Binance Wants to Open Crypto Exchanges on Five Continents

  • CEO Changpeng Zhao reveals plan to open 10 fiat-to-crypto exchanges across five continents
  • Zhao also reveals plan to continue engaging with smaller countries and talks Binace profit figures

Binance has revealed that it intends to continue its recent spree of expansion, eventually opening “five to ten” fiat-to-crypto exchanges across five continents of the world.

In the past few months, the crypto exchange - one of the largest in the world - has opened new offices in Liechtenstein, Malta and Uganda amongst others, and according to CEO Changpeng Zhao, this looks set to continue for the foreseeable future.

Speaking to Coindesk at Consensus Singapore, Zhao revealed that over the next 12 months, the platform intends to launch between five and ten new fiat-to-crypto exchanges across the world, ideally with a distribution of two per continent.

Focus on Fiat-to-Crypto

CryptoGlobe earlier reported that Binance is in the process of opening a fiat-to-crypto exchange in Singapore, and the plan revealed by Zhao would seem to fit into that vision.

Referencing this Zhao stated that the platform, which is currently under invitation-only beta testing, could be fully operational in a matter of months. He noted though that because of the processes involved in working with banks and regulators, the process of bringing the fiat-crypto exchange online might be significantly more difficult than when dealing only with cryptocurrencies.

Explaining why Binance is getting into the fiat-crypto space in the first place even though it is known more for crypto-crypto trading, Zhao further explained that the total capitalisation of the crypto market is still many times less than traditional financial markets, making it necessary to “open the gate” to allow that money come into crypto.

According to Zhao, Binance will chase this strategy by forging partnerships with small countries like Malta in order to take advantage of their friendlier and more responsive regulatory atmosphere.

Explaining how this works he said:

You can access to the top-level government officials and they respond to your questions more directly and efficiently. ... And they do appreciate the investment you are bringing into the local economy.


Market-Defying Performance

Zhao also revealed in the course of the conversation that despite the prolonged crypto market downturn of 2018, Binance has posted strong profits, exceeding the $200 million mark in the first quarter alone. Q2 2018 then saw the profit figure decline to $150 million.

In Zhao’s opinion, the phenomenal growth of Binance is down to good timing and a bit of luck, along with a healthy appetite for risk. He stated that he does not expect market volatility to significantly affect the company’s business.

Recalling that he once sold his house to invest in bitcoin just before a 66 percent price drop in 2014, Zhao said:

After that, I'm just not that worried.

 

Tyler Winklevoss Shares His 'Bitcoin Pizza Moment' Going to Space

Michael LaVere
  • Billionaire bitcoin investor Tyler Winklevoss purchased a $250K ticket to space in 2014 with 312.5 BTC.
  • The bitcoin would be worth more than $3 million at today's prices.

Billionaire bitcoin investor Tyler Winkelvoss may have bought the world’s most expensive trip into space. 

Winklevoss, who co-founded the cryptocurrency exchange Gemini alongside his twin brother Cameron, purchased a ticket to space in January 2014 on-board Virgin Galactic’s passenger-carrying spaceship. The ticket cost him $250,000 at the time, which he paid for with 312.5 BTC. 

Winklevoss’s bitcoin spent on the space ride would be worth more than $3 million at today’s price, up from when BTC was trading for under $1,000 in early 2014. The Gemini co-founder called the trip his “Bitcoin Pizza moment,” in a reference to bitcoin’s infamous first public transaction for physical goods. 

In May 2010, programmer Laszlo Hanyecz offered users on the BitcoinTalk forum 10,000 BTC in exchange for two pizzas. Jeremy Sturdivant, under the screenname Jercos, accepted Hanyecz’s offer and sent him two pizzas from PapaJohn’s in exchange for the bitcoin. While the transaction appeared minuscule to users at the time, the bitcoin would be worth more than $97 million at today’s market price.

Featured Image Credit: Photo via Pixabay.com