Binance riding the crypto wave
The ongoing evolution of cryptocurrencies has resulted in the growth of associated sectors and services as well, like exchanges. This is a multi-billion-dollar industry, with Binance being a big part of it.
As one of the leading exchanges, it has a trading volume of just under $4 billion at the time of writing, and according to CoinMarketCap. Despite the industry’s price volatility over the last few weeks, the exchange has enjoyed tremendous growth.
A highlight for Binance was the 10th of January, when the it reached a record of adding 240,000 new users in just one hour.
This growth is even more noteworthy as it comes in the aftermath of more crypto criticism, this time in the form of comments made by billionaire Warren Buffett. The investment guru had this to say in an interview last Wednesday:
“In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending. When it happens or how or anything else, I don’t know.”
During an interview with Bloomberg on the 11th of January, Zhao Changpeng, who is the CEO if Binance, responded to Buffett’s statements:
“Warren Buffett is a guy I truly respect from an investment point of view. But I do not think he understands cryptocurrencies at all. It is what it is. I still respect him in other parts of his expertise. But I think on cryptocurrencies he’s making a big mistake.”
Changpeng was also surprised at the platform’s recent phenomenal growth, stating that the company had no idea that they would sign up that many users.
Since its launch, Binance has continued to gain momentum and interest. In fact, it had to suspend new registrations as it implemented site updates to allow for higher volumes. However, when they did re-open, there were a few changes, one of which was that the platform is only accepting a certain amount of new registrations per day.
Binance’s success seems to be a preview of good things to come for the industry. Gregory Van den Bergh, who is the co-founder and CEO of MiCai, which is a blockchain-based wealth management firm, had this to say in a previous interview with Cointelegraph:
“We are just at the early stage of the crypto adoption curve. Binance and other crypto exchanges are still serving the crypto early adopters. The next phase of adoption will come from the $30 trillion that is currently actively managed on behalf of high-net-worth individuals across the globe.”
At the time of writing, Bithumb was leading the exchange race with a market volume of just under $5 billion.