Binance founder expects to generate $1 billion in profit this year
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Answer Binance founder expects to generate $1 billion in profit this year
Binance is one of the world’s leading exchanges in terms of trading volume.
Recently, its founder and CEO, Changpeng Zhao, stated to “BloombergProfit forecasts for Binance this year range between $800 million and $1 billion.
The figure cited by the founder of Binance is twice the profit of Binance last year.
Last year, Binance made a profit of nearly $570 million.
Since cryptocurrencies, especially Bitcoin, have seen significant increases this year, it can be said that 2020 has been a good year in general for cryptocurrency exchanges.
According to data collected by the research team at “The Block”, the total volume of instant trading of Binance in 2020 amounted to about 858 billion dollars as of last November 30.
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As for bitcoin futures, its total trading volume is around $991 billion.
It means that volume has also doubled from last year, with total spot trading volume on Binance reaching around $402 billion in 2019.
CZ founded Binance in 2017, and before that CZ worked on several exchanges such as the Tokyo Stock Exchange and Bloomberg, where he developed high-frequency trading software to match orders.
In the cryptocurrency industry, he has also worked on several cryptocurrency projects, including the Blockchain.info project, and has also worked as a technical director at the trading platform OKCoin.
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Then he left CZ to found Binance.
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