Binance CEO reports surge in institutional clients

In the third quarter of 2020, the number of corporate clients on Binance’s bitcoin exchange rose by 60% compared with the previous period. This was disclosed by the company’s CEO Changpeng ‘CZ’ Zhao.

Since the start of the year, the number of institutional investors on the platform has grown by 46%, he noted in the article “Industry Trends and Forecasts for 2021”.

Contrary to expectations, the past year did not see a strong uptick in the use of Bitcoin and other cryptocurrencies as a means of payment.

“Primarily this may be related to the fact that existing fiat payment systems are still more familiar and it is quite difficult to replace them quickly. In this direction, the best strategy may be to combine traditional payment instruments with cryptocurrencies.”

According to the Binance chief, 2021 will see continued growth in international payments using stablecoins.

“Transacting across borders with stablecoins or any other cryptocurrency is much easier and cheaper than using traditional methods.”

He believes that efficiency in cross-border transfers will be a driver for the adoption of stablecoins next year.

Binance is pursuing 30 to 50 deals involving acquisitions and purchases of other projects (M&A). He said the company will continue to invest actively in the industry in 2021. Specifically for financing projects on Binance Smart Chain, the exchange established the Accelerator Fund with a capital of $100 million, added CZ.

In 2020, the aggregate trading volume on Binance markets surpassed a record $3 trillion.

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