Regardless of the declining cryptocurrency market, Binance is on observe to revenue as much as $1 billion this yr. Binance Coin (BNB) is seeing heartening positive factors as nicely.
It goes with out saying that 2018 has been a tough yr for the cryptocurrency market to this point. Its hottest cryptocurrency, Bitcoin (BTC) has misplaced round 70 p.c of its worth since January, whereas the whole market cap at the moment stands at $278 billion – down greater than 66% from its 2018 excessive of $828.5 billion.
In a current interview with Bloomberg, Binance CEO Changpeng Zhao stated that the cryptocurrency change is on observe to appreciate a internet revenue of as a lot as $1 billion by yr’s finish.
Huge Cash for Binance
Zhao identified that Binance has already made about $300 million within the first two quarters of 2018 based on its proprietor. Issues proceed to look optimistic for the second half of 2018, with internet revenue for the yr predicted to be between $500 million and $1 billion in complete.
Binance is without doubt one of the world’s largest cryptocurrency exchanges by buying and selling quantity, regularly jockeying with OKEx for the highest spot.
Such large earnings are exemplary of the truth that cryptocurrency exchanges are thriving, regardless of the unfriendly market circumstances. Add to that the truth that Binance has solely been in operation for a few yr, having raised $15 million by way of its preliminary coin providing (ICO) in July 2017.
A Good 12 months Certainly
Binance has positively been busy of late. In March of this yr, the corporate relocated to Malta, receiving a heat welcome from Prime Minister Joseph Muscat. Its worldwide growth doesn’t cease there, nonetheless, as they not too long ago introduced its plans to launch a crypto-fiat change in Uganda.
As well as, Binance introduced final month that it’s launching a $1 billion fund for startups within the subject of blockchain applied sciences and cryptocurrencies. It is usually actively incentivizing and serving to the neighborhood. A transparent instance is its current funding in a blockchain eSports firm primarily based in Malta.