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How did Binance become a top exchange within such a short time span?

 

We attended Binance Fair held in Singapore recently and garnered insights from Ted Lin, Binance’s Chief Growth Officer who leads the Growth, Commercial and Education initiatives. Below is the transcript of our interview.

1) Can you share more about yourself prior to joining Binance, what were you doing?
I have always been a technology and business aficionado. After graduating from Cornell University with Masters in Computer Science, my passion and instinct let me into global business development and platform growth. I have successfully led multi-national expansion initiatives in well known tech companies including Infortrend, Transcend and ASUS. Having witnessed and fueled the exciting technological disruptions brought on by mobility, big data, distributed cloud computing, I have once again risen to the challenge to join the next revolution in advancing adoption of cryptocurrency and proliferate blockchain technology by building and leveraging the power of Binance ecosystem. 


2) What is Binance’s growth strategy such that it is able to helm the top spot in exchanges?
At Binance, we emphasize and focus a lot on the user experience, product and security. The thing about user growth is if you overly spend too much time on it, you will lose focus on the fundamental issues. Before we even think of user growth, we have to make sure our platform is top notch in terms of user experience and security. By ensuring these are our top priorities, we believe user growth can be grown organically and this has since been proven as we are recognized as the no. 1 crypto exchange.


3) Which is more important? Acquisition or retention?
I would say definitely retention. Acquisition inherently means inorganic growth and that is unsustainable in our view. We spend little or close to zero marketing dollars on user acquisition. For example, an unstable and insecure exchange giving out airdrops may gain large amount of users in a short period of time, but it’s not going to be sustainable. The net outflow will be more than the inflow. On the other hand, a focus on retention by ensuring the key objectives of user experience and security are being met – these are what will ultimately lead to positive reviews and viral word of mouth. Its going to be a vicious cycle if you treat users like commodities, spending time and money acquiring in order to outpace competitors. 


4) What do you think is the hindrance to cryptocurrency adoption for the masses? 
I think the key factor is knowledge. Most people do not know about cryptocurrency or how blockchain works, eg the benefits of it etc. There is definitely a gap there. For people to learn and be more aware about it, it has to be easily understandable. People are increasingly curious about technological innovations and this incentivizes learning. Examples includes cloud computing, machine learning and AI - people were curious about them and they are currently widely adopted. I won’t deny that speculative gains had catalyzed interest in blockchain and cryptocurrency around the world. This has since normalized and I kind of like it this way - where people focus more on the technological innovation rather than the speculative gains. 


5) Can you share about Binance Academy’s ultimate goals and vision?
Put it in the simplest way, we want everybody in the world to understand the technology and benefits surrounding cryptocurrency and blockchain. How can we achieve that? Through Binance Academy, we are building a comprehensive knowledge base system where people can have access to articles, videos, tutorials that we curate to different groups of people from beginners to miners. I would also like to share a piece of good news, that we will be offering course modules before the end of Q119 which will make learning more interactive. The best part - all of these are free.  You do not need to be a Binance user to be able to access https://www.binance.vision/. At Binance, we want inclusion. Together with everyone, we hope we can raise the bar for blockchain and cryptocurrency.  


6) Lastly, what are the plans for Binance in 2019?
We see fiat on-ramp as a very important part of the crypto trading ecosystem as many people who wants to trade might not have the convenience or facility to participate. We just launched a euro-sterling crypto exchange based in Jersey, Channel Islands of UK. We would like to see more of these kind of fiat on-ramp initiatives. Also we will be launching a decentralized exchange in first quarter of 2019 where users can manage their own funds and wallets.

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