Binance Earns $200 Million While NASDAQ’s Posts $209 Million in Profits But Has 20x More Employees
Being a cryptocurrency exchange is profitable. Recent data about the earnings of Binance proves that there is a lot of money to be made in the crypto market even when the bear market is strong… at least if you are an exchange. The platform has made almost as much profit as the giant Nasdaq in the first quarter of the year.
$200 Million USD in 8 Months
The comparison was first made by Danhua Capital’s managing director, Dovey Wan. He showed that Binance was able to get a profit of $200 million USD against $209 million USD from Nasdaq. For instance, the numbers beat the Deutsche Bank’s profits in the first quarter: $50 million USD.
It should be remembered that Binance was an eight months old startup with 200 employees and Nasdaq had 47 years and 4500 employees, while the Deutsche Bank has 100,000 employees and exists since 1870.
Binance continues to expand and get a lot of money. Obviously, it should be remembered that the beginning of the year was still a high time for the cryptocurrency craze, but even though Binance still had incredible results and it is looking to make even more money in the future.
The CEO of the platform, Changpeng “CZ” Zaho has been recently criticized for having the exchange too centralized and for its multimillion dollar listing fees, however, so it looks like he’s got the money, but not the reputation of these other more traditional organizations.
Zhao has already said that he does not wish to compete with other companies like Coinbase, but his company is moving overseas and targeting new areas like Europe, especially now with multiple partnerships in Malta.
Just last week, Binance opened a dedicated exchange operation in Lichtenstein, in Europe, and now it has revealed an investment in the Korean eCommerce company Ticket Monster for a stable coin.
Bitcoin Would Not Be Listed on Binance Today
We all know that Bitcoin is the heart of the cryptocurrency world today. However, if it appeared today, Bitcoin would not stand a chance. The token would not be able to be listed on most of the top exchanges in the world like Coinbase.
According to the social media commenter WhalePanda, a decentralized crypto with a founder that disappeared would never be listed in a lot of exchanges today. Also, the technology of Bitcoin is very antiquated when compared to most tokens.