Binance CEO Changpeng Zhao recently talked about how the exchange grew from a start-up to one of the world’s largest crypto exchanges by trading volume. He also spoke about the future plans of Binance and his thoughts regarding market volatility.
On the first day of Coin Desk’s Consensus Singapore event, Zhao shared that by this time next year, the company plans to set up five to 10 fiat-to-crypto exchanges, with two per continent. “Fiat is still where all the money is in. … And we’ve got to open that gate,” he said.
The platform’s ongoing efforts to start an exchange in Singapore, which supports fiat-to-crypto trading services, is just the start. The closed testing took place on Tuesday and Zhao hopes the platform will go live within a few months.
The vision of setting up fiat-to-crypto exchanges in almost every continent comes at a time when Binance has managed to maintain a healthy income over the past year despite the recent crypto market downturn. Zhao confirmed the same by confirming that Binance had earned a profit of $200 million in the first quarter of this year. He added that profit fell to $150 million in the second quarter, hurt by a decline in the broader market.
Binance CEO on the exchange’s rapid growth
Zhao spoke about how the exchange has experienced rapid growth in just a few years, adding that luck played some role in its success. He said that he spent two years with the team to build a cloud-based system, offering crypto exchanges the infrastructure needed to form their own platforms.
After those two years, Binance went online – around the time when the Chinese government began scrutinizing crypto trading, which led to the eventual ban on fiat-to-crypto trading and domestic initial coin offerings. “Sometimes negative things could turn out to be positive in the long term if you leverage it right,” Zhao said optimistically.
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