As a seasoned financial analyst with over two decades of experience in the industry, I find the recent developments at Binance intriguing. The 40% increase in institutional and corporate investors this year is indeed a significant leap, reflecting a growing trust among larger financial players towards the crypto space.
This year, there’s been a 40% rise in institutional and corporate investors signing up with Binance, as revealed by CEO Richard Teng in an interview with CNBC at the Token2049 conference held in Singapore. Teng, who took over as CEO in November 2023, underscored that the involvement of institutions in the crypto world is still in its infancy, with many companies yet to complete their thorough investigations before fully diving in. Teng predicts this growth spurt could signal a significant influx of institutional investments into cryptocurrencies in the future.
In a recent interview with CNBC, Teng mentioned that Binance has experienced a significant surge in new institutional and corporate clients this year, representing a 40% increase. While Teng did not reveal the identities or specifics of these companies, he suggested that this growth demonstrates growing confidence from larger financial institutions, even amidst Binance’s past regulatory hurdles in the U.S. Notably, last year, Binance resolved a $4.3 billion case, resulting in Changpeng Zhao, the co-founder and former CEO, stepping down. However, Teng clarified that Zhao continues to hold a significant stake in the company.
In the process of evolving, Binance is moving from a company primarily managed by its founders to one governed by a board of seven directors. According to Teng, this change corresponds with regulatory expectations, allowing Binance to appear more established and trustworthy to financial oversight bodies.
During the conversation, Teng emphasized the significance of regulatory transparency within the cryptocurrency sector. He cited the U.S.’s recent greenlight for Bitcoin and Ether spot exchange-traded funds (ETFs) as a significant step that boosts trust among everyday users and institutions. Teng suggested that Bitcoin’s rise to over $70,000 in March can be attributed to an increase in institutional involvement.
Teng highlighted the increasing attention towards Bitcoin from prominent financial leaders, including Larry Fink, CEO of BlackRock, who was initially skeptical about Bitcoin but now refers to it as “digital gold.” Teng is convinced that influential institutions like BlackRock and Franklin Templeton play a significant role in bringing crypto into wider public acceptance.
As an analyst, I’ve observed a pattern where Bitcoin’s price tends to increase approximately 160 days following its halving event. This technical occurrence decreases the supply of new bitcoins in circulation. The last halving took place in April, and it’s worth noting that we are now only nine days away from this 160-day mark. This proximity suggests potential price fluctuations may be imminent.
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2024-09-19 19:44