Binance Profits Up 66% QOQ
On Tuesday, the Malta-registered Binance, one of the world’s most popular crypto asset exchange, revealed that it had completed a burn of its in-house crypto asset, BNB. For those who missed the memo, each fiscal quarter, the startup takes 20% of its profits and burns BNB with that sum. It’s a dividend, if you will, for holders of the exchange asset.
According to The Block, this recent burn, the seventh of its kind, saw 830,000 BNB bite the dust, indicating that the platform earned $78 million in Q1. In Q4, the exchange earned a relatively measly $47 million (but over $400 million in 2018 overall), meaning that Binance’s profits are up 66% quarter-over-quarter. Thus, the past three months marked both a strong recovery in the value of Bitcoin (BTC), but the startup’s profits too.
New Crypto Projects
While Binance, alongside margin trading site BitMEX, has outperformed effectively all other startups in fiscal 2018 and 2019 so far, the…
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