In an exclusive interview at the recent CryptoCompare conference in London, Binance’s chief growth officer Ted Lin revealed to Coin Rivet the exchange’s top growth markets and future plans to increase user engagement.
Growth in Vietnam, Russia, and Turkey
When asked just how many users the Malta-based exchange has in total, Ted told us that Binance has “definitely crossed the 10 million user mark”.
In terms of where the user base is expanding, he said that Binance was surprised to discover that Vietnam, Russia, and Turkey were “three of our top five” growth markets. He told us that Binance wants to “become closer with the community”, and it is looking to do this on the ground-level at meetups around the world.
He said: “We recently held a meetup in Johannesburg, South Africa, and I was also at a meetup in Moscow, Russia – and we are going to hold another super meetup in Taiwan that’s going to be like a thousand people strong.
“I believe our approach is to continue to build great products to come into and listen to the community and engage with them in a very transparent and interactive way.”
The chief growth officer said confidently, “That’s how we’ve grown to today’s size – and we’ll continue to do it.”
Growing user engagement
It’s not all just about the number of users though, as Ted – who has worked at Binance for nearly two years now – told us that features like adding margin trading “is one of those products that may not definitively expand the user base in terms of the number of unique users”, but instead “helps grow user engagement”.
Other initiatives like the IEO platform Binance Launchpad are also helping to keep users on the platform. Lim assured us that the company isn’t letting its IEO vetting process slide, but in fact, it’s “becoming even more rigorous”.
He said: “We are always evolving our methodology. As we have more experience, we can get more information in a short amount of time and have better ways of detecting and verifying the actual information from multiple fronts as we go along.”
On the exchange’s current priorities, he said that the team was currently focused on the Binance DEX, claiming that it is currently the “DEX with the most volume in the world”.
“Whether you’re an entrepreneur or a user wanting to try out the latest and the coolest decentralised exchange experience – check out the Binance DEX and Binance Chain,” he concluded.
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