Binance plans to launch crypto-exchanges on every continent

[Paha87]

One of the world's largest crypto-exchanges wants to create trading platforms on almost every continent, the head of Binance, Changping Zhao, told about it.

On the first day of the Consensus event in Singapore, founder and chief Executive officer of Binance Changpeng Zhao discussed a number of topics, including how he turned Binance from a startup that raised $ 15 million on ICO into one of the world's largest crypto-exchanges, and shared his vision of the future of the platform.

During a conversation with Pete Rizzo from CoinDesk, Zhao said he wants the company to launch five to ten exchanges next year, ideally two for each continent. These plans are in line with Binance's ongoing efforts to deploy an exchange in Singapore that supports local trading services using the cryptocurrency. Zhao also said that he hopes that the platform in Singapore can be launched within a few months, although he added that "working with banks and regulators is much more difficult than with cryptocurrencies."

Among other statements, Zhao acknowledged that the market capitalization of the crypto market is still significantly lower than traditional financial instruments. "Fiat is still where all the money is. And we have to open this gate, " he said.

Zhao added that for this, Binance plans to continue working with relatively small countries, citing recent partnerships with countries such as Malta. The main reason, he said, is that "these countries tend to react much more effectively." "You can access top-level government officials and they answer your questions more directly and effectively. And they appreciate the investments you make in the local economy," he said.

Despite the opening of new platforms, Zhao noted that in the long term, the goal is still to create decentralized exchange when the technology Matures.

The Fiat-crypto exchange plan is also in the focus of the company — Binance has received significant revenues from this business over the past year, despite the General decline in the cryptocurrency market. Zhao also confirmed that in the first quarter of this year, Binance made a profit of $ 200 million, although all assets are in cryptocurrency. He added: "the profit in the second quarter decreased due to the fall of the market and amounted to $ 150 million."

Commenting on the rapid growth of Binance, Zhao said that luck played a role in the success of The company as it did "the right thing at the right time".

After retiring from OKCoin in 2015, Zhao spent the next two years with a team building a cryptocurrency exchange system allowing him to form his own platforms. This technology, AO said Zhao and laid the Foundation for the creation of Binance.

When asked if he was worried about whether market volatility would affect the Binance business, Zhao replied that he sold his house in 2014 to buy bitcoins, after which the price fell from $ 600 to $ 200 per coin. Despite the fall, he didn't sell his digital assets, adding, "after That, I just stopped worrying."

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