Binance, one of the world’s largest cryptocurrency exchanges by trading volume, could be making as much as $1 million per day in profit, according to a new report.
The estimate comes from a blog post by The Block’s Larry Cermak, who crunched the numbers based on data from Binance’s quarterly report and public blockchain data.
Cermak estimates that Binance made a profit of about $460 million in the first quarter of 2018, which would put its daily profit at around $1.27 million.
NOTE: Warning: It is not recommended to speculate on how much money Binance makes in a day, as the company does not provide this information. Additionally, it is important to note that cryptocurrencies are highly volatile and the value of investments can decrease significantly in a short period of time. As such, investing in cryptocurrency should only be done with caution and after thorough research.
That number could be even higher, Cermak notes, if the exchange is earning interest on its users’ deposited funds or if it’s making money from other sources such as listing fees.
If Cermak’s estimates are accurate, it would mean that Binance is one of the most profitable companies in the cryptocurrency space. The exchange has only been in operation for about a year and a half, yet it has quickly risen to the top of the industry thanks to its low fees, wide selection of tradable coins and its user-friendly interface.
Binance’s incredible profitability has also allowed it to amass a war chest of cash that it can use to finance future growth. The exchange recently announced that it had raised $200 million through a private placement of its Binance Coin (BNB) token, which it plans to use to build a decentralized exchange (DEX) and launch new fiat-to-crypto exchanges in Asia.
With its strong profits and war chest of cash, there’s no doubt that Binance is poised for continued growth in the months and years ahead.
7 Related Question Answers Found
Binance is a cryptocurrency exchange platform that was founded in 2017. The company is based in Malta and has offices in Tokyo, Jersey, and Hong Kong. Binance is the world’s largest cryptocurrency exchange with a daily trading volume of over $2 billion.
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. Binance was founded in July 2017 by Changpeng Zhao and Yi He.
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. Binance offers two types of trading pairs: basic and advanced.
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. Binance Coin (BNB) is the native currency of the Binance platform. Binance Futures is a derivative trading platform launched by Binance in September 2019.
The Binance platform is a world-renowned cryptocurrency exchange that allows users to buy, sell, and trade a variety of digital assets. One of the most popular features of the Binance exchange is its daily limit, which is designed to help protect users from excessive losses. The daily limit on Binance is 2 BTC, or approximately $23,000 at current prices.
Binance offers two types of options: call and put. When you buy a call option, you have the right to buy an asset at a certain price. If the asset’s price goes up, you can exercise your option and buy the asset at the strike price.
Assuming you would like an article discussing how savings work on the Binance platform:
Binance, one of the world’s largest cryptocurrency exchanges, offers a unique feature called “savings.” This allows users to earn interest on their digital assets by simply holding them in their Binance account. In this article, we’ll take a closer look at how this works and how you can get started. How Does It Work?
