While Binance US, the trading giant’s new American wing, has taken some time to get past the $10 million-per-day mark, it’s still done so faster than it did in its start-up days, according to Binance CEO Changpeng Zhao.
Binance: Started From The Bottom Now We’re Here
The billionaire crypto executive said teh following on Twitter:
Took @binance longer to unlock this achievement back in the day. Most people underestimate the effort involved in jump starting a new platform.
— CZ Binance (@cz_binance) October 23, 2019
Binance is one of the most powerful crypto exchanges in the world. From humble beginnings, it’s grown to regularly have more volume than many other major exchanges combined. It’s gained a competitive edge by offering a wider range of cryptocurrencies than many exchanges while also being incredibly innovative.
The company launched its own blockchain project and has always had its own token, BNB or Binance Coin, which can be used to get discounts on trading fees, and has granted its early adopters a generous profit as well.
Binance has been in the process of expanding almost since its inception. With the successful launch of its Binance Jersey outfit, it announced an American arm earlier this year.
Binance America Struggling To Catch On
The lucrative and coveted American market is incredibly difficult to operate in by comparison to other countries. Coinbase has a dominant position here, with over 10 million registered users and a BitLicense, which is necessary to operate in New York.
Many states have their own separate licensing and registration processes, which makes the legality of running any crypto business hard to ascertain from the outside.
Some products simply launch in the states that don’t have a stringent procedure in place while seeking approval elsewhere.
American crypto companies have to put their clientele through a rigorous verification process that can be off-putting. This can have the effect of making switching between exchanges seem unattractive, as there’s a process involved for each one.
Nevertheless, after a slow launch, Binance America has gradually grown to the point that it’s now doing over $10 million per day in volume. By comparison, Coinbase Pro did over $400 million in the 24 hour period at press time.
Which means Binance as a whole has a long way to go. But if the platform does grow and capture a larger share of the American market, it could contribute to Binance as a whole becoming one of the largest financial firms, let alone crypto exchanges, on the planet.
For those who wonder where Binance can possibly go from here, after all of its blockchain achievements, the answer seems obvious: eventually, Binance and other masters of crypto finance will repatriate and re-enter traditional markets, launching things like hedge funds.