Binance, The World’s Largest Crypto Exchange, Eyes Profit of $1 Billion USD
While the cryptocurrency market has definitely seen better days and many investors had heavy losses recently, the world’s largest cryptocurrency exchange, Binance, is still making a huge profit. The company expects to profit from half to a billion dollars in 2018, according to its Chief Executive Officer, Changpeng Zhao.
The revenue for the first half of the year was about $300 million USD, but the CEO is confident that it can be improved and the number that the company is after is one billion. At the moment, the company has 10 million users, so that is certainly not impossible.
Some Cryptocurrency Exchange Are Thriving Despise The Rout
This case illustrates how the market for exchanges is still a very fertile ground. Bitcoin has lost over 50% of its value on this year alone and regulators increase their scrutiny in the market and speculators go out before the situation gets any worse, the exchanges are still thriving.
Binance has plans for expanding its business to other countries like Uganda, Bermuda and Malta and to allow users to also convert their tokens to fiat currencies like the Euro. Because of this, it looks like the number of users of the company might still get a huge boost before the end of the year.
The company was started on July 2017 after raising $15 million USD in an Initial Coin Offering. After that, the company went from 2 million users at the end of 2017 to 10 million right now. Unless the so-called bubble of Bitcoin is actually real and it bursts, we can probably expect the company to grow a lot more in the second half of the year.
Binance has had a trading volume of $1.3 billion USD in the last 24 hours, while it reached $11 billion USD in a single day during the peak of the crypto frenzy this year.