Despite widespread market price reductions, Binance, currently the world’s largest cryptocurrency exchange by trading volume, has continued to see exponential growth. Binance reportedly surpassed growth records by adding 240,000 new users to the platform in a single hour on Wednesday the 10th of January.

The company’s impressive growth comes in the face of market drops and skeptical comments from traditional investors, such as Warren Buffett. In an interview with Bloomberg, Zhao Changpeng, Binance's CEO, argued that despite respecting Warren Buffett’s business ventures and investments, he felt that Buffett was making a big mistake by underestimating cryptocurrencies. Changpeng suggested that he did not think that Buffett understood cryptocurrencies at all, yet he would still respect him for other areas of his expertise.

Binance's recent success has also been attributed to increased interest in the market, as well as a sign of increasing adoption. CEO of MiCai, Gregory Van den Bergh, a wealth management firm that utilises Blockchain in its operations, argued that the success of Binance reflected a sign of growth in the market overall.

Van den Bergh said that Binance and other crypto exchanges are currently serving those who are early adopters of cryptocurrency. He said that be believes that this adoption will spread to high net worth individuals around the world.