Binance believes its next phase of growth will come from payments and financial services rather than cryptocurrency trading as stablecoins change the way people use digital assets, according to Shunyet Yang, head of the exchange’s spot trading and derivatives business.
In an interview with CoinDesk on the occasion of Binance’s ninth anniversary, Yang outlined Binance’s strategy and shared insight into the platform’s future priorities.
“We’re trying to be more than just a crypto exchange, but a super payment app,” Yang said. “If you think of us as a payment provider, that number becomes much larger.”
Yang said Binance’s new strategy reflects that people are increasingly using cryptocurrencies beyond trading. While trading remains the core of Binance’s business, he said stablecoins are increasingly being used for payments and transfers, creating a larger market than trading alone.
“I don’t think it’s really leveled off,” Yang said. “What has happened is that a lot of it is driven by the use of stablecoins.”