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Surge in Web3 adoption amidst digital asset regulation momentum

By Puja Sharma

January 03, 2024

  • B2B Merchants
  • Binance
  • Blockchain
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blockchain, web3State of The Blockchain: Binance’s 2023 in Review, its year-end report situating Binance’s key milestones of the year within the wider industry context

Binance, the leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume, released its 2023 year-end report.

According to the firm, The year 2023 has been a tumultuous one for crypto. Yet, even during the long periods of recovery, the building of valuable products and robust infrastructure in the Web3 space never stopped. We arrived at the end of this calendar year a stronger industry than we have ever been, having built a powerful momentum on the path to the mass adoption of digital assets.

In 2023, we welcomed more than 40 million new users, nearly a 30% increase from the end of last year, as well as saw steady growth in our key services, and introduced new products and features built for the next era of blockchain. We remained true to our core value – always putting our users first – and significantly strengthened our compliance program.

Its year-end report, “State of The Blockchain: Binance’s 2023 in Review,” consolidates the key facts, stats, and narratives that describe the year’s dynamics for Binance and the larger digital asset industry.

The People-Centric Web

The ultimate promise of blockchain and Web3 is to empower individuals through a more decentralized and user-centric online experience. Given Binance’s focus on delivering maximum value to its users, the world’s leading digital asset ecosystem continued to see strong growth in user registrations and wide adoption of its services geared toward real-world use cases and making Web3 more accessible.

Its P2P platform, which now supports 970 payment methods and 112 fiat currencies, processed 18% more trades than last year, and served 39% more users. Binance Earn also grew, now supporting 362 assets across its Simple Earn suite of products. In 2023, it served 35% more users than the year before, increasing the total value locked in its products by 16.8%.

Responding to the industry-wide demand for a more compelling Web3 social experience, Binance Feed evolved into Binance Square, a platform designed to be a gateway into the universe of Web3 content. Over the past year, Binance Square went from 1,200 to 11,000 creators and from under 700K to 1.6 million active daily users.

Security and Compliance

Binance continued to invest in its compliance technology, processes, and talent, spending $213 million in 2023, up 35% from the previous year’s $158 million. As of the end of the year, it holds licenses, registrations, and authorizations in 18 jurisdictions around the world – more than ever before.

Ramping up its collaboration with global crime fighters to tackle illicit activity involving digital assets, Binance responded to 58,000 law enforcement requests this year, held 120 training sessions to share expertise with law enforcement agents, and supported the authorities in solving a number of high-profile cases that resulted in criminals and terrorists getting arrested, billions in ill-gotten funds seized, and international criminal networks dismantled.

To further ensure the safety of its users, Binance furthered its platform security measures and ran a series of security-focused educational campaigns. At the end of the year, the value of its SAFU fund, designed to protect users in the case of emergencies, stood at $1.2 billion.

Binance’s proof-of-reserves (POR) system increased the number of supported assets from 9 in 2022 to 31 in 2023, allowing anyone to ensure that we always back user assets at a 1:1 ratio, plus additional reserves.

Making Web3 Accessible

In 2023, product and user experience improvements across decentralized finance (DeFi), blockchain gaming, and SocialFi attracted new users into the universe of Web3 applications.

According to Binance, while our numbers look strong this year, it is something impossible to quantify that we consider our greatest achievement: maintaining the trust of our growing community, which is fundamental to our mission of advancing the freedom of money globally. In 2023, users came first for Binance – and they always will.

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