The CEO of cryptocurrency exchange Binance, Changpeng Zhao, has said his platform has witnessed a surge in the adoption of cryptocurrencies over the past months, as well as the institutional adoption of bitcoin.
In an interview with Bloomberg, Zhao commented that “a lot more institutions are coming in” to trade, and typically, such buyers “trade much larger sizes”. These may include banks, credit unions, insurance companies and hedge funds.
“The total size of the user base is growing very rapidly [at Binance], especially in the last year,” he added.
Binance, which the CEO founded in 2017, has become the largest cryptocurrency exchange globally in terms of trading volume. In 2020, the company announced its average daily trading volume amounted to $3.88 billion, a 36 per cent increase compared to 2019.
Last year, Bianance said it considered “2020 as the tipping point when Bitcoin and crypto transformed from an upstart, experimental technology for exchanging value into a globally-recognized rethinking of the global financial system,” as reported by Financemagnates.com.
“We saw an influx of institutions and major companies who ventured into crypto as a major part of their strategies. We also saw a world that’s suddenly more conducive to remote work and mobile payments, which encourages more crypto adoption.”
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