Key Points
- Binance’s CEO, Richard Teng, believes that 2024 is crucial for the crypto industry.
- This year was mostly marked by Bitcoin ETFs, growing regulatory clarity, and the mainstream adoption of crypto.
Binance’s CEO Richard Teng believes that 2024 is a “landmark year” for the entire crypto industry, Bloomberg reports.
This year is mostly marked by the rising interest in the recently launched Bitcoin ETFs in the US and the mainstream crypto adoption.
Also, the growing regulatory clarity is a step ahead for the crypto industry as it helps bring more trust and protection for potential investors.
Customer assets on Binance’s crypto exchange have reportedly grown by $42 billion this year, Teng said in a recent interview as quoted by Bloomberg.
Also, the exchange has recently reached an important milestone by hitting 200 million users, an achievement that Teng also addressed.
He said that this mark is important as it mirrors the mainstream adoption of crypto and the meteoric rise of Web 3.
Also, according to Bloomberg, a spokesperson for the exchange said that monthly active users have increased by 12.5% from February to May.
Teng said that the momentum continues to get stronger which is a very encouraging sign. He mentioned that other institutions are participating in the crypto industry such as retail.
Binance currently has $115 billion in total assets under management, according to DeFiLlama data.
The launch of the BNB Incubation Alliance (BIA) for Web3 innovation
Earlier today, it was reported that Binance Labs together with BNB Chain have announced the launch of BNB Incubation Alliance (BIA).
According to the official notes, the incubator aims to support and expedite the growth of early-stage blockchain projects via a series of global events. This is a collective endeavor alongside important venture capitalists, incubators, and strong developer communities.
The collaboration’s target is to fast-track the Web3 journey.
Binance has been making a lot of moves forward to support and boost the overall development of Web3 through education and opportunities for crypto enthusiasts and builders as well.
Binance Megadrop is another significant asset created by Binance that represents a gateway to innovative Web3 projects.
