One of the world’s leading cryptocurrency exchange, Binance, has been spreading across the globe by opening up new offices in in Europe and Africa. After the first day of the CoinDesk’s Consensus Singapore event CEO Changpeng Zhao discussed how his crypto exchange grew from its $15 million initial coin offering (ICO) to the leading global cryptocurrency exchange.
The Binance CEO commented on the bearish market, but said that regardless of the persistent drop, Binance has continued to profit, pulling in more than $200 million in Q1 of 2018 and $150 million in Q2. Changpeng, claims that his company’s success is due luck and timing.
Now, Changpeng seems to looking to open up “five to ten” fiat-to-crypto exchanges on every continent in the world within the next year. The aim is to have two exchanges per continent. The exchange is already in the works of opening doors in Singapore.
Changpeng’s goal of branching away from the standard crypto-to-crypto operation in favor of a fiat-to-crypto exchange is to bring in the vastly superior amount of wealth from the traditional markets into the crypto ecosystem. However, due to massive amounts of regulations and bureaucracy, this is an uphill climb. Initially Changpeng, states that the company will enter crypto-friendly countries because they can “appreciate the investment you are bringing into the local economy.”
In a time where government scrutiny is coming down on crypto exchanges, Binance seems to be looking for the toe hold to make cryptos a financial market a force to be reckoned with.