40% growth in institutional, corporate investors [Video]

Cryptocurrency exchange Binance has seen a 40% increase this year in institutional and corporate investors joining the platform, CEO Richard Teng told CNBC’s Lin Lin in an interview Wednesday.

“Allocation into crypto by institutions is just at the tip of the iceberg. It’s just beginning, because a lot of them are still doing their due diligence,” Teng said on the sidelines of the Token2049 conference in Singapore. He became CEO in November 2023.

“So we on our own, we are seeing a huge uptick in terms of institutional and corporate investors. We have seen a 40% increase in onboarding in that category throughout the course of this year alone,” he said. Teng did not name specific firms or share how large they were.

The stated growth reflects how so-called big money is warming up to bitcoinand …