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- Binance’s Richard Teng has unveiled the exchange’s plans to onboard 1 billion users.
- Teng sees the mission as one that requires collective industry efforts.
Richard Teng, CEO of the world’s biggest crypto exchange, Binance, has unveiled an ambitious plan of onboarding 1 billion users to the platform. The CEO emphasized that the journey to onboard 1 billion users is a dream and a mission.
Can Binance Attain the 1 Billion Users’ Target
Richard Teng said his plan to onboard 1 billion users is beyond the exchange. The CEO sees it as an opportunity to bring the industry closer to making crypto mainstream.
Teng emphasized that Binance cannot shoulder the task alone. He, therefore, encouraged all the forces in the crypto industry, particularly developers and builders, to join forces to achieve this mission.
“Let’s build together,” stated Richard Teng in an X post.
Teng’s 1 billion user target is not just ambitious but wild. To put the target into perspective, 1 billion people represent over 12.5% of the world’s population. Currently, 250 million users are registered on the platform, with assets reaching $160 billion.
The current figure and shrinking growth potentials make it difficult to imagine if Binance can achieve its 1 billion user target. The total number of users in the crypto market is around 580 million. Few experts believe the market has hit its onboarding ceiling for now.
This is deduced from the fact that the market has registered double-digit percentage growth in user base in the last few years. This is quite poor, considering the market is 16 years old.
Nonetheless, recent trends in politics and digitalization may bring Teng closer to achieving this mission. Specifically, many believe the market will see more users after Donald Trump resumes office as US President on January 20.
Apart from user onboarding, experts have also issued different projections regarding Bitcoin price.
In a recent CNF report, BitMEX co-founder Arthur Hayes predicts a rise in money creation following Trump’s inauguration. He added that Bitcoin’s price could hit a local peak in March before perhaps correcting. Similarly, Binance founder Changpeng Zhao recently shared a bullish forecast for crypto this year.
What Makes Binance Stand Out
Binance solidified its leading position in 2024 by achieving groundbreaking milestones across multiple fronts, as detailed by CNF. The platform demonstrated its ability to attract institutional and retail investors with over $160 billion in user assets under custody. Moreover, the cumulative trading volume on the exchange surpassed $100 trillion.
Beyond these, Binance introduced services like Spot Copy Trading and a unified Portfolio Margin wallet to cater to newbies and expert traders. Recent advancements include gas-free stablecoin transactions, extended with key partners until March 2025 to boost adoption.
Furthermore, Binance’s native coin, BNB, gained popularity as Binance Labs intensified investment in projects. At the moment, BNB’s price was trading at $686, down by 1.39% in the last 24 hours.
However, analysts forecast that BNB could test the $700 – $725 price range in the short term. They cite BNB’s expanding utility in payments and centralized exchanges, combined with ecosystem expansions, as key factors to ignite the uptrend.
