— Dovey Wan (@DoveyWan) August 30, 2018
Binance have recently revealed their profits for the first quarter of 2018 and the findings are very exciting indeed. Total profit for Binance in Q1 2018 stands at around $200 million, very significant right?
The interesting thing though, in the same time period, Nasdaq are reporting profits of just $209 million. A huge some obviously, but, this is hard evidence to suggest that cryptocurrency exchanges are now on a level with traditional stock exchanges, a wonder to truly behold.
As per the above tweet, we must consider this. Nasdaq is handling a profit of $209 million, with around 47 years of experience and an employee base of 4,500 people. Binance on the other hand has only been around since 2017 and employs just 200 people. Even so, they are handling profits that are rivalling the profits of well established stock exchanges like Nasdaq.
Of course, Binance won’t see Nasdaq as competition and generally, the two are operating in two different spaces therefore, comparisons are slightly relevant. With this in mind though, if nothing else, these figures proves that the demand for cryptocurrency is still on a rise, this really does help us quantify the rate at which the crypto industry is growing.
According to Crypto Globe:
“Despite the company’s success, Zhao has noted it doesn’t plan on competing with other leading cryptocurrency exchanges like Coinbase and Gemini for dominance in the United States. Instead, the company is working on other markets, with its Binance Uganda exchange – its first-ever fiat-to-crypto platform – being part of it.”
Binance aren’t competing with traditional exchanges, instead, they just want to progress their own business within the crypto community, in order to become a world leader and a renowned brand. By the looks of it, they are almost there too.