Binance, which is one of the largest companies in the field of cryptocurrencies, has been innovating the market with new features every single month. The latest news from the company says that the world’s largest cryptocurrency exchange expects to rake in between $500 million and $1 billion as net profits during this year.
The CEO of Binance, Changpeng Zhao, revealed this target during an interview with Bloomberg. He also highlighted the pace at which the exchange has grown since July 2017 when the (then-China-based) platform opened its business after raising $15 million through their initial coin offering (ICO).
The user base of Binance more than quadrupled during the first half of this year. From 2 million in January, it climbed to 9 million in early June and right now, Binance has more than 10 million registered traders. As such, the company is one of the most successful ones expanding at a quick rate.
Even though cryptocurrency trading volumes have declined by roughly 50% since January 2018, Binance is continuously working towards expanding its market. Last month, it launched a cryptocurrency exchange in Uganda and was the first to offer fiat trading pairs. The firm also revealed its plans to offer crypto trading against the euro and made budding relationships with regulators in the island of Malta.
Achieving $1 billion in net profits is still an uphill battle, especially with the current bear market. However, Zhao is confident that Binance is on a good way, stating that the company’s first-half revenue was $300 million – and the firm made $200 million in Q4 2017 alone with a considerably smaller user base.
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