Binance has gone from strength to strength since there $15 million Initial Coin Offering back in July 2017. In just one year Binance has become one of the largest cryptocurrency exchanges in the world by volume. It has now been revealed by the CEO of Binance, Changpeng Zhao, that Binance targets $1 billion profit in 2018.
While the cryptocurrency markets have seemingly plummeted throughout most of 2018, Binance does not appear to have suffered. We reported earlier in the year that Binance had made almost 3 times more profit that Twitter in Q1 2018. This was an impressive start to the year and Binance has continued to produce eye watering statistics throughout 2018. Included a recently projected $1 billion profit in 2018.
Binance have announced that they will be launching an exchange in Uganda, which will be their first to offer fiat-crypto trading. This news along with their natural growth has since their user base more than quintuple in 2018 form 2 million users to over 10 million.
$1 Billion profit in 2018
In a recent interview with Bloomberg, Binance CEO, Changpeng Zhao discussed the rate at which his company was growing and discussed some of the figures being produced. The growing user base which is now over 10 million users results in daily turnover averaging at about $1.5 billion, and Zhao expects net profits to be between $500 million and $1 billion in 2018 alone… Not bad for an exchange in it’s first year of operations.
Since launching, Binance has featured frequently as the top cryptocurrency exchange by volume, back in December at the peak of the cryptocurrency bull run, Binance had as much as $11 billion in daily trading volume. Binance has a global rank of 569 on Alexa which is quite incredible given Changpeng Zhao lauched Binance around a year ago at the time of writing.
Binance has a number of big developments coming up and it looks as though Binance will play a huge part in the uprising of cryptocurrencies.
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