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Three months after launch, this unbanked crypto exchange made $7.5m in profit

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James Baichan
Dec 01, 2017 01:00
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With the price of bitcoin soaring past US$10,000 this week, the idea of trading it for a less proven token sounds crazy.

“Most guys who are holding bitcoin are high-risk, early adopters.

They have a high tolerance [for] swings,” explains Changpeng Zhao, founder of Binance, a cryptocurrency exchange operating out of Tokyo.

That’s one of the drivers behind growing exchanges like Binance, which deals exclusively in cryptocurrency – no dollars or fiat currency of any kind.

Still, there’s a lot more room to grow, emphasizes Zhao.

“The crypto space even today is a very small part of the overall market potential,” he says, pointing out that the traditional equity market is much larger.

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James Baichan
Dec 01, 2017 01:00
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