Binance stays consistent as crypto market fluctuates
Overall, cryptocurrency values have fallen by 70% so far this year. Crypto exchange firm Binance, however, does not seem to have the same woes.
Binance CEO Changpeng Zhao reported to Bloomberg that he plans on generating at least $500 million in profit in 2018, and this figure could rise as high as $1 billion. Binance is the world’s largest crypto exchange company, and it continues to grow as the increasing popularity of cryptocurrencies draws in more users. In fact, at the beginning of 2017, Binance had two million users. Currently, it has ten million – that’s a 400% user increase in just a year and a half (!!!).
Due to increasing regulation in Asia following multiple crypto exchange hacks, Binance will open new offices in Malta, Europe, who announced on Twitter its warm welcome of the firm. This will help it acquire more licenses to transfer cryptocurrency into legal tender. Last month, Binance showed that this was popular with its official opening in Uganda and its subsequent license to transfer crypto for legal money.
The company specializes in trading Binance Coin (BNB), opposed to many exchanges which primarily operate from Bitcoin, Ripple, or Ethereum. Binance Coin is just the 17th largest cryptocurrency, but as the company continues to burgeon, so will its currency.
If Binance can continue with this speed, it will likely be the biggest crypto exchange for years to come. And it might pave the way for the somewhat foggy future of cryptocurrency.
Featured image via Flickr/Namecoin