Binance CEO Richard Teng recently told Cointelegraph that the cryptocurrency industry has transitioned from the era of “early adopters” and has now entered the epoch of the “early majority.”
Teng’s assertion came in response to a request for commentary from Cointelegraph concerning the company’s June 8 announcement that it had reached 200 million registered users worldwide — the most of any cryptocurrency exchange by far.
“We are deeply honored and humbled to have welcomed 200 million registered users and counting,” wrote Teng, in commentary provided via email, adding “this achievement is an embodiment of the trust that the crypto community and industry players continue to have in the Binance ecosystem.”
The CEO attributed the company’s “swift growth” (its user count swelled from 100 to 200 million in just 26 months) to a changing landscape for the cryptocurrency industry:
“This milestone isn't merely a triumph for Binance. It's also a sign of robust growth and maturity for the broader crypto sector. … It reflects a transition from 'early adopters' of crypto to the 'early majority,' indicating that more and more of the global population are warming up to crypto and its limitless possibilities.”
Binance won’t be resting on its laurels any time soon however, as it remains on a mission to onboard one billion users. “Moving forward,” said Teng, “our focus at Binance remains on spearheading initiatives that promote financial inclusion and innovation.”
The road to one billion users won’t come easy. It’s going to require nearly double the number of current cryptocurrency owners worldwide and an opt-in from one in every eight people on the planet.
It’ll also require political support from global regulators, especially in the U.S. where nearly 50 million crypto holders — around 10% of the global userbase — remain in regulatory limbo as the SEC and similar government agencies consider the nation’s legal stance concerning various aspects of the cryptocurrency industry.
The upcoming presidential election could potentially shed some light on things as presumptive republican nominee Donald Trump has recently declared himself, if elected, to be the crypto president.