One of the largest cryptocurrency exchanges in the world Binance completed its largest upgrade in two years, bringing in a lot of changes and improvements in their platforms.
Changpeng Zhao, the CEO of the company, took to Twitter to notify that the company has undergone its largest upgrade ever.
“This is the largest upgrade to date. We switched the matching engine to a new programming language (and re-wrote all code from scratch, as required). That’s as big an upgrade as you can get. 2 years in the making, all for faster performance. Readying for the next wave… #BUIDL,” he tweeted.
Binance, as earlier stated, has upgraded their trading platform. It took them about two hours to do so. It is reported that all deposits, trading, and withdrawal were disabled on spot and margin trading, P2P trading, OTC Portal trading, savings & redemption, as well as asset transfers from sub-accounts at the time of the upgrade.
Meanwhile, it is understood that their biggest and noticeable upgrade, was meant to give the users the best possible experience.
Earlier, the firm had introduced features like staking, lending cryptocurrency, and margin trading back in 2017. In the beginning of 2020, Binance introduced features like Binance P2P and Binance B2B.
What is Binance P2P ?
Binance P2P is similar to LocalBitcoins and Paxful as it allows users to buy cryptocurrency from an individual using an escrow that protects buyers from fraud.
What is Binance B2B ?
Whereas Binance B2B means business to business. It will help platform owners to integrate the “buy crypto” option to their site using the Binance access standard API. It allows users to buy cryptocurrency using fiat currency, the cryptocurrency is then stored in the user Binance account.