain-agnostic AML Platform. The platform provides risk score analysis, alerts, and investigations system. The Financial Action Task Force announced new rules last year regarding AML and this partnership is a direct result of that.
Coinfirm provides AML and risk analytics services for blockchain and cryptocurrency companies. It monitors over 7800 blockchains. It has over 140 clients across the world, which includes exchanges and financial institutions, including Crypto.com and Swiss bank Dukascopy.
May 2019: Binance and Elliptic announced a compliance and security focused partnership, one of the earlier forays by Binance into strengthening its regulation compliance and security aspects.
Binance uses Elliptic’s Intelligent services to combat money laundering. This service too can be used to monitor transactions on blockchain and discover if they have been linked to illicit activity.
Elliptic works with businesses, regulators and blockchain entities to ensure that they can build their ideas to the fullest potential without having to worry about illicit activity occurring.
May 2019: Binance and risk management and compliance platform IdentityMind announced that they had partnered to boost compliance and data security. The platform provides real time onboarding, transaction monitoring and risk management globally. This will be an important partnership in terms of Binance’s global growth.
IdentityMind is a SaaS platform that, like the other compliance entities in this list, offers several solutions dedicated to countering money laundering and promoting compliance. This includes risk assessment, identity verification and fraud prevention. Other clients include Huobi, Veem and Mercari.
December 2018: Refinitiv and Binance partnered, the latter being a KYC provider linked to Thomson Reuters. The partnerships see Binance use Refinitiv’s KYC-as-a-service solution on the platform, which offers screening, identity verification and remediation solutions.
Refinitiv is an established company that provides global market and infrastructure data. Additionally, it provides risk assessment and compliance solutions. Founded in 2018, it serves over 190 countries and has an annual turnover of $160 billion.
November 2019: Binance and Advcash announced that the two would be partnering to boost adoption in Turkey. The new fiat gateway would allow deposits and withdrawals in the EUR, RUB, UAH and KZT currencies.
Advcash is a payments platform and e-wallet that provides fiat and crypto options, as well as the use of cards. It allows provides prepaid cards for convenience.
January 2020: In another major fiat gateway expansion, Binance and Banxa announced that together they would be bringing fiat gateways for the AUD, GBP and EUR currencies. This allows users to buy cryptocurrencies, using these currencies, with cards to trade on Binance.
Banxa is a fiat-to-crypto gateway provider for cryptocurrency entities that has a focus on making the crypto transition easy and convenient. The integration is a single step solution that takes participants to the global economy.
October 2019: Binance and Flutterwave’s announced a partnership, which is an interesting one for the reason that it brings a fiat-to-crypto gateway to Africa. This allows users in Nigeria to 3 cryptocurrencies - BTC, BUSD, BNB - through cards using the local currency Naira. Support for the Kenyan Shilling and South African Rand are also in the works. This is not a region we have seen extensive growth in crypto yet - though there are several commendable initiatives.
Flutterwave is a payments solution platform that works globally, helping businesses and merchants with invoicing, card issuing and checkout services. Industries served include transportation, hospitality, gaming and event management.
September 2019: Payment processing company Koinal and Binance announced a partnership that makes trading on Binance more accessible - by allowing users to buy Bitcoin, Bitcoin Cash, Ethereum, Litecoin and XRP via cards or wire transfer in over 175 countries. Like Banxa, this is also a major fiat gateway that brings the globe into the world of crypto.
Koinal allows users to buy crypto with cards, bank transfers and other payment methods, and also monitors transactions for fraud.
November 2019: In another pretty decent boost towards accessibility, Turkish payments provider Papara and Binance announced a Turkish Lira fiat gateway. This allows users to buy BNB, BTC, ETH and XRP with the fiat currency. More features will be added soon, according to the official statement.
Papara is a payments provider, popular in Turkey, that lets users make physical and digital transactions, and also allows cash deposits at over 50,000 ATMs.
17. Settle Network
November 2019 Binance partnered with Settle Network, with this resulting in the launch of a fiat gateway in Latin America. This will allow users to buy BTC, BNB, ETH and stablecoins using the Argentine Peso and Brazilian Real. More local currencies will be added soon. In Latin American countries where the economies are struggling, this is especially useful.
Settle Network is Latin America’s largest digital assets settlement network. To the end of “bridging the gap between traditional and digital finance”, Settle Network provides cross-border, liquidity and KYC/AML solutions.
18. Vertex Ventures
July 2019: Binance Singapore was launched in and this coincided with a partnership with Vertex Ventures that sees a new fiat-to-crypto gateway. Both Vertex China and Vertex Southeast Asia and India were involved. This gateway lets Singaporeans buy BTC, ETH and BNB with the Singapore
Vertex Ventures is a VC investment holding company that has invested in startups in several countries, including the US, China, India, Israel, Singapore and Indonesia. It handles net assets worth $3 billion.
October 2019: Binance and Amun announced a partnership with the goal of bringing a BNB Exchange-Traded Product to the SIX Swiss exchange. This boosted the number of ETPs available through Amun, and sees BNB join an elite throng.
Amun is a Swiss company that makes it easy for investors to invest in cryptocurrencies on the Swiss stock exchange. It offers 11 ETPs, both indices and single assets. It was the first company to launch a crypto index, HODL.
November 2019: This isn’t quite so much a partnership, at least not in the same vein as the others, but it is worth mentioning. Electronics company and smartphone manufacturer HTC and Binance announced a limited edition smartphone called Exodus 1 - Binance Edition. This particular model has the Binance Chain integrated and has the Binance DEX built-in.
HTC is not a company that really needs an introduction. They are a Taiwanese company that has produced some very successful smartphones and produces a range of electronic products as well, like VR headsets.
January 2019: Binance partnered with payment processing company Simplex so that users could buy crypto with credit cards. This is a very mainstream method of payment, though not advised for those who do not have much experience in the market, and opens up some further avenues for investment.
Founded in 2014 and headquartered in Israel, Simplex is a fintech company that guarantees fraudless credit card payments.
November 2019: Binance US and crypto brokerage firm Tagomi announced a partnership that focuses on bringing liquidity to Binances’s cross-exchange trading platform. As a result, Tagomi’s userbase will have increased access to select trading pairs. This partnership benefits institutional investors, as they receive access to on-demand liquidity through Tagomi’s platform.
Tagomi is a crypto brokerage firm that has worked with some big names, including Digital Currency Group, ZhenFund, Founders Fund and SV Angel.
November 2019: Travel booking platform TravelbyBit and Binance partnered to launch a travel rewards card that can be pre-loaded with crypto. This will facilitate crypto payments on travel portals. According to the announcement, “users can load their travel cards with BTC, BUSD, BNB, and ONT, which can be used to book flights and hotels through popular online travel sites such as Booking.com, Expedia, Agoda, and Ctrip, as well as TravelbyBit.com.”
TravelbyBit is an online travel company that facilitates travel payments using crypto.
24. Z Corporation
January 2020: Yahoo subsidiary Z Corporation, TaoTao and Binance announced a strategic partnership that would see Binance further move into the Japanese markets. The former two will prepare to launch trading services in collaboration with Binance.
Z Corporation is a business investment company in Japan. TaoTao is an exchange, which has been backed by Yahoo Japan.
Where can Binance Coin (BNB) Used?
In addition to forming many partnerships, the Binance team has made an effort to expand the ecosystem and applications of BNB by integrating it into various platforms. Target niches include payments, travel and utility, entertainment, shopping and in apps. The following is a list of some notable places where BNB can be used.
- Pundi X
Crypto.com is a payments platform where people can exchange tokens, buy assets with no markup and fees, and earn interest on tokens. It is this last feature where BNB comes in, as Crypto.com has integrated Binance Chain and added BNB to it Crypto Earn program. Users can earn up to 8% per annum with the BNB token.
The Monetha platform offers developers a toolkit for blockchain development. Among other things, it lets developers build things on top of blockchains, featuring such solutions as a reputation system, escrow payments and a data exchange protocol. Monetha integrated the BNB token into its platform, allowing Merchants to exchange the asset for Ether.
EthLend, which is now under the parent company Aave, is a decentralized lending platform where users can obtain crypto loans. With the BNB token integration, users can get ETH loans against the BNB token.
LNDR, sometimes described as the “the Venmo of the blockchain”, is an application that lets users splits bills with settlement options in over 25 currencies, including cryptocurrencies. The BNB token integration allows users to settle bills using the digital asset.
Coinpayments is a crypto payments processor that works with nearly 1,800 cryptocurrencies, and has such features as shopping cart plugins, gift cards, secure storage, Point-of-Sale (PoS) interactions, instant confirmation and auto coin conversion. The BNB integration means that the token is one of the many that can be used in these various features.
Nexo is a lending platform that allows users to earn interest on assets. Users can instantly borrow tokens in over 45 fiat currencies, with credit lines becoming immediately available. As for BNB, users can get loans instantly, backed by the BNB token.
CoinGate is a blockchain payment gateway. Use cases include the purchasing of goods and services, and to that end they have developed plugins, APIs and PoS solutions. The addition of the BNB token means that any customer or merchant on the platform can accept payments in the asset.
As mentioned previously, Binance’s partnership with TravelbyBit means that the latter’s travel cards can be loaded with BNB and used to pay for hotels and flight tickets. This includes portals like Booking.com and Expedia.
Mithril is a decentralized social media platform that rewards its content creators. Users can acquire MITH tokens through mining and spend it in “various real-life scenarios.” Mithril and its token became the first network to migrate to the Binance Chain.
Propy is a real estate transaction management platform that provides real time compliance checking and in-depth analytics. It features over 10,000 real estate agents including JLL and Coldwell Banker. With the support for BNB, Propy allows users to buy home properties with the asset.
Tripio is a hotel booking platform that lets users pay for lodging in over 450,000 hotels using cryptocurrencies. The BNB token is one of the accepted currencies.
12. Pundi X
Pundi X is a platform focused on retail businesses, offering PoS features and working with governments, payments companies and retailers. The platform enabled support for the Binance Chain and BNB, which lets physical stores and retailers work with BNB.
Decentraland is a cryptocurrency platform that is a virtual world where community members have a stake. The platform lets users build and shape the world with tools, and users are rewarded in the MANA token, which can then be used to purchase goods and services. The partnership with Binance allows the BNB token to be used in LAND (which represents space in the virtual world) auctions.
Eidoo is a decentralized finance platform that features a hybrid exchange and “Eidoo Crowd”, which lets users participate in or launch their very own tokens, including STOs and IEOs. The integration with BNB allows the BNB token to be used on Eidoo’s apps.
DENT is building a cryptocurrency marketplace where users can buy and sell units of mobile data. It works with 238 mobile operators in 86 countries. Like Eidoo, the support for BNB means that users can use the asset on DENT’s apps.
NAGA is a German fintech firm that is attempting to establish the world’s first fiat-crypto gateway that will give access to traditional financial instruments. NAGA actually performed both an IPO and ICO in the same year, raising $80 million. The integration of the BNB token means that users on the NAGA platform can use the token to invest in more than 800 financial instruments, including stocks and Exchange-traded Funds (ETFs).
Of course, there are several more places where BNB can be used (and probably many more to come), but these are some of the major applications.