The CEO of world's largest exchange Binance, Richard Teng, recently revealed a rather ambitious mission of his own. The essence of Teng's mission is to onboard one billion users to the black and yellow exchange. In the CEO's vision, the journey to onboarding one billion users is not just a dream, it is a mission.
The mission, however, is not just to reach a 10-digit number, but as Teng evaluates, to make every step Binance takes today bring the industry closer to making crypto mainstream.
Yuri MolchanThis is not a task for the exchange alone, as the CEO sees the completion of the mission as a joint effort of all the forces of the crypto industry, and especially developers and builders.
One billion users is not only an ambitious mark, as this is literally over 12.5% of the world's population. Further, the user base of the entire crypto market is estimated at around 580 million people, which is a lot, but at least for now it seems to be the ceiling for crypto. This is because the last few years have seen double-digit percentage growth in the user base, and the market itself is almost 15 years old.
Thus, it is reasonable to assume that the growth potential is shrinking. On the other hand, the recent trend in politics and digitalization may still contribute to growth and bring Teng closer to fulfilling this mission.
Binance itself is currently a platform with 250 million users and $151.427 billion in assets. It is difficult to imagine what the scale of the platform will be if the one billion user mark is indeed reached.
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Yuri Molchan
Dan Burgin
Vladislav Sopov