Binance, the largest cryptocurrency exchange in the world, is aiming for global as its CEO Changpeng Zhao reveals his intentions to launch a fiat-to-crypto exchange on every continent (well, except Antarctica, but who knows how far his ambitions will go). During a recent interview, CZ also shared his success story and plans for the future.
Setting foot on every continent
CZ claims that he is planning to launch five to 10 fiat-to-crypto exchanges in 2019 (one or two per every continent). Thus, Binance will significantly extend its global reach.
He admits that the cryptocurrency market still pales in comparison to the scope of traditional currencies, so there is an obvious incentive to capitalize on fiat. However, CZ also admits that it is much harder to roll out a trading platform for fiat currencies due to plenty of regulatory hurdles. It is worth mentioning that Binance is a crypto-to-crypto exchange.
Earlier, U.Today reported that Binance is already launching a new fiat exchange in Singapore on Sept. 18. Before that, it entered a slew of other different markets, including Liechtenstein and Jersey.
From small startup to billion-dollar exchange
Binance seems to remain unbothered by the prolonging market downtrend, earning $200 mln in Q1 alone. However, this might be true for other cryptocurrency exchanges that managed to nearly double their profits in 2018.
Compared to old-timers in the likes of Coinbase, Binance is a relatively young exchange that was founded back in 2017. Nevertheless, it quickly witnessed a tremendous growth, surpassing other leading cryptocurrency exchanges in no time. When asked an obvious question about the success story of Binance, CZ answered that it was all about the right timing since the exchange began operating at the same time when China banned fiat-to-crypto trading in the country. The crackdown, which continues up to this day, was actually a silver lining for Binance, CZ states.
CZ also claims that he is now in low spirits due to the rapid drop of the crypto market. Notably, he sold his house in 2014 for BTC only to witness how its price tanks from $600 to $200. Nevertheless, he didn’t sell his BTC holdings (and for a good reason).
Getting mobbed with selfies and "keep up the good work man!" encouragements after the talk at #ConsensusSingapore. Many thanks for the support! @binance is still a baby, lots of areas to grow and improve. pic.twitter.com/U0UEL2dYD3— CZ Binance (@cz_binance) September 19, 2018