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Bloomberg: Crypto Giant Binance Launches Cloud Service in Revenue Shift

LISTEN TO ARTICLE Zhao Changpeng Photographer: Anthony Kwan/Bloomberg Photographer: Anthony Kwan/Bloomberg

Binance Holdings Ltd., one of the world’s largest cryptocurrency-trading platforms, has made its first foray into business services by lending its technology and liquidity to those who want to start their own exchanges.

The Malta-based crypto behemoth announced its cloud operation to help business clients and partners set up crypto exchanges using Binance’s tech infrastructure, ranging from matching engines to risk controls and data security systems, according to a company statement.

Tech giants like Amazon.com Inc. and Alphabet Inc. have over the years evolved beyond their core consumer-facing services and become some of the world’s biggest cloud providers -- and Binance envisions the same type of success in crypto. Binance Cloud will overtake the company’s main exchange to become its biggest source of revenue in five years, co-founder and CEO “CZ” Zhao Changpeng estimates.

“Theoretically speaking, we can let anyone in the world create their own exchanges, and the demand is huge,” the 43-year-old coder-turned-entrepreneur said in an interview. “Even during the crypto winter of 2018 and 2019, hundreds of new exchanges popped up every day.”

The cloud division -- which started just three months ago and now has nearly 20 people -- complements Binance’s strategy of attracting fiat money. Like its peers, Binance makes money mostly via transaction fees on its trading platforms, which fluctuate wildly with crypto prices. The shift into enterprise-oriented businesses cou...

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