Binance, the renowned cryptocurrency exchange platform, anticipates that its revenues will grow to $1 billion by the end of 2018, according to Binance CEO Changpeng Zhao during an interview with Bloomberg from today, July 6th.
Binance cryptocurrency exchange platform ranked the first today in cryptocurrencies trading volumes
Talking about how Binance platform is recouping after a stressful week in which tradings were momentarily suspended, Zhao revenues estimations defy the idea that the profits of cryptocurrency exchanges are dependent on the cryptos prices. For example, although Bitcoin (BTC) is under $7,000 for nearly a month and a half now, Binance’s profits for the first half of the year was around $300 million, according to Zhao.
Binance, which consistently ranks at the top of the world’s most significant daily cryptocurrencies trading volumes, is now #1 with approximately $1.2 billion in transactions in the last 24 hours.
Binance profits estimations encourage the company to extend its operations around the world
The tremendous gains of $1 billion, estimated by Binance for this year, are fuelling an aspirational expansion agenda that will shortly include Binance’s emergence on markets such as Uganda and Bermuda. That after Binance cryptocurrency exchange platform moved its headquarters to Malta, a crypto-friendly country, to avoid strict cryptocurrency regulations, earlier this year.
On the other hand, there are currently approximately 10 million users on the platform, according to Zhao, Binance CEO.
Binance expansion plans are not devoid of competition, too, as other major cryptocurrency exchange platforms, such as Huobi and Coinbase, are also entering new markets. For example, just yesterday, Huobi rolled out in Australia and planned to commence operations in London in the Q3 2018, while services in the United States will also begin in the foreseeable future.
Coinbase, in the meantime, is considering moving its headquarters to Japan and is still waiting for a US banking license.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.