Binance Equaled Nasdaq Profit in Q1
Cryptocurrency exchanges registered big gains in the last years. Binance, the biggest of all exchanges, turned quite a profit in fact. Through the first quarter of 2018, Binance made similar profits to Nasdaq, the American financial household name.
Binance Earns as Much as Nasdaq
Danhua Capital’s managing director, Dovey Wan, showed that Binance registered a profit of $200 million dollars, just a short way away from the $209 million from Nasdaq. And this is even more surprising when the number is compared with other companies. Deutsche Bank registered $50 million dollars the first quarter.
However, this is not the only comparison that can be made. Binance has fewer employees than other firms. Deutsche Bank has 100,000 employees and is operating since 1870. Nasdaq has almost 50 years and 4,500 employees.
Binance is working in order to expand its business in other industries such as Artificial Intelligence. The intention is to stop relying solely on the virtual currency market and its fluctuations. In this vein, Binance recently dedicated $1 billion to a new incubator and startup fund under its Binance Labs umbrella.
Changpeng Zhao, Binance CEO, has been criticized in the last months. The community says that the exchange is too centralized and has high listing fees for new tokens.
At the moment, Binance is expanding in many other regions. The exchange signed partnerships in Malta, Bahamas, and many other territories.
In the future, the crypto platform wants to provide fiat pairs, including USD, EUR, and GBP, among others.
At the moment, Binance is the most used exchange by trading volume. It has moved $1.17 billion dollars in the last 24 hours. The most used trading pairs on the exchange are BTC/USDT, EOS/USDT and ETH/USDT accounting for almost 40% of the total trading volume in the platform.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.