The cryptocurrency exchange Binance is said to be the world’s largest cryptocurrency exchange in terms of trading volume. This has seen some exponential growth in recent times, even though the market has seen a low. They managed to add 240,000 users in just an hour, on Jan 10. This was a never seen before growth record for the company. What makes it even more intriguing, is that it came in spite of a market low.
The surprising rise
Traditional investment advisers like Warren Buffet had some negative comments with respect to the cryptocurrency trading. These comments from Warren Buffet led to a response from Binance CEO Zhao Changpeng. He said in an interview to Blomberg, that Warren Buffet did not understand cryptocurrencies at all. He stated that he had the highest respect for Warren Buffet, from an investment point of view; but that he was making a big mistake where cryptocurrencies is concerned.
In fact, he said that he himself was surprised by their growth. 24 hours prior to the interview being published, they had hosted approximately $5 bln in cryptocurrency trading. In fact, they had to temporarily close down the registrations in order to accommodate for the rise in numbers. They re-opened after an update, but are still working with limited numbers.
The surprising growth of Binance even in adverse market situations, spurred the industry insiders to indicate a general growth and adoption of this market. According to co-founder and CEO of MiCai, a Blockchain based wealth management firm, Gregory Van den Bergh, this is just an early stage of the adoption curve. In a statement to Cointelegraph, he mentioned that Binance and many other crypto exchanges are still serving only the early adopters. He felt that the next stage of adoption would come from the 30 trillion dollars that is currently being managed on the behalf of global high net worth individuals.