The CEO of Binance, the world’s biggest cryptocurrency exchange by volume, foresees 2018 to be a good year, with a net profit between $500 million to $1 billion.
Although the state of the crypto market has been questionable as of late, that doesn’t stop exchanges earning their billions. Changpeng Zhao, CEO of Binance, stated in an interview, that their first-half profit amounted to roughly $300 million. He shared that Binance’s average daily turnover is around $1.5 billion, with 10 million people using the exchange.
Binance started its existence in 2017 after an initial coin offering (ICO) brought it $15 million, and in only one year it has soared to become one of the biggest crypto exchanges in the world, attracting its customers with the exchanges fast transaction rates and high-security measures.
Zhao’s optimism isn’t exactly surprising, since even during this crypto-decline countless numbers of people use the exchange, and considering that Binance has a fee of %0.1, there sure is a penny to be made.
by Henry Addams