Binance Exchange expects to earn $1 billion in 2018

Binance Exchange expects to earn $1 billion in 2018

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The Binance cryptocurrency exchange expects to earn this year from $500 million to $1 billion, CEO of Binance Changpeng Zhao said in a conversation with Bloomberg this Friday.

According to him, for the first half of the year, Binance’s revenue was $300 million. The average daily volume of trading was about $1.5 billion, and the site users are 10 million people, he added.

Previously, Zhao reported that at the beginning of the year the user base of Binance numbered 2 million people. The exchange was launched in July 2017 11 days after the completion of the ICO, during which it managed to raise $15 million.

At the height of the popularity of the cryptocurrency at the end of last year, the volume of Binance trades reached $11 billion a day. Over the past 24 hours, the exchange has processed transactions for $1.2 billion, according to CoinMarketCap.

The large profits of the exchange allow it to implement plans for the further development of its business. Recently, Binance announced the launch of a new trading platform with support for the fiat currency in Uganda.

At the same time, other cryptocurrency markets continue to expand. So, the Huobi exchange on Thursday opened a division in Australia with the support of the local fiat currency of the Australian dollar. In the near future, the company also plans to provide its services to users from the UK and the US. The Coinbase exchange, meanwhile, is opening up the Japanese market and expects to receive a banking license in the US.

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