Within the last three years, cryptocurrencies have gained popularity among casual investors and financial experts alike. While the demand for crypto trading has been rising, particularly in the latter stages of 2017 and early 2018, exchanges have had to keep up with the subsequent increase in trading volume.
One of the more popular exchanges, Binance, has seen their trade volume drastically change. In July 2017, Binance offered an initial coin offering for their own cryptocurrency, BNB token, and raised $15 million. Today, BNB has seen its market capitalization swell past $1 billion, making its creators undoubtedly one of the largest platforms in the cryptosphere.
CEO Changpeng Zhao believes Binance will be the Google of all blockchains, he also says that the exchange continues to grow in the midst of market decline, which he dubbed a blessing in disguise.
Binance Trading Volume Has Become A Respected Exchange
The exchange’s trading volume is approximately $500 million per day; a figure that dwarfs any of its competitors. For context, due to the recent NYDFS endorsement of Coinbase Custody many believe that Coinbase is home to the largest exchange, but it sees an approximate trading volume of $40 million per day, a mere fraction of that of Binance.
Another point worth mentioning is that Binance has never reported a hack, which is something that cannot be said for other exchanges.
Additionally, Binance is an ever-expanding business opening up an investment division, research division, and an outlet for education and charity. Over in its charity division, the company raised $100 million to support the UN Sustainable Development Goals via blockchain-based donations. They have also invested in TravelbyBit, a travel startup, and an exchange in the African nation of Uganda.
In short, Binance is diversifying its business portfolio and has become a large advocate for blockchain technology across the globe. Adding all of this together, it comes as no surprise the firm has gained the respect of millions across the globe, many of which have subsequent made Binance their platform of choice.
Binance Remains Focused On Expanding Its Empire
In a recent interview with TheStreet, Binance’s founder and CEO, Changpeng Zhao discussed the latest updates with Binance and what he expects for the future.
When asked how he would describe Binance today Zhao said:
“Right now, Binance is still a major cryptocurrency exchange and many people view us as that, but we are building the ecosystem. We want to be the infrastructure services provider for the blockchain space, so we have a number of different initiatives.”
Essentially, Zhao would like to establish an “infrastructure for the blockchain industry of tomorrow.” It’s not a far-fetched idea for Binance to lead the charge in this area, especially given their track record thus far.
Zhao also touched on the subject of the tumultuous state of the crypto market throughout 2018. He mentioned the hot start, but then explained that as market cooled down, so did trading volumes. Nevertheless, that has not stopped the firm’s focus on future success, with Zhao firmly believing 2018 has been a good time to continue moving forward with the company’s growth ambitions.
Zhao Has Dubbed The 2018 Market Decline As “Lucky”
During his interview, he stated:
“We were actually quite lucky that the market was trending down a little bit. If the market kept growing like that, we would not have been able to keep up. It actually gave us breathing room to build a more solid fundamental base. Now, when the market takes off again, we’ll be ready.”
Overall, Zhao has an optimistic viewpoint for Binance and cryptocurrencies and blockchain technologies. One of his main goals for 2019 is to “increase cryptocurrency adoption,” a common ethos seen in the halls of this industry’s foremost startups. One way in which Binance hopes to accomplish this is by continuing its strategic partnerships.
Zhao explained his approach to partnerships — “we look for teams who share our vision; who want to build infrastructure for ten years down the road for this industry. If you see a guy who believes in this industry — who’s willing to hunker down for the next ten years and build a solid service — those are the types of teams we want to invest in or acquire.”
If one thing is for certain, it’s that Zhao has proven through demonstrated growth, leadership, and successful partnerships that he is the right candidate to continue to lead Binance. Eventually, he wants people to recognize Binance in the way that Google is mentioned on the day-to-day.
It’s exciting to see Zhao’s vision and plan come to fruition and Binance is certainly capable of continuing to drive blockchain integration in society.