Binance’s user base has soared to 200 million. The company views its growth both as an achievement for the Binance community and the blockchain industry.
In a post on the Binance Blog, the company takes a quick look back at the history of technology—from the steam engine in the 18th century to the internet—and discusses its place in the current disruptive wave of Web3. In fewer than 10 years, Bitcoin created the foundation for digital assets, which millions of people use to transfer value. Millions also engage in decentralized finance (DeFi) activities and participate in smart contract-powered functionalities such as digital art and decentralized autonomous applications.
"History doesn't repeat itself, but it often rhymes, so there are parallels to be spotted and lessons to be learned as we examine how the current blockchain-led cycle of innovation stacks up against the historical ones," the company wrote in the blog post.
According to Binance, its user base growth reflects the exponential nature of digital asset adoption. Six months after its launch in the summer of 2017, it became the world’s largest crypto platform by trading volume. By May 2021, its user count had surged to 50 million. In June 2023, Binance boasted 150 million users; less than a year later, this number reached 200 million.
The blog post noted that skeptics abounded during blockchain technology’s early years, particularly within traditional financial institutions. However, they could not hold back its adoption, fueled by its disintermediation, transparency, and security. It may still have its detractors; yet many incumbents have adapted to what Binance calls a "wave of blockchain-led disruption," including BlackRock and Fidelity. Others, such as JP Morgan and IBM, have integrated the technology to make their operations more efficient and secure.
"As blockchain and Web3 technologies continue to evolve, incumbents must recognize the potential for disruption and act swiftly to integrate these innovations into their processes," stated Binance. "The future will likely see a blend of cooptation and competition as blockchain reshapes the financial landscape as well as numerous other industries."