Binance could be worth up to $ 300 billion, former executives say
Cryptocurrency exchange Binance would likely be worth about $300 billion if it were a public company, according to former executives who were cited in a Thursday story published by The Wall Street Journal.
At such a startling valuation, the crypto giant would be bigger than Walt Disney, Exxon Mobil, and Nike. What is more, Binance would have achieved such mind-blowing numbers in under four years.
It would also make CEO Changpeng Zhao one of the richest people in the world since he owns the largest share of the company.
Coinbase, the top U.S. crypto exchange that launched in 2011, is currently valued at $70 billion. It was made public to the Nasdaq in April with great fanfare.
Binance.US, an American subsidiary of the parent exchange, could go public in 2024, according to Zhao.
Currently, the exchange is working to raise more funds and add new members to the board.
Earlier this year, Binance faced a global regulatory onslaught that forced it to take a proactive approach to compliance by reducing leverage and introducing mandatory account verification. The stock market’s legal woes don’t end there, with several U.S. federal agencies apparently investigating the company’s operations.
Binance remains firmly in the lead by spot trading volume despite regulatory headwinds. Zhao says he wants the competition to get bigger to ease the pressure on his exchange in the face of high user demand:
We want the other exchanges to be a little bit bigger so that we can split the load among the users.
On October 11, the exchange achieved a trading volume of $ 100 billion in a single day.