Binance Launches New Community Feedback Initiative to Forge Product Roadmap 

UTC by Tolu Ajiboye · 3 min read
Binance Launches New Community Feedback Initiative to Forge Product Roadmap 
Photo: Depositphotos

Dominant crypto exchange Binance looks to draw on community feedback to shape products and services better in the future. 

Binance has launched a new community feedback feature that would help shape new policies and products the exchange plans to offer. Aptly dubbed the “Feature Request & Feedback Board,” the new feedback platform serves to cull out opinions and suggestions from Binance’s user community. With the service, the leading crypto exchange implores its user base to participate in its product roadmap development. According to Binance, its Feature Request & Feedback Board makes it easier for users to suggest ideas for product features they want from the exchange.

Once the public-facing roadmap goes live, the Binance community can vote on the proposed features.

The Binance community feedback board plans to be a sustainable, dynamic ideation hunting ground and already features several user suggestions. These suggestions range from comments regarding product improvement to questions on troubleshooting and product functionality.

Binance Community Feedback Tool to Usher in New Multi-Phase Era

The launch of Binance’s feedback tool marks the first part of a multi-phase project. Following months of tests and experimentation, the exchange’s product team believes that the feedback feature also bridges a gap between developers and end users. Furthermore, Binance’s product team promises to review all community suggestions, after which it will build a public-facing roadmap. According to the product team, this user-suggested roadmap would take place in March this year.

Binance intends to have its community vote on the proposed features once its public-facing roadmap goes live. The idea is to make users feel more involved in the company’s policies as if they were stakeholders. By inducing active operational participation from its community, Binance likely also seeks to elicit more customer loyalty and foster solidarity.

Based on the voting results, Binance’s product team will onboard the top suggested features to its roadmap. In addition, the team intends to keep adding live updates related to the progress of the features that people request.

Binance says that it will update its feedback section later this year. This development allows people to leave feedback for features launched through the program. As Binance Head of Product, Mayur Kamat, enthused:

“We love hearing feedback from the community, whether it’s direct from the customer or from reviewing comments from social channels and messages – Binance has always built feedback into the product development process.”

Furthermore, Kamat also added:

“On average, we get around 1000 pieces of feedback every month – now we have a dedicated place for the community to make suggestions and leave a lasting impact on future Binance product developments.”

Binance, Mastercard Team Up on Prepaid Rewards Card in Brazil

In other news, Binance has undertaken several business ventures outside its linear crypto business to solidify its status as the preeminent exchange. For instance, the company recently partnered with payment-facilitating giant Mastercard (NYSE: MA) on a payment scheme in Brazil. This development sees both platforms launch a prepaid rewards card in the South American country that allows purchases using crypto. Eligible holders of the prepaid card would also be able to settle bills in crypto.

Binance News, Cryptocurrency News, News
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