Binance plans to set fiat-to-crypto exchanges on 5 continents
Binance, one of the world’s largest crypto exchanges by trading volume, has recently revealed its big plans for taking over the world. The company intends to launch fiat-to-crypto trading platforms on every continent excluding Antarctica.
Binance announced its plan to spread fiat-to-crypto to the world
Zhao Changpeng, the exchange’s founder and CEO, made some announcements during the first day of the crypto conference Consensus: Singapore 2018, discussing a number of topics, a decent part of which were dedicated to its brainchild. Well, there definitely are some things to talk about, as now Binance grew from a promising startup to one of the world’s largest crypto exchanges with a $15 million USD Initial Coin Offering (ICO).
Zhao also shared his vision of the exchange’s future, saying that although the company’s profits dropped along with the crypto market this year, but he’s ready to bet on cryptos and wants to launch five to ten crypto exchanges crypto-to-fiat by this time next year, under ideal conditions two per continent. Also, now the company is actively trying to roll out an exchange in Singapore supporting local fiat-to-crypto financial services.
Zhao admitted that currently traditional financial instruments are considerably stronger and bigger than the crypto market capitalization. This is the reason for Binance to change its habitual crypto-to-crypto direction:
"Fiat is still where all the money is in. ... And we've got to open that gate."
As it was confirmed, the trading platform made about $200 million USD in profits in the first quarter this year, despite the overall cryptomarket collapse. The second quarter was less fruitful, bit still made $150 million USD. As Zhao noticed, luck did play some role in the exchange’s success, but "right thing at the right time" is crucial.