Binance, many people outside of the cryptocurrency world may not have heard of this fast-growing Asian startup and instead would, of course, know household names such as Uber, Airbnb, Instagram; even many in China may not have heard of them and would know Didi, Xiaomi, Ali Baba etc.
Well even reputable startup data insight providers such as CB Insights are yet to really highlight Binance or their phenomenal success and when they published “The Global Unicorn Club” it showed Coinbase but Binance was nowhere to be found, not even in their “future unicorns” list. I guess when insight experts can’t keep up it is the hallmark of a rocket ship with a pace that SpaceX and Elon Musk would be proud of.
So what is Binance?
In the above “Evolution of Binance” image it highlights Binance’s amazing growth in less than 5 months to become the world’s top 3 cryptocurrency exchange (though, according to Binance founder & CEO Changpeng Zhao (“CP”) they are now #2, just behind Bitfinex, for now). Fighting talk!
Yet, that’s the side story.
Most industry observers would agree given Binance’s quality platform and business practices, it was just a matter of time before they seized market leadership. However many would of been shocked just how short a time it has taken for them to rise to the position they are now in!
The real story is that Binance is arguably the fastest profitable startup to achieve unicorn status (private company with $1bn+ valuation) in history.
Binance is valued at not $1bn+ but closer to $2bn+.
And they did it in less than 6 months. Yes, you read it right, 6 months.