While 2018’s cryptocurrency crash impacted a lot of major players subjecting them to losses worth billions of dollars, the world’s largest cryptocurrency exchange, Binance still seems to be minting profits!
In his statement, Changpeng Zhao, Chief Executive Officer, Binance, mentioned that the exchange is anticipating a net profit of $500 million to $1 billion in 2018. Speaking in an interview, Changpeng Zhao stated that the first half revenue was around $300 million. He further added that the average daily turnover of the exchange is roughly around $1.5 billion. He expressed a lot of satisfaction while mentioning the figures since Binance now has around 10 million users.
The figures illustrated by Zhao corroborate the fact that even now some cryptocurrency exchanges are thriving quite well. This is quite remarkable especially since Bitcoin lost 52% of its value this year with buyers pulling back. Apart from this, every now and then there is news about exchange venues being repeatedly hacked leading to regulators tightening their scrutiny.
According to Bloomberg News, Binance which encountered confrontation with authorities in Hong Kong and Japan soon has plans to allow customers at venues in Bermuda, Malta, and Uganda. It plans to facilitate customers at these venues to convert their virtual tokens to fiat currencies including the Euro. Binance is all set to accelerate its growth.
At the beginning of the year, Zhao mentioned that Binance has 2 million users. The venue which started in July 2017, opened exactly 11 days post raising around $15 million in an initial coin offering. The exchange was hosting around $11 billion of trading per day, ever since the crypto frenzy peaked late last year. Coinmarketcap.com had Binance topping the ranking of exchanges within a span of 24 hours with a record trading worth $1.3 billion.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]