On 6th July, CEO Changpeng Zhao, in an interview with Bloomberg, said that Binance is expecting profits worth $1 billion in 2018. Binance, in just the first year of joining the market, has become a massive success story in the crypto industry with over 10 million users.
Zhao started the venue in July of 2017 with 2 million users. Binance raised $15 million in the initial coin offering [ICO]. By the end of 2017, the exchange was hosting as much as $11 billion of trades per day.
Although Bitcoin [BTC] trailed below $7,000 this past month, Binance’s revenue stream has hit $300 million in the first half of the year. According to Zhao, the average daily turnover is roughly around $1.5 billion and they expect to make a net profit of between $500 million and $1 billion this year.
Hosting around $1.2 billion in trades over the past 24 hours, Binance stands as number one on the leaderboard. With the huge amounts of profits they have been fuelling, Binance plans to expand to markets such as Uganda, Bermuda, and Malta to convert their virtual tokens into fiat currencies, including the Euro.
Binance, however, is not the only exchange platform expanding their market. Huobi, the Chinese cryptocurrency exchange, announced the launch of Huobi in Australia on 5th July, along with Coinbase recently eyeing the Japanese market and securing a U.S. banking license.
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