Binance Has A Larger Bitcoin Trading Volume In A Single Day Than Square Had In All of 2018
Binance is the king of crypto. Do you doubt that? Well, you will probably stop doing so after you really weight in how much BTC is moved in Binance in a single day. As reported by crypto media outlet CCN today, Binance moved more Bitcoin in a single day than Square was able to do in the whole of 2018.
According to the crypto media outlet, Square and Binance are two trusted companies with good and verified metrics. While most companies often inflate their statistics, Binance has a history of being very upfront and transparent while Square is regulated by the U. S. Securities and Exchange Commission (SEC), so it has a tight leash and it cannot inflate its numbers.
Square recently shared its earnings for 2018 with investors and it revealed that, during the whole year, the company was able to process $166 million USD worth of BTC, with $50 million USD in the last quarter. While the number alone might seem like a lot for retail investors, the truth is that this is actually less than what Binance moves in a single day.
It looks like Binance really is the king of cryptos, huh? However, this does not mean that Square is not doing well, it is just a smaller company than Binance. The company has seen a large growth since the company started to accept Bitcoin in 2017. Jack Dorsey, the creator of Square (and also Twitter, which you might have heard of) should probably be happy with the results.
Square Actually Had A lot of Profit With Bitcoin
Despite the comparison, Dorsey’s company actually got a lot of money from Bitcoin trading. At the time, Square is worth more money than Twitter, despite being used by fewer people than the social media platform.
Square’s Cash App is one of the most used mobile payment systems in the United States and, despite not being equally popular outside of it, it is huge in the U. S. In the months since the company started to accept Bitcoin, the value of the company almost doubled.
You should take into account that this happened in a year in which the price of stocks was generally going down.
$166 Million USD Worth of BTC Trades Is Nothing For Binance
It cannot be denied, though, that Square and Binance are in two completely different leagues. While Square’s numbers are impressive on their own, they pale in comparison to the largest crypto exchange in the world.
According to Chain Open Research, Binance moved $20 billion USD worth of BTC from November 15 to December 15. These are surely incredible numbers and, if you divide them by 30, you will see how Binance has more BTC volume than Square in only one day.
In fact, Binance is ridiculously rich that its owner, Changpeng Zhao, destroyed $446 million USD of the company’s money in a token burn to increase the price of the token. That takes guts. Now Binance is offering even more options for its clients and the company will probably trade even more BTC when the next bull run finally comes.
The Differences Between the Two Companies
The truth is that part of why Binance has such a large volume is because these companies also have different audiences and goals, so we should not forget that while analyzing the numbers from their BTC volume.
Square is more widely used by Americans who want to make payments. Binance is a huge international company with a strong Asian market and it caters to tech enthusiasts, investors and innovators.
Square will possibly never reach Binance, that much is true, but does Square want do reach Binance? Possibly not. Binance is very focused on the crypto market and it has a wide selection of tokens that will cater to the enthusiasts of the market, while the users of Square are not such crypto enthusiasts.
There is a lot of money to be made with Bitcoin, that much is true, but this does not mean that BTC will become the biggest strategy of the company so soon and, because of this, it will probably never have a fraction of Binance’s market.