Binance challenges Google and Amazon with a new cloud service

Binance challenges Google and Amazon with a new cloud service
Written by:
Ali Raza
18th February, 12:10
Updated: 11th March, 08:57
  • Recent reports revealed that one of the world's largest crypto exchanges, Binance, plans to launch its own cloud solution.
  • With Binance Cloud, the company would be able to allow anyone to create their own crypto exchange.
  • Binance's CEO, CZ, noted that the demand for exchanges is huge, and that Binance hopes to take a step back as an exchange, and start offering new services in about 5 years.

Apart from being one of the largest cryptocurrency exchanges in the world, Malta-based Binance appears to be looking for a way to expand its services into other areas. According to recent reports, its newest attempt to do so will directly challenge search giant, Google, as well as Amazon, and even Microsoft. The simple way for Binance to take on these major corporations in a single move is to launch its own cloud.

Over the past few years — and especially in 2019 — Binance managed to rise to the top by making all the right moves, and with impeccable timing. It listed numerous popular altcoins, it brought back its Launchpad, it launched its own blockchain and DEX, not to mention opening numerous fiat-to-crypto subsidiaries all over the world.

All of this allowed it to eat away at its competitors and attract millions of users from all corners of the globe. These days, more than 50% of the crypto exchange market belongs to this single company. However, according to a recent report from Bloomberg, the exchange does not plan to stop at being a simple exchange.

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In fact, its ecosystem will increase in a way that will challenge the world’s largest tech giants by adding a cloud operation. The exchange’s goal is to help its business clients and partners set up their own crypto exchanges, while using Binance’s tech infrastructure.

Binance Cloud will allow anyone to launch an exchange, says CZ

With the demand for cloud services still surging strongly, Binance decided to follow in the footsteps of some of the world’s largest providers. Its CEO, Changpeng Zhao, seems to also have strong ambitions for Binance Cloud. In fact, he plans to turn it in a way that would overtake the exchange itself, and become the company’s largest source of revenue by 2025.

Zhao stressed that the demand for exchanges is huge, and Binance Cloud would, in theory, be able to allow anyone in the world to create their own. He commented on Bloomberg’s report by saying that it is focused on revenue and numbers — two aspects that are very hard to predict. However, Amazon Web Service and Azure do prove that cloud solutions are in great demand.

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