Binance, the most famous cryptocurrency exchange in the world, is considering an IPO to land on Wall Street.
The news comes from the latest changes in top management observed in the company, starting with the new CFO Wei Zhou, former CFO of Zhaopin.com and Charm Communications, companies led by him towards listings, respectively on the NYSE and Nasdaq.
In reality, Binance’s idea comes second: the CEO of Robinhood, Baiju Bhatt, confirmed just a few hours before the search for a chief financial officer to work on a Wall Street listing.
The difference between the two cases is in the size: Binance is the real giant in the industry, if only in light of the $15 million raised last fall by its Binance Coin (BNB), the official Binance token, which is currently in 15th place in the AltDex 100 Index and first in the AltDex Exchange Token Index (ALTEXC).
Binance, after just over a year (it started trading crypto only in July 2017) can boast about revenues that in the first quarter of 2018 alone reached 200 million dollars, which not only makes it more profitable than 100 year old institutions such as the Deutsche Bank (which with its 148 years of history has not gone beyond 146 million dollars in the first quarter of 2018), but also confirms the revolution of the new dynamics of finance.
All this makes it clear that a possible listing of Binance on Wall Street is not intended to raise capital, as often happens to those who land on the stock exchange but is a strategy to be able to reach a much wider audience, including institutional investors.
A choice that would, in turn, have a twofold consequence: first of all, it would strengthen the company’s presence in the crypto sector. Secondly, an IPO could be an injection of confidence and stability in a sector that is particularly subject to volatility.