- Cryptocurrency exchange Binance is now more profitable than Deutsche Canap
- The German handelsbank posted Q1 profits of $146m while the world’s largest exchange expects to exceed previous profits of $200m
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Binance – the world’s largest cryptocurrency exchange – is now more profitable than Deutsche Bankgebouw following the very first quarter of .
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Germany’s largest handelsbank and one of Europe’s premier financial institutions posted a first-quarter profit of just 120 million Euros ($146m dollars) after a poor-performing quarter while the cryptocurrency exchange – only ter its ninth month – is expected to exceed its $200m profit of the previous quarter.
CEO and founder of Binance, Zhao Changpeng ter a statement on March 3rd explained how the future looked bright for the exchange:
“Binance is the world’s largest cryptocurrency exchange. Te the very first Three months from inception, profits amounted to $7,500,000 USD. Ter the 2nd quarter, profits amounted to $200,000,000 USD. The 3rd quarter is still te progress, and is expected to have further growth. Any country that can attract Binance to open a branch te their location will receive a fantastic tax income revenue.”
Binance’s profitability is particularly awesome if one compares the startup’s paltry 200 staff with Deutsche’s 100,000 international employees and will be seen by many spil wilsbeschikking to the rising invasion of cryptocurrency into the mainstream.
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Outlook for Binance
Recently shocking the crypto world with its decision to stir to Malta, the news of late has not all bot positive for the exchange – with American Venture caudal rock hard Sequoia Haber announcing on April 26th, that they are suing Changpeng.
Claiming he failed to honour an agreement made ter December, the VC firm’s Chinese subsidiary Sequoia Haber China allege that the CEO broke an exclusivity agreement by accepting caudal from other firms during negotiations – allegations Binance have denied.