One of the most prominent cryptocurrency exchanges on the planet, Binance has seen a 40% surge in institutional and corporate investment, according to CEO Richard Teng. Indeed, Teng assured the platform is thriving in 2024, according to a CNBC report. Specifically, it has seen a notable increase regarding big-money participation.
Teng assumed the chief executive position after founder Changpeng Zhao was ousted from the company in late 2023. Moreover, he took over after the firm was forced to pay a $4 billion financial penalty to the US Department of Justice. Yet, that has not hindered its success to this point.
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Binance Thriving in 2024 as Institutional Investment Surges
Binance has long been a significant name in the crypto space. The exchange has been a brand widely known and has boasted a notable position atop the industry due to its vast appeal and user base. Although it faced a hiccup last year, and a massive leadership change, it hasn’t altered its prospects and potential.
According to current Binance CEO Richard Teng, the platform is thriving, with institutional investment up 40% in 2024 already. Indeed, the executive who took over in December of last year has assured the platform is on a tremendous growth path.
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“Allocation into crypto by institutions is just at the tip of the iceberg,” Teng said. “It’s just beginning because a lot of them are still doing the due diligence,” he added while speaking at the Token2049 Conference in Singapore.
“So, on our own, we are seeing a huge uptick in terms of institutional and corporate investors. We have seen a 40% increase in onboarding in that category throughout the course of this year alone,” Teng noted. Moreover, he noted the increase as closely connected to Bitcoin’s surge in 2024.
In January, the leading token was the first crypto-based ETF in the United States. Just three months later, it reached a record price of $73,000. Although it has struggled with a volatile market, the year has been notable. Subsequently, it looks to be just the beginning of what BTC is capable of. Its future position in global finance looks incredibly bright.