The CEO of Binance, Changpeng Zhao (CZ), was interviewed during the Consensus: Singapore 2018 event, only minutes ago. The man who somehow managed to gain everybody’s trust explained what he thinks the market and Binance will grow into over time.
CZ revealed that Binance made $200 million in profits during the 1st quarter of 2018. Along with the market, their gains also dropped in Q2 to $150 and seems to have remained the same over Q3. These number laid the basis of Binance’s growth over the 14 months since its existence and future expansion. However, the profits for Q3 are expected to be lower because the company strived to invest more in development and hire more staff during this timeframe. They currently employ roughly 300 people.
This investment is essential for two reasons. On one hand, it paves the way for international — and even global expansion. The famous entrepreneur went on to expose Binance’s plans to launch multiple exchanges on almost every continent of the world. Except North America. CZ said that ideally, there will be two exchanges on each one of the five other continents they have in mind.
On the other hand, development is the only way Binance can stay ahead of the market and accommodate all sorts of tokens and blockchain projects that come out. He believes that the market will see thousands of blockchains and millions of tokens in a few years time — and his exchange must get ready for that. “I think for exchanges, we gotta be prepared for a world where there are millions of tokens,” he said in the interview.