Binance and how the Italian community has evolved

Guest post by Lucia Quaglia, Italian community manager of Binance.

Today I’d like to talk about the biggest crypto community currently known in Italy, Binance Italia.

This community has been growing since March 2018, when it counted 700 people, and today it counts almost 7000 members across Telegram and Facebook.

The question to be asked and to which we will try to answer is the following: how was this sudden and exponential growth possible? Does it also represent the growth of the crypto world on the Italian scene in general or is it a phenomenon in its own right? 

The community management is fundamental: news about Binance, its products, its ecosystem are posted in the community and initial support is provided to customers who are then invited to open a support ticket on the official Binance website for the most urgent issues.

The atmosphere of the community is relaxed and friendly but there are some rules that must be followed: swearing, insulting, provoking, and topics not related to Binance are forbidden. 

The community is kept active and updated with all the latest news regarding the Binance ecosystem, the blog is translated and published in Italian and recently there have been many AMAs (Ask Me Anything) a format that allows the community to have a direct contact with the CEO about new tokens or projects that are part of the launchpad or the community vote in order to be listed on the exchange.

Another secret of the success of the Italian community is the fact that it represents the largest crypto exchange platform in the world: processing over 1.4 million orders per second, Binance is the largest exchange in terms of trading volumes and one of the fastest in the world. The platform focuses on security, robustness and speed of execution, attracting enthusiasts and professionals alike. 

The Binance token and its functions

Binance has its own native currency: BNB was launched in an Initial Coin Offering (or ICO) which took place from 26th June to 3rd July 2017, 11 days before the Binance exchange platform was opened for trading.

The issuance price was set at 1 ETH for 2,700 BNB or 1 BTC for 20,000 BNB – which means it has risen a lot since then.

It was issued as an ERC20 token, in circulation on the Ethereum network, with a total supply of 200 million coins. 100 million coins were made available during the ICO. 100 million will be destroyed in the burn that Binance performs every quarter. 

For every operation made on Binance, there is a trading fee to be paid, that can be paid using the assets being traded or with BNB in order to get a discount of up to 25%.

BNB allows users to pay, travel, buy gifts and much more. For example, thanks to TravelbyBit, a travel agency that accepts cryptocurrency payments, it is possible to book an entire trip to Australia.

The new developments of Binance, its ecosystem and use cases will be discussed at a free meetup next December 18th. The free but mandatory registration must be completed on EventBrite.