BroadChain News, April 27, 11:52 AM - At the Hong Kong Web3 Carnival, Binance executives Richard Teng and He Yi revealed that the world's largest cryptocurrency exchange is transitioning from a single trading platform into a financial super app, aiming to provide daily financial services for 3 billion people globally.
Currently, the crypto industry is accelerating its penetration into the mainstream world, but user retention remains a pain point. The global crypto user base has exceeded 700 million, growing more than sevenfold in five years. However, only 30 to 40 million users are active on-chain, with a first-time user churn rate as high as 65%, far exceeding the 5%-10% seen in Web2 products. Complex experiences such as wallet management, private key security, and multi-chain fragmentation deter a large number of potential users.
Binance aims to become a super gateway for the Web3 era by aggregating multi-chain functions, simplifying technical processes, and establishing trust mechanisms to lower the barrier to entry. This is not just an upgrade in product form but also signifies a shift in the industry's growth model—from chasing narratives to serving real users, driving crypto assets from niche tools to everyday financial infrastructure.