Binance Registers Huge Success As Revenue Grows From $7.5 Million To $200 Million In A Few Months
The cryptocurrency market is clearly one of the fastest growing markets and it has given rise to highly successful companies such as Binance. The latter’ scale of success can best demonstrated by the fact that its revenue was $7.5 million in the first three months after it was launched but it shot up to $200 million within a period of three months.
The impressive revenue growth highlights the company’s rapid popularity which has led it to become one of the most successful cryptocurrency exchanges. Cryptocurrency exchanges are turning out to be the biggest beneficiaries of the booming popularity of cryptocurrency. The latest figures compiled by Bloomberg revealed that the top ten crypto exchanges have been making as much as $3 million in fees on a daily basis and more than $1 billion annually. Binance leads the pack with about $3.48 million in daily revenue.
D.A. Davidson & Co analyst Gil Luria pointed out that: “The exchanges and transaction processors are the biggest winners in the space because they’re allowing people to transact and participate in this burgeoning sector,”
Governments have also benefited significantly from the rise of the cryptocurrency market through regulation and tax revenue. Binance CEO Changpeng Zhao stated that the government only gains tax revenue from the crypto market through the acceptance of cryptocurrencies. Zhao also acknowledged ICOS, especially for the fact they facilitate job creation. ICOs have also been a huge source of revenue especially in the past year with $5.7 billion being pumped into ICOs. Binance has more than 200 cryptocurrencies registered to its platform. This also means it supports the economies of the countries from which each individual project is created.
In one of his statements, Zhao stated that Binance is pleased to be working hand in hand with regulatory authorities, sharing their experiences and expertise towards creating a blockchain-enabled world. The Binance CEO believes in the development and progress of cryptocurrencies as well as their long-term positive impact to the world.
Binance’s fast growth has been impressive considering that it has only been active for a short period of time. The company was initially based in Shanghai but it shifted its headquarters to Japan after China waged war against cryptocurrency trading and cryptocurrency mining. It is currently one of the fastest exchanges in the cryptocurrency market with about 1.4 million transactions per second. This is one of the factors that have contributed towards attracting more customers and as a result leading to more transactions and thus the impressive revenue growth within such a short period of time.
Chris Slaughter who is one of the founders of the Samsa crypto investment platform stated that Binance’s customer accreditation process might also explain the rapid growth. This is because the process of signing up and having a fully operational account can take less than 20 minutes which is impressive compared to the lengthy procedures employed by other exchanges.
Intro: Binance has been registering impressively high revenue growth, making it one of the top cryptocurrency exchanges in the world.