Crypto Industry Goes From ‘Early Adopter’ To ‘Early Majority’

Binance CEO Richard Teng recently told Cointelegraph that the cryptocurrency industry has moved on from the era of “early adopters” and is now entering the era of “early adopters”.

Teng's confirmation came in response to a request for comment from Cointelegraph regarding the company's June 8 announcement that it had 200 million registered users worldwide – the most from any cryptocurrency exchange to date.

“We are deeply honored to welcome 200 million registered users and counting,” Teng wrote in an emailed comment, “This achievement is a testament to the trust the crypto community and industry players have in the Binance ecosystem.”

The CEO attributed the company's “rapid growth” (the number of users rose from 100 to 200 million in 26 months) to the changing landscape of the cryptocurrency industry.

“This milestone is not just a win for Binance. It is also a sign of strong growth and maturity for the broader crypto sector. … It reflects the shift from the ‘early adopters' of crypto to the ‘early adopters' as more and more of the world's population warms to crypto and its limitless possibilities.

However, Binance will not be resting anytime soon as it remains on a mission to onboard one billion users. “Moving forward,” Teng said, “our focus at Binance remains at the forefront of initiatives that promote financial inclusion and innovation.”

The road to one billion users will not be easy. Currently, nearly double the number of cryptocurrency owners worldwide and one in eight people on the planet opt-in.

It also needs political support from international regulators, especially the US, which has about 50 million crypto holders – 10% of the global user base – as the SEC and similar government agencies look at the country's legal position in the cryptocurrency industry.

The upcoming presidential election may shed some light on some things as presumptive Republican nominee Donald Trump recently declared himself the crypto president-elect.

Related: Binance restores crypto purchases with MasterCard