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This year cryptocurrency has humbled countless people with billions of dollars in losses, but the world's largest crypto exchange is still raking in money hand over fist. According to an interview aired by Bloomberg, Binance has their sights on a target of $1 billion by the end of the year. Did I mention that figure was in profits?
Chief executive officer Changpeng Zhao, better known as CZ, has already pulled in $300 million just this year. Average daily turnover at his venue, which opened about a year ago, is roughly sitting at $1.5 billion, and Binance now has 10 million users worldwide. According to CZ, Binance had 2 million users at the start of 2018. The exchange opened 11 days after the initial launch after raising $15 million from their ICO. The crypto frenzy peaked late last year and the exchange was hosting as much as $11 billion worth of trades. Daily. Binance also topped Coinmarketcap.com's ranking of exchanges in the past 24 hours, with $1.3 billion worth of trading being conducted.
If you take into account that Tesla is not yet profitable and that Apple's 2017 net turnover is $45 billion, whereas Binance moves more than $1 billion daily, these numbers are absolutely outrageous. In a good way. It's not yet clear if the profits will come solely by margin trading, or if the Binance token (BNB) will play a relevant role in these numbers. What's clear, though, is that Binance's expansion to other markets, like Uganda, and the recent relocation to Malta, which just regulated crypto currencies, are definitely playing a massive role. It's going to be interesting to watch what other major players, like Coinbase, are going to respond with.
We get the feeling that CZ and Binance are only going to go up from here. If we do end up seeing FIAT deposits and trading being implemented in the future, one can only imagine what the target figures would be then. I think it’s safe to say CZ is definitely a pioneer in the space and will be remembered in the years to come.
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