One of the world's largest crypto exchanges by sales volume wants to launch fiat-to-crypto trading on almost every continent.
During the first for Consensus Singapore, Binance founder and CEO Changpeng Zhao discussed many topics, including how he grew Binance from a startup with a $15 million ICO into one of the largest crypto exchanges in the world, and shared his vision for the future of the platform.
During a conversation with a CoinDesk reporter, Zhao said that by this time next year he wants to open 5 to 10 exchanges, ideally two at a time on every continent. Closed testing of the platform ended on Tuesday. According to Changpeng, it should open within a couple of months.
Even though Binance has built a reputation as a crypto-to-crypto trading platform, Zhao admitted that the cryptocurrency market capitalization is still very far from the capitalization of traditional financial instruments.
“Fiat is still the main form of money. We have to work with it,” he said.
Zhao noted that to achieve this goal, Binance plans to cooperate with relatively small countries like Malta. He explained it this way:
"In a small country, you can easily reach senior government officials and get quick and direct answers to your questions. They also value the investment we bring to the local economy."
Despite the general decline of the cryptocurrency market, the company has made good profits over the past year. During a call with reporters, Zhao confirmed that Binance's profit was $200 million in the first quarter of this year, but fell to $150 million in the second quarter. When asked about Binance's rapid growth, Zhao said luck played a role in the company's success, as it was created "at the right time in the right place." When asked about how much volatility affects Binance's business, Zhao said that in 2014, he sold his house to invest in Bitcoin, immediately after which the price of the cryptocurrency fell from $600 to $200. Despite the price drop, he did not sell and simply waited. Zhao added: “After this situation, I don’t really care about volatility anymore.”
According to coindesk.com
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