Binance Expects $1 Billion Profit in 2018
Despite the loss of billions on the cryptocurrency market in 2018 so far, Binance is continuously pulling in profits. Per the CEO of the largest crypto exchange in the world, the company expects to see a one-billion-dollar profit this year, also stating that profits worth $300 million were made in the first six months. He also said that ten million users operated on the exchange.
Given the successful numbers behind Binance so far this year, it proves the exchange's efficiency and ceaseless profit despite the negative flow of cryptocurrency-related issues such as regulations and attacks on crypto. Bitcoin also dropped around fifty percent this year due to the number of hacks on exchanges causing investors to turn away.
As a non-stop development company, Binance plans to allow users to exchange their tokens for a fiat currency in three different locations from Malta to Bermuda and Uganda. After funding the exchange launch through an ICO with a reported fifteen million dollars, CEO Zhao explained that the company only had two million users in early 2018.
Binance was seeing trades worth well above $10 billion on a daily basis during the height of cryptocurrencies in 2017 and climbed to the number one spot on the exchange ranking by Coinmarketcap.com this week.