Binance has hinted on plans to continue with its expansion spree and eventually intends to open between “five to ten” fiat to cryptocurrency exchanges spread over the five continents. Binance is one of the leading crypto exchanges globally by trading volumes.
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Binance founder and Chief Executive officer Zhao Changpeng made the revelation while speaking on the sidelines of Consensus Singapore saying the plans fit well into their vision for the foreseeable future.
The crypto exchange has recently been in an expansion spree opening new offices in Liechtenstein, Malta, and Uganda amongst others. The CEO told CoinDesk the platform will launch between five and ten new fist-to-cryptocurrency platforms across the world with a fair distribution of at least two platforms per continent.
The expansion plans are in line with the exchange’s effort to move the platform beyond the borders of Singapore where it enables local fiat-to-crypto trading services. Zhao said he believed the platform will be up and running in a few months adding they had successfully concluded closed testing on Tuesday, September 18, 2018. Zhao, however, said they were having a harder time working with banks and regulators than cryptocurrencies.
Binance CEO noted also that the initiative is likely to be viewed as a reversal of the crypto-to-crypto trading formula that Binance has always stood for clarifying that the crypto market capitalization was still lower than the conventional financial instruments. He explained:
“Fiat is still where all the money is in. … And we’ve got to open that gate.”
Binance, Zhao said, is planning to continue working with smaller countries pointing at their relation with Malta as a case study. He explained that part of the reason is that such countries were most likely to respond positively to any form of investment. Zhao explained further:
“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.”
Despite the current prolonged market downturn after the 2017 cryptocurrency mania that saw cryptos reached an all-time high, Binance has consistently posted big profits, going beyond the $200 million mark in the first quarter of 2018 alone with the second quarter showing the profit figures falling slightly to $150 million.
Zhao opines that the platforms phenomenal growth has been caused by a combination of good timing and a percentage of luck coupled with a healthy appetite for taking calculated risks. Zhao doesn’t expect the current market volatility to seriously affect the company’s business.
