Binance Adds 240,000 Users in an Hour

The top ranked cryptocurrency exchange in the world, which I fully break down on this page, just had a rush of users log onto their site in a frenzy to sign up and start trading on their popular platform.  Based in Hong Kong, is said to add “a couple of million” users every single week, including 240,000 people who signed up in the span of one hour on Wednesday, according to reports based online citing CEO Zhao Changpeng’s interview wtih Bloomberg Television.

The company had previously stopped taking new users, and Wednesday, January 10, marked the first opening of their new registrations in some time.

“We did not expect this kind of growth to be honest,” Zhao said from Tokyo on Thursday.

The most active cyrpto exchange in the world is appealing to new users for a variety of reasons, including low cost trades and the abundance of coins that can be invested in and traded.

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Binance Gets Influx of New Users

In a report I read on Bloomberg, Zhao was quoted in saying that the average customer is a male aging 25-35 years old.  However, he also noted that institutional investors are beginning to become interested.  The full story is here.

I’ve been singing praise for Binance for a while now, and it’s my exchange of choice after using to buy my first Bitcoin (BTC.)

Institutions and what people would call professionals haven’t really grasped the concept of cryptocurrencies, and even Warren Buffet himself was expressing doubts over the whole ecosystem.

However, the population is starting to turn a new leaf and really start believing in this frenzy.  I, for one, wouldn’t be writing this blog if I wasn’t a firm believer in this market.  Being invested in alt coins as well, I’ve put a substantial amount of my money into these investments.

The demand for an account to trade digital currencies on Binance has become so high that the company reached it’s limit on servers per account at their provider, which happens to be, Inc., on a daily basis.

Related Binance Reading:

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Kevin Lee is a former tech advisor who cut his teeth in Silicon Valley. He now spends his time sharing his passion for investing in diamonds and jewelry. You can reach Kevin for any comments by using this form.