Even though the crypto sector has experienced a massive slide this year, with the market dropping by 70% since December 2017, Binance has already made its fair share of profits for the year.
Zhao Expects Binance’s Popularity to Increase Further
In an interview with a respected media outlet, Binance CEO, Changpeng Zhao, said that he foresees a minimum $500 Million in profits for his company by the end of 2018. However, he also put forth a best-case scenario where he believes his company could draw in a cool $1 billion in annual profits.
While some may call these figures baseless, the fact that the trading platform has already drawn in $300 million within the past six months is laudable in itself — especially when coupled with the fact that Binance continues to see an increase in its customer base with each passing day.
Zhao also revealed that his company now has nearly ten million active users who on an average, generate around $1.5 billion in daily trade volume. This is quite remarkable considering the trading platform only had two million users at the start of 2017.
Binance Has More Expansion Plans Lined Up
While the company may still be young, CEO Zhao has already announced that Binance will be implementing a series of expansion programs that will further cement its position as being the world’s number one cryptocurrency exchange.
Part of the company’s expansion scheme was its decision to set up base in Malta, a move that was highly welcomed by the local government— with the Maltese Prime Minister, Joseph Muscat, even issuing a statement welcoming the crypto powerhouse to the nation “with open arms”.
Another move that was positively received by most people was Binance’s decision to collaborate with the Ugandan Government so as to set up the world’s first “fiat-crypto” portal called Binance Uganda
Ever since the $1 Billion dollar figure entered the mainstream news cycle, many investors are beginning to see that Binance is on the verge of beating out big multinational banks in terms of their overall profit generation. Anyhow, as things stand, it seems like Binance can do no wrong right now.
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