Cryptocurrency Exchange Binance Just Crossed $1 Billion in Cumulative Profit in Less Than 2 Years
Nickie Louise
Posted On October 17, 2019
Yes, you read that right! $2 billion (with a “B”) in cumulative profit. Binance, the global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies, hit a massive $1 billion mark in cumulative profit. The cryptocurrency exchange startup was founded just 2 years ago. In Q3 of 2019 alone, the exchange made a profit of $183.5 million.
“Keeping barriers to entry low” mantra seems to have paid off well for cryptocurrency exchange Binance. The exchange has just crossed a whopping $1 billion in cumulative profit as of Sept. 30, 2019, according to The Block’s research.
In a blog post on its website, Binance announced it has completed its 9th quarterly BNB token burn of 2,061,888 BNB (roughly $36,700,000 USD equivalent), which translates to about $36.7 million. The USD value of Q3 burn is nearly the same as the value of Q2 and Q1 burns combined. In Q2, Binance burned 808,888 BNB tokens, while in Q1, it burned 829,888 tokens, totaling to 1,638,776 tokens.
Binance burns BNB tokens worth 20% of its profits every quarter. Since it burned $36.7 million worth of tokens in Q3, we can deduce that it made approximately $183.5 million in profit in Q3 alone. And if we look at all the nine burns to date, the cumulative profit has crossed a whopping $1 billion-mark.
Founded by Changpeng Zhao and Yi He, Binance is a cryptocurrency exchange platform that combines digital technology and finance. The company provides access to exchange digital currency pairs on the market while maintaining security, liquidity, enabling a safe and efficient deal with anyone, anytime and anywhere.
Before founding Binance, CEO Changpeng Zhao previously founded Fusion Systems in 2005 in Shanghai; the company that built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the cryptocurrency wallet’s team. He also worked at OKCoin as CTO for less than a year, a platform for spot trading between fiat and digital assets.
