The cryptocurrency sector is experiencing a transformative period of growth and widespread integration in 2024. No longer limited to trading and investing, digital assets are increasingly integrated into everyday life, changing the way people interact with money.
Binance, the world’s leading infrastructure provider for the blockchain and cryptocurrency ecosystem, has witnessed an unprecedented level of user engagement, strengthening its position as a trusted platform in this dynamic landscape. Only this year Binance has welcomed more than 30 million new users, a testament to the growing trust in its platform.
On the other hand, the number of businesses in the world accepting cryptocurrencies has increased by 42% in the last two years, increasing from 7,731 in October 2022 to 10,952 in April 2024, according to BTC Map. This trend is also supported by the proliferation of cryptocurrency ATMs, a global market that will grow from $115 million in 2022 to $181 million in 2023.
The growing number of merchants accepting digital currencies as a direct payment method speaks volumes for the overall appeal of cryptocurrencies. From small businesses to large companies, the adoption curve is getting steeper as merchants recognize the benefits of cryptocurrency payments to attract new customers, lower transaction costs and reduce transaction times.
But the widespread use of cryptocurrencies depends not only on technological progress and increasing use cases, but also on the knowledge and trust of users. Binance has made significant progress in this regard with its Binance Academy educational platform. Launched in 2018, it has already gained 928,000 new users in the first quarter of this year alone. This is a clear indication of a desire to receive more education and training related to the industry.
According to a survey by Consensys and YouGov, 92% of respondents in 15 countries have heard of cryptocurrencies, and 50% know what they are. The narrative around cryptocurrencies is changing. The same survey shows that 16% of respondents see cryptocurrencies as the “future of money”, and 11% consider them an alternative to traditional financial systems. This increase in confidence is also fueled by Binance and the wider industry’s efforts in compliance, security and education, alongside growing institutional acceptance and the evolution towards a clearer global regulatory framework.
Binance’s Unprecedented Growth
Recent data from Binance highlights the growing interest in digital assets. Since the beginning of 2024, the number of daily visits to the platform has doubled and significantly increased monthly user engagement. The value of client assets on Binance exceeded $100 billion for the first time.
On average, Binance adds 150,000 new users every day. Its accelerated user growth – from reaching 100 million in almost 5 years to growing from 100 to 200 million in 2 years and 3 months is also evidence of accelerating adoption of digital assets and blockchain technology.
March 2024 saw a notable increase in spot trading volume, rising 121% to $1.12 trillion, the highest level since May 2021. Derivatives trading volume also soared 89.7% to $2.91 trillion dollars, reflecting the growing appetite for various trade and investment options. .
The trajectory of cryptocurrency adoption marks a fundamental shift in the way we perceive and interact with money and digital assets. As the industry matures, Binance remains committed to developing an inclusive and transparent financial system that welcomes the next billion users to the cryptocurrency world.