Binance expects to earn $1 billion in 2018

From the beginning of 2018 there has been a bearish trend in the cryptocurrency market. The total market capitalization of cryptocurrency has fallen by tens of billions of dollars. But experienced players have...

From the beginning of 2018 there has been a bearish trend in the cryptocurrency market. The total market capitalization of cryptocurrency has fallen by tens of billions of dollars. But experienced players have made money both on rising and on the falling rates, which means that the cryptoexchange markets have an opportunity for development.

Despite the market pullback, one of the largest cryptocurrency exchanges, Binance, expects that it will make between $500 million to $1 billion in profits in 2018. According to the CEO, Changpeng Zhao, the exchange has already earned $300 million since the beginning of the year. The number of Binance customers has already reached 10 million and continues to grow, and the daily turnover has reached $1.5 billion.

These indicators are a good illustration of how the company can continue its successful development during a negative situation in the market, when the main cryptocurrency has lost half of its value, regulators have tightened control, and constant reports of new hacking of exchanges and wallets are reported in the news.

Binance is actively expanding. The exchange was recently able to add trade pairs by opening a bank account in Malta, which was recently recognized as one of the most favorable countries for cryptocurrency projects.

At the beginning of the year, the stock exchange had only 2 million users. During the excitement around cryptocurrency at the end of 2017, Binance, like many other major exchanges, had to temporarily suspend registration due to an excessive influx of new users.

Binance held an ICO and issued its own BNB token. Recently, the exchange repurchased and blocked the next part of the tokens, paying dividends to the holders. According to the company's plans, the exchange will gradually buy back half of all of the tokens and place them on a special blocked address.