Binance.US Looks to Pursue Compliance While Innovating on Binance Smart Chain

Binance Smart Chain represents a unique opportunity for Binance.us to take on market share from competitors.

By
Kyle Heise
on
July 30, 2021
Category:
BSC News

Binance Smart Chain Is The Future?

The US Franchise seeks to grow its brand and become a bit more separated from the parent company, acting still within the shell of the brand Binance.

Former Acting Comptroller of the Currency, ​​Brian P. Brooks, spoke about his new role as CEO of Binance.us in an exclusive interview on July 29th with Steven Ehrlich, Crypto and Blockchain Staff Writer for Forbes

Brooks comes from an almost perfect mix of private and public experience to successfully lead Binance.us forward. In the interview, Brooks detailed a big vision for the United States franchise of the world’s largest cryptocurrency exchange, Binance

Brooks joined Binance.us because of the chance to build something big with the knowledge of where he has come from. The goals he presented paint a path similar to that of Coinbase

Brooks explored with Ehrlich how Binance.us has unique features that help it differentiate itself from its competitors. 

“Because Binance.US is cheaper, we will eventually compete among the top one or two exchanges in the United States. That's inevitable; our exchange business will scale to a point where very likely, the two exchanges in the U.S. will be Coinbase and Binance.US. What we will do differently, though, is that we will build products around three pillars that nobody else has.” Brooks told Forbes.
Source
“One of them is the Binance Smart Chain, which is an app developer's dream. It's faster and cheaper than Ethereum, but otherwise the same as Etheruem. And since that's a chain we invented—not that we control it, we forked over the code and innovated it—it's likely over time that we will have earlier access to new cool projects in crypto than other people,” Brooks envisioned. “And so we will build products around the platform the same way that Apple built products around the App Store.”

The Binance Smart Chain Network has quickly grown to the largest crypto ecosystem in under a year. Brooks is right to be looking at the smart chain and the parent company as an ally and as building blocks for the future. 

Binance.us could help foster more security as well as mainstream amplification. These are all huge things for BSC. There is a world of potential on the Smart Chain, and the profundity is only just being explored.

Source: Brian P. Brooks

More Than Just a Smart Chain

Brooks continued to explain the two other reasons. He cites the BUSD stablecoin and BNB token as crucial models to build out the capabilities of Binance.us. 

​​By following the model of combining incentives and fungibility, Brooks sees them as mechanisms to the mainstream. The idea of crypto as a payment mechanism and the fungibility of the BNB token both provide the potential for uses case growth.

“Looking at BUSD and thinking about ways we can build payment applications on top of that token. Others are mostly not doing that with their stablecoins, but we have the third-largest dollar-backed stablecoin, and we should be doing that.”

Brooks has admitted to learning a lot from his experiences across the public sector and with Coinbase. He sees specific potential in the coupling incentives inside of smart contracts with fungibility. And the United States is an incredibly large market to dive into with this type of growth potential. 

“Could we tokenize an airline's frequent-flyer program by making its frequent flyer miles fungible on an exchange so you don't have to use it to get a seat, you can use it to trade because it's appreciated as an asset?” He went on, “ If you're a retailer, can you take your loyalty program and migrate it into a token environment where again, like Binance Coin, it can be bought and sold?”


Ultimately Life Changing

Brooks added that Binance.us, which was created to fit under the regulations of the US, has seen how the Coinbase IPO model has fostered success. 

It bridges the gap between traditional finance and crypto finance. He is specifically excited for the utility phase of crypto to hit the mainstream. 

“The future of crypto is building decentralized applications that add value to people's lives,” Brooks told. “It is about unlocking value across all manner of human activity where networks function better than brick and mortar.” 

Brooks joined Binance.us because he saw the potential in crypto and saw an Initial Public Offering as something possible for Binance.us in the next two to three years. It’s exciting to hear his grand vision about the future of the company. 

Brooks brings a level head about the steps needed to make Binance.us the top crypto exchange in the United States. 


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Kyle Heise

Born and raised in the East Bay of California. He has studied and worked on three continents and lived in eight countries. Kyle resides in San Francisco. Go Giants!

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