In a press release, Changelly announced that they have partnered with Binance. One of the major perks of this relationship is that it allows Changelly to offer more instant cryptocurrency transfers through its website. Both companies were able to meet together easily as they both have locations in Malta— Changpeng Zhao (Binance CEO) and Konstantin Gladych (Changelly CEO) spoke together in Valletta.
The relationship between Changelly and Binance is simple: Binance provides a fully-functional exchange for professional users, and Changelly provides a minimalistic transferring service that takes advantage of some of Binance’s features. At first glance, a partnership may seem strange as they could be viewed as competitors, but this is not the case. Both services are aimed at different demographics entirely. Binance is for skilled professionals who take their time to trade, and Changelly is for newcomers who need instant transfers.
It is possible that this business relationship will mean that Changelly has fairer fees— one of the common complaints that people have about the site is that it overcharges users for trades. In the press release, they stated that ‘Changelly’s integrated algorithm picks up the cryptocurrency rates from Binance and offers them to users in real time.’ Another huge factor is that ‘all the cryptocurrencies supported by Binance can be easily listed on Changelly and become available for trading for user and partners.’ This means that Changelly will eventually be able to list all 300+ of Binance’s coins, although it is possible that they will avoid some pairings due to low liquidity. You can find a list of coins on Binance here.
This decision to partner with Binance could give Changelly a competitive edge against its competitors like ShapeShift and CoinSwitch. While most veteran cryptocurrency users tend to avoid these sorts of services, they are a vital element of the ecosystem as they help new users to take part in trading for their first time.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.