Learn iT - Trade iT - Do iT
Learn iT - Trade iT - Do iT

Binance beats Twitter’s profit by $89M – The Element Group

Published on May 3, 2018 By  

The world’s largest cryptocurrency trading platform, Binance has been compared quite a lot to banks and other financial institutions in terms of profit. Binance has been outperforming most of the regular banks and upholding cryptocurrencies reach and capabilities.

The Element group tweeted this earlier today:

Binance Exchange Twitter

According to various sources, Binance is 3 times more profitable than Twitter as seen in the first quarter of 2018. Binance has not yet announced their profits publicly for this year yet, but the market analysts put up some rough figures from the Binance Coin [BNB] burn that happened recently. 2.2 million ($30 M) worth Binance Coin was burnt on 15th  April 2018, which defines Binance’s profit to be somewhere near $150 million, according to the statistics.

Binance grabbed the top spot after it sprang up seemingly towards the end of last year when the prices in the market were about to blossom. Most of the exchanges were force shut down due to various issues regarding the registration of new users, which is when Binance got an opportunity to gain popularity among fledglings who were keen on cryptocurrency investments.

Lucky Ghosh, a cryptocurrency investor says:

“Great job you guys. Now please list Bitcoin Private. Thank you.”

Twitter has been ruling the social media world for the last 11 years, while Binance is still a newbie in the market with only 9 months of experience. Binance’s success can be attributed to various factors and off late they have been active more than any other exchange despite some setbacks. They have had a list of announcements and updates to offer for their users. Their recent big announcement that lit up the fire in the market with curiosity and speculation was their introduction of Broom tool to allow conversion of Dust to BNB tokens.

The Element Group, a digital asset investment banker, recently calculated the approximate profits of Binance and compared the results with the 11-year-old Twitter’s net profit which was recently announced. According to them, Binance looks like a clear winner. Based on the reports released by Twitter for Q1 2018 summary, its profit accounted to $61 million, which is $89 million lesser than the largest crypto exchange.

A cryptocurrency enthusiast commented:

“Best Exchange ever. When you’ll get banking at Malta you will rule the world.”

Related Posts

Hot Posts

Cryptocurrency Australia
A chat with Charles Hoskinson on the Cardano 2019 Roadmap.
Cardano Shelley Roadmap
Cardano 1.5 Road to Shelley Episode 20
A Banker’s New Best Friend – JP Morgan Coin – A Threat to XRP.
Charles Hoskinson Cardon ADA
Charles Hoskinson Surprise Cardano AMA 02/16/2019
cardano news
Cardano ADA Progress Update (Feb 2019)
Charles Hoskinson Cardon ADA
In Defense of Peer Review – Charles Hoskinson

Video Posts

what is the blockchainIn, , , , ,
What is the Blockchain?

Recent Commens

Lastest Post