As a researcher with over two decades of experience studying the evolution of financial markets, I must admit that I am consistently amazed by the rapid growth and resilience of Binance. From its humble beginnings in 2017 to now surpassing an astounding $100 trillion in trading volume – a figure that outstrips major global benchmarks like the S&P 500 – it’s nothing short of extraordinary.
Binance, the well-known cryptocurrency exchange characterized by its black and yellow logo, has achieved a significant accomplishment in its already impressive growth path. Its CEO, Richard Teng, recently disclosed that the platform has surpassed a record-breaking trading volume of $100 trillion.
Teng announced some remarkable information about Binance on social platforms, placing it in a class by itself. This isn’t merely a fresh achievement, but a significant leap that surpasses leading financial milestones, such as the total market value of the S&P 500.
Twice the market cap of a key U.S. stock market index, this figure solidifies Binance’s lead on the crypto market and highlights its ability to outpace its competitors, maintaining a level of performance that few, if any, can rival.
Did you know that this month, the total trading volume on #Binance reached an astounding $100 trillion? 🎉
— Richard Teng (@_RichardTeng) September 24, 2024
How did it go?
2017 marked the beginning of a remarkable journey for Changpeng Zhao (CZ), who established Binance – an exchange platform. With its intuitive design and competitive pricing, it swiftly garnered popularity among users, setting it on a trajectory towards this impressive milestone.
In the same year, Binance managed to gather an impressive $15 million through an extremely successful Initial Coin Offering (ICO). Using this fresh capital, they accelerated their exponential growth and expanded globally.
Despite facing some big challenges along the way, including a 7,000 BTC hack, regulatory scrutiny from authorities worldwide and a $4 billion fine, Binance has not only survived but thrived. Even the arrest of its founder, CZ, has not slowed the company down.
It is proof of how far Binance has come. Backing this statistic is $13 billion in trading volume today, which is lower than the exchange’s norm but still eight times more than that of its nearest competitor.
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2024-09-24 18:39