Changpeng Zhao, the co-founder, and CEO of Binance, spoke about whether the exchange platform was doing relatively well in comparison to other exchanges as the volume decided to take the downward slope, in an interview CNBC Crypto Trader.
Ran NeuNer, the host of Crypto Trader, stated that the volume of the cryptocurrency market has plunged the most in October 2018, marking it the biggest monthly decline in the past 18 months. The winter weather resulted in major exchanges reporting that the volume of their exchange has declined in the range of 30% to 50%, between September to October.
He further added that Binance, the biggest cryptocurrency exchange platform in terms of trade volume, continues to hold the first place despite its monthly volume being slashed by over 32%, according to a report by CNBC. The report also reveals that OKEx, one of the leading exchange platform’s volume has dropped by 42%, similar to Huobi’s trade volume.
On being asked whether the downfall of the volume has affected the exchange, CZ stated that he is “not really” worried about it. He said:
“I mean, depends on how you compare the volume or when you compare the volume to. If you compare them to July and August, probably down a little bit because now, we’re very stable, the price is very very stable right now. When there’s no movement in price, people trade less. So, that’s kind of understandable.”
He went on to say that the current volume is only one-tenth of January 2018 trading volume, showing a sharp decline of 90%. Nonetheless, CZ affirmed that the trading volume is still massive in comparison to the trade volume of 2016. He added:
“Right now is great and that there has been hundreds of exchanges in our space or even thousands of exchanges in our space. So, it’s okay business now. We still are profitable, we’re still a very healthy business.”
CZ also spoke about the new users signing up on the exchange platform and whether it continues to grow at an accelerating rate. He stated that the growth of new users signing up has decreased since January and February when the price of all the cryptocurrencies was still bombing in the market. The CEO said:
“I think, right now, we are still signing up a steady amount of new users every day. So it’s from what we’re seeing. It’s very healthy actually, the other thing from a new user and also the amount of crypto that we hold is increasing very steadily.”
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