Binance Australia users bullish on bitcoin as exchange reaches first birthday
Binance Australia has more than 480,000 Australian users trading billions worth of AUD in crypto in the platform’s first year of operation.
During the financial year, flagship cryptocurrency bitcoin remained the most popular traded currency, with Ethereum and Tether in second and third place respectively.
“This time last year bitcoin was valued at $13,220 AUD. It has since peaked at more than $81,000, and recently has been sitting around $54,000,” Binance Australia COO, Sam Teoh said.
“Binance Australia has grown substantially over this time along with the market situation. In the crypto industry, there is a huge emphasis placed on HODLing, or ‘Holding On (to Bitcoin) for Dear Life’. Our recent Crypto User Index Report also showed that Australians are more likely to buy and hold bitcoin than the rest of the world. According to the research, it seems Aussies have a longer term outlook and are more willing to ride the volatile nature of the asset,” Sam said.
“We’ve also experienced firsthand the passion Australians have for cryptocurrencies, as well as the Binance Australia brand. Since launch, Binance Australia has been followed by more than 50,000 Aussies on various social channels.”
Binance Australia believes bitcoin growth has been tethered to a broader cultural shift in understanding and acceptance of digital assets. The growth often can be seen through the size of the team.
“In year one, we knew Binance Australia would make a splash but no one could have predicted the company expanding at the rate that it did. In fact, our team headcount increased by 300 per cent in the first year and we’re looking to triple our headcount in year two,” Sam said.
Sam states Binance Australia’s out-performance of the industry is largely due to their commitment to nurturing the growth of the Australian crypto ecosystem.
“We’ve become the go-to exchange for Australians getting serious about crypto thanks to our constant investment in those wanting to learn more about this amazing space. Binance Australia has aimed to build a sustainable crypto industry locally by hosting masterclasses. We are trying to inform and educate those who are new to the industry.
“Additionally, we committed over $1.3 million earlier this year to aid the recovery and rehabilitation of koalas from the Australian bushfires of 2019 and 2020.
“At Binance Australia, we are aware the world of cryptocurrency can seem tough to dip your toes into for newcomers so we’ve made a point to educate Aussies, through online content and also by hosting 18 hours of masterclass sessions viewed by 20,000 Australians.
“We’re active in online forums to ensure we’re there to help bring our level of expertise to the conversation happening online amongst Australians. We’re proud to be leading this space in facilitating Australia’s crypto endeavours and can’t wait for what FY22 has to offer.”