Binance CEO Richard Teng expressed confidence in the growing use cases for cryptocurrency as a driver for broader adoption. Teng shared his insights during a January 25 episode of the Beyond the Valley podcast.
"The next five years will see much faster crypto adoption compared to the last five years, thanks to growing use cases and utility," said Teng.
According to a report from Triple A, by May 2024, approximately 562 million people globally owned some form of cryptocurrency, marking a 33% increase from 2023. The United Arab Emirates leads in crypto adoption, with 25.3% of its population owning digital currencies, while about 15.5% of the U.S. population holds crypto assets.
Crypto's initial purpose was to function as borderless and accessible digital cash, according to Caleb & Brown, a crypto brokerage firm. Stablecoins, which are tied to fiat currencies like the U.S. dollar, can help mitigate market volatility.
Teng highlighted during the World Economic Forum in Davos that many Binance users utilize the platform for remittances. He noted that users saved up to $1.75 billion in fees on $26 billion worth of remittance payments between 2022 and 2024. Traditional financial systems can charge fees as high as 20% for such transactions. Teng emphasized that these savings demonstrate how cryptocurrency can "democratize financial access."
Earlier this month, Binance Pay announced a collaboration with xMoney, a European payment provider, aiming "to redefine the crypto payment landscape." This partnership enables over 20,000 businesses across Europe to accept cryptocurrency payments in sectors such as luxury goods, travel, gaming, and e-commerce.
Teng joined Binance in August 2021 and became CEO in November 2023. His previous roles include CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer at Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore.