The Binance crypto exchange has the highest 24-hour trade volume and is currently looking to expand into every continent in the world.
Binance Crypto Exchange Looks Global
Zhao Changpeng, Binance’s Founder and current CEO, closed out the first day of CoinDesk’s Consensus Singapore event with a fireside chat. Changpeng discussed a number of topics at the chat but focused a lot on how he grew the crypto exchange from its $15 million initial coin offering (ICO) to one of the world’s largest exchanges.
The Binance founder also discussed his next steps and future plans for the exchange. In the fireside chat, Changpeng indicated that ideally this time next year, he would want the company to launch five to ten fiat-to-crypto exchanges, with two on every continent.
“Fiat is still where all the money is in […] And we’ve got to open that gate,” Changpeng stated.
Fiat is the goal, and the Founder states it’s much harder working with banks and regulators than with just cryptocurrencies.
The Binance crypto exchange has been known in the past for its crypto-to-crypto trading, as the exchange offers lower fees than most of its competition.
Changpeng told Pete Rizzo in the fireside chat that Binance will continue working with smaller countries. Recently, Binance signed a partnership with Malta.
The reason, he explained, is that these countries and their governments are far more receptive to change and are far more efficient in communication.
“You can access to the top-level government officials and they respond to your questions more directly and efficiently […] And they do appreciate the investment you are bringing into the local economy,” he said.
In Q1 of 2018, Binance made $200 million in profits, and in Q2 its profits dropped down to $150 million. Despite the market’s downturn, Binance continues to look ahead to see where the need is.
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