The meteoric rise of Binance has not only surpassed most companies in the cryptocurrency ecosystem but also mainstream and establishment companies like Deutch bank and now. Twitter.
The Element Group, a digital asset investment banker, reported that Binance is 3 times more profitable than Twitter in the first quarter of 2018. Even though Binance has not announced their profits publicly yet, market analysts put up some estimates derived from the Binance Coin [BNB] burn that happened recently.
To give an idea about the exponential rise of growth of Binance, Twitter has been ruling the social media world for the last 11 years, while Binance is still a newbie in the market with only 9 months of experience. Based on the reports released by Twitter for Q1 2018 summary, its profit accounted for $61 million, which is $89 million lesser than Binance.
When asked about their rapid growth, their CEO, Zhao Changpeng, stated “We expect to incur even more economic growth (in coming months). Any country that can attract Binance to open a branch in their location will receive a handsome tax income revenue.”
Just last week it was reported that Binance leapfrogged Germany’s largest bank in terms of profitability in the first quarter, offering yet another compelling sign that cryptocurrencies are revolutionizing finance.
The Binance digital currency exchange generated profits of $200 million in the January-March period, vastly outperforming Deutsche Bank, which recorded net gains of $146 million. The bank’s first-quarter profits significantly undercut analysts’ projections of nearly $456 million. They were also down 79% year-over-year.