Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Binance => Topic started by: felixesteban on July 10, 2018, 12:37:22 AM
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The cryptocurrency market has dropped by over 70% since the start of the year, but the world’s largest crypto exchange is still expected to rake in a hefty profit.
Changpeng Zhao: Binance Has Ten Million Users
The first half of 2018 hasn’t been kind to the cryptocurrency market, with the collective value of all cryptocurrencies seeing a 70% decline. Some have even gone on to say that investors are leaving the industry en-masse, but for Binance, that does not seem to be the case.
Changpeng Zhao, CEO of the world’s largest exchange, told Bloomberg that he expects Binance to make a minimum of $500 million in profit in 2018 alone. With the best-case scenario resulting in a cool $1 billion in annual profits.
This isn’t a fruitless prediction, with the trading platform accruing $300 million in revenue in the past six months. This substantial revenue figure is a result of Binance’s rapidly budding user base, along with near-consistent volume levels.
According to Zhao, his company has now supported over ten million customers, generating an average of $1.5 billion in trade volume each and every day. To give the user base figure a bit of perspective, Binance only had two million users at the start of 2017.
Read more:
https://www.newsbtc.com/2018/07/07/binance-to-record-1-billion-profit-in-2018-surpassing-major-banks/
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This is one of the reasons why there are so many exchanges that are in the ICO phase nowadays because they wanted to become like binance. Well there is a possibility they would become big too as long as they would be able to deliver the services provided by binance efficiently. One of the problems of the big exchanges is fast feedbacks to customer and binance act accordingly to users that's why in just a year, they have this kind of profits. They also act fast when there are problems like exchange hacking and then provide information to its users.
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This is one of the reasons why there are so many exchanges that are in the ICO phase nowadays because they wanted to become like binance. Well there is a possibility they would become big too as long as they would be able to deliver the services provided by binance efficiently. One of the problems of the big exchanges is fast feedbacks to customer and binance act accordingly to users that's why in just a year, they have this kind of profits. They also act fast when there are problems like exchange hacking and then provide information to its users.
As much as I like Binance for its simplicity and as good as it has become (really becoming the crypto gold standard), it could be improved on a LOT. I still think if Binance doesn't start making better charts and tools for trading it'll eventually lose its reign due to complacency.. We really by default need a better tradingview implementation, color schemes, trailing stops, oco orders (one cancels the other), and hot keys. We also could use some better depth charts, and features like USDT borrowing and leverage trades. Someone even with 100 or so exchanges active out there, could still steal half of Binance's business overnight with just a better more customizable interface and enough market makers to drive liquidity.