Binance makes giant strides in 2024
Binance Pay’s active user base grew by an extraordinary 226% this year, topping the impressive increase of 70% recorded in 2023.
Throughout the year in review, the company also broke records, achieved milestones, and continued shaping the future of digital finance.
In its annual report dubbed: State of the Blockchain: Binance’s 2024 End-of-Year Report, it said; “From exceeding $160 billion in user assets under custody to reaching a cumulative historical trading volume of $100 trillion, Binance showcased the trust placed in it by users worldwide.
This rapid growth reflects the product’s strong utility and user retention. Binance Pay’s simplicity and effectiveness in enabling affordable, borderless payments make it a cornerstone of our mission to make crypto the world’s most universal and widely accessible payment method.”
The company also noted in its report that, it continuously improves its users’ fiat-to- crypto experience, which currently includes buy/sell options via Visa, Mastercard, Apple Pay, Google Pay, and soon, Diners Club, providing an extensive choice of instant, convenient, and secure tools.
Features like recurring buy capabilities and sell-to-card options further simplify on and off-ramping.
These advancements support Binance’s goal of increasing the freedom of money by providing diverse and highly efficient financial tools to users worldwide.
Binance Earn: Making Crypto Work Harder
The report said Binance Earn continued to deliver innovative ways for users to grow their crypto holdings in 2024.
“With a 144% increase in total value locked (TVL) and a 36.4% growth in active users, Binance has become the go-to platform for growing digital-asset holdings in a secure and user-friendly environment.
By simplifying access to on-chain earning opportunities and offering diverse products, Binance Earn opens the door to decentralized finance for everyone, including beginners.
Between crypto and local currencies
It said Binance Fiat & P2P services now has over 1,000 payment methods and 125+ fiat currencies, facilitating trades among 28% more users in 2024 compared to the year before.
In terms of its reach expansion, the report said; “We expanded access to over 20 new countries, including a significant rollout of mobile money integration across nine nations in West and Central Africa. Additionally, 18 new fiat channels were launched for retail and corporate customers.
In 2024, Binance continued to champion responsible growth – the kind achieved by prioritizing user security, regulatory compliance, and collaboration with industry partners, policymakers, and law enforcement.”
By aligning with these priorities, the report said Binance strengthened the foundation of a safe and harmonious digital financial ecosystem.