Despite the rout in cryptocurrency market, Binance is slated to register a profit of between $500 million to $1 billion in FY 2018. According to Binance chief executive Changpeng Zhao, it recorded revenue of $300 million in the first half of this year. As of now, the platform is having an average daily turnover of $1.5 billion with around 10 million registered users. It has also opened an office in Uganda and Malta where it is providing crypto to fiat trading.
Binance started operation in July 2017 after raising $15 million through an initial coin offering. During the peak of the bitcoin price, last December binance was processing around $11 billion worth of trades.
Binance which is one of the largest crypto trading platforms in the world will soon offer its customers to convert their digital tokens to Euro. This facility for its customer will be done through the Malta branch, and more fiat currency pairs will be added in future according to Binance CEO Zhao Changpeng.
Unlike Coinbase, Binance only provided crypto to crypto trading, and thus crpyto-fiat facility will add to its already rapid growth. According to Zhao company has 9 million users compared to 2 million at the start of the year.
The company is also in the process of receiving an exchange licence from Jersey in channel island where it is planning to open an office with as many as 100 staff.