• A report from CryptoCompare found that Binance attracted the largest number of retail investors from countries facing high inflation in 2022.
• Binance recorded a 16.3% increase in its market share among exchanges due to the growing adoption of cryptocurrencies, particularly in emerging markets.
• Binance is the world’s largest exchange by trading volume, with more than $14 billion in spot trading volume over the past 24 hours.
In 2022, with inflation surging worldwide, crypto exchange giant Binance capitalized on the trend and attracted the largest number of retail investors from countries facing high inflation. According to a report from CryptoCompare, which tracks digital asset trends, the exchange won the largest market share among exchanges, recording a 16.3% increase.
This increase in market share is due to the growing adoption of cryptocurrencies, particularly in emerging markets, as Binance is often the most readily available choice for users in these areas. Binance is currently the world’s exchange by trading volume, according to CoinMarketCap data. It’s more than $14 billion in spot trading volume over the past 24 hours exceeded the amount of the next 20 exchanges in CoinMarketCap’s rankings.
This surge in market share has been beneficial for the exchange and its users. Binance has been able to expand its services to new countries and offer more trading options, while users have been able to access a secure and reliable platform to trade cryptocurrencies. The report also highlighted that Binance has taken steps to ensure that its users are compliant with local regulations and laws, which has helped to further solidify its position as the leading exchange in the crypto space.
In order to further capitalize on this growth, Binance has been expanding its offerings by launching new products and services. Recently, the exchange announced the launch of its Binance Cloud platform, which is designed to help businesses and institutions launch their own digital asset exchanges. The platform provides a suite of features, including an order management system, a liquidity pool, and an integrated wallet. This is just one of many products that the exchange has released in order to expand its user base and increase its market share.
Overall, Binance’s success in 2022 has been impressive, and it looks like the exchange will continue to be a leader in the crypto space. With its wide range of products and services, and its commitment to compliance, the exchange is well positioned to further capitalize on the increasing demand for cryptocurrencies in emerging markets.