Institutional adoption of bitcoin is increasing tenfold, and exchanges are playing a crucial part in garnering these institutions the digital assets theyre so desperate for. Changpeng Zhao – the CEO of Binance, arguably the largest and most popular crypto trading platform in the world – has stated that hes seeing huge bursts of institutional interest in his company, and that large buys are becoming much more common.
Binance Is Seeing Its Clientele Grow
Binance came about in 2017, so its impressive that its garnered so much business in just under four years. On average, the daily trading volume of the exchange exceeds $28 billion, and with this sudden increase in institutional buying, its likely this daily average is bound to surge like it never has before.
In an interview, he comments that many of the platforms customers are legitimate businesses and company enterprises, and that the amount of crypto being purchased has shot up. He also says that the number of customers the company services has grown to unprecedented sizes. He claims:
The total size of the user base is growing very rapidly, especially in the last year.
He also says that the institutional booms the crypto world has been seeing can probably be attributed to Michael Saylor, the CEO of software firm MicroStrategy. The enterprise began investing in bitcoin last August when one unit of the digital currency was trading for about $12,000. It purchased more than $400 million-worth of the cryptocurrency between then and October, and ultimately engaged in future buys and even sold some of its convertible debt to garner more money to make purchases.
Overall, the company has invested more than $4 billion into the worlds leading digital asset ...
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