Cryptocurrency exchange Binance will likely earn between $800 million and $1 billion this year, as market uncertainty drives interest – and trading – in cryptos, CEO Changpeng Zhao told Bloomberg. That’s up from about $570 million in 2019, according to the report.
So far this year, the price of bitcoin (BTC, +0.19%), by far the largest cryptocurrency by market cap, has risen over 170% since the year started, and earlier this week set a new all-time high before giving back some gains. Exchange volumes have exploded as well.
Launched in 2017, Binance is one of the world’s largest crypto exchanges by trading volume.