So far 2018 hasn’t smiled on the crypto-currency market since the cumulative value of crypto has suffered a 70% decline. This massive fall has led to most speculators and commentators predicting an exodus from the industry. The Situation is quite the inverse with regards to Binance though. The CEO of Binance, the world’s largest exchange, Changpeng Zhao, expects a 500 million profit minimum for Binance by the close of the year and caps the profit margin at 1 billion dollars. Many would look at this as almost a fantasy prediction owing to the current state of the crypto markets.
Zhao’s opinion though does not seem too farfetched if you take into consideration that Binance has recorded 300 million in revenue over the course of the last 6months. This amazing windfall can be attributed to Binance gaining an increased user base as time has progressed. Binance has supported over ten million users while generating about 1.5 billion dollars’ worth of trade volumes daily. This speaks to the incredible growth of the exchange and shows how it has not only survived but thrived in the tumultuous crypto market.
The fact that Binance is only a year old is mind-blowing considering how successful it has already become. It has transitioned from a small startup that needed a 15million ICO to start off and is now on course to make about a billion dollars this year if Mr. Zhao’s beliefs are anything to go by. Binance plans to spread its wings by opening up offices in Malta, which is already receiving a lot of positive press from Malta. The move to Malta already feels like a success with Maltese government officials welcoming it through positive messages on social media.
The exchange has surprised many who did not expect such a rally owing to the poor market performance of crypto. The exchange’s steady rise speaks to the fact that investors see a lot of potential in the platform which is now the 17th largest of its kind in the world by market capitalization. Binance looks set to enjoy bigger successes with time which is a result of strong leadership and ambitious plans by its leaders.
I am a crypto enthusiast based in Nairobi Kenya, who loves investing, research writing, reading, fitness, African food, and soccer.
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