The World’s Largest Cryptocurrency Exchange Continues to Develop Despite Market Drops
Binance, the largest cryptocurrency exchange in the world by trading volume, continues to grow strongly despite the price drops in the market earlier this week. The company gained 240,000 users in just one hour on Wednesday, January 10th, surpassing all previous record growth.
Binance’s record growth this week, despite market slumps and It continues to happen despite negative comments from traditional investors like Warren Buffet.
Zhao Changpeng, Binance CEO, responded to Buffet’s pessimistic comments on the cryptocurrency market. In an interview with Bloomberg on January 11, he replied:
“Warren Buffett is a man I truly respect from an investing standpoint.. But I don’t think you understand cryptocurrencies. I still respect him in other parts of his expertise. But I think he made a big mistake on crypto.”. The company has earned about $5 billion in cryptocurrency trading in the past 24 hours, according to press time.
Last week, the exchange temporarily closed new registrations while it updated to allow for higher volumes. and reopened a limited number of registrations.
Other industry officials see Binance’s success as a general sign of market growth and adoption. Gregory Van den Bergh, co-founder and CEO of blockchain-based wealth management firm MiCai, told Cointelegraph:
“We are just at the beginning of the cryptocurrency adoption curve.. Binance and other crypto exchanges still serve people who are early adopters to crypto money.”
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