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Bitcoin has been plummeting in value — but the world’s largest crypto exchange still expects to net up to $1 billion in profits by Zoe Bernard- Business Insider

Bitcoin has been plummeting in value — but the world’s largest crypto exchange still expects to net up to $1 billion in profits

Changpeng Zhao YouTube
  • The world’s largest cryptocurrency exchange, Binance, expects to bring in as much as $1 billion in profit in the course of 2018, Bloomberg reports.
  • The exchange has netted $300 million in profits since the start of 2018 alone.

Bitcoin, ethereum, and ripple all plummeted in value earlier this year — but their sudden decline hasn’t hurt one key player in the cryptocurrency industry.

The world’s largest cryptocurrency exchange, Binance, expects to bring in as much as $1 billion in profits in the course of 2018 alone.

In an interview with Bloomberg, Binance founder Changpeng Zhao said his company has netted $300 million this year. Already, the company has 10 million users and turns over billions in cryptocurrency exchanges daily, Zhao said.

The success of Zhao’s company is largely unprecedented: Zhao founded Binance just last year in July 2017. It’s snagged the attention of cryptocurrency enthusiasts worldwide with its impressive transaction rates (Binance can handle as many as 1.4 million transactions per second) and emphasis on security.

In a February interview with Forbes— in which he was featured on the magazine’s cover — Zhao said, “No decentralized exchange today can handle our volume, and none are as secure as we are.”

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