If you weren’t already aware, Binance is now the world’s largest cryptocurrency exchange. They seemingly sprung up out of nowhere at the end of 2017 when the prices were booming. Many exchanges were forced to close registration to new users, allowing Binance to quickly gains popularity among users looking to start investing in cryptocurrency altcoins.
The Binance Coin Burn sees 20% of Binance’s profit used to buy back Binance Coin and eliminate it from the total supply. This lowering of supply makes the digital currency more valuable and other exchanges such as Switcheo have also implemented the technique into their own exchange.
Binance Made More Profit Than Twitter Q1 2018.
2.2 Million Binance Coin ($30 Million worth) was burned on 15th April 2018 meaning Binance’s Q1 profit must have been around $150 Million.
Twitter recently announced a Q1 2018 profit of $61 Million, $89 Million less than the 9 month old cryptocurrency exchange.
It has long been a point of discussion for speculators over the fact that Twitter doesn’t actually make any profit. The Social Media platform has been solely focused on providing value to it’s users, and has actually lost money every quarter up until Q4 of 2017 where it generated a $91 Million profit.
Binance has made more profit in the last quarter than the 11 year old social media platform has made since it was launched in 2006.
Why is Binance doing so well?
There are many contributing factors to Binances’s rapid rise to success. They leap frogged into the lead during the period of closed user registration on other exchanges such as Bittrex, and now there’s no slowing them down.
Even amid a court case which saw founder Changpeng Zhao almost sued, the company was still announcing new and exciting developments for now and the near future.
They are the first cryptocurrency exchange to allow users to convert dust to BNB. They also recently announced the development of a new decentralized cryptocurrency exchange which will run on their own custom built blockchain called Binance chain.
They are actively listening to what the users want and giving it to them, as well as providing new innovative solutions to help the cryptocurrency market as a whole grow.
We’re so excited for Binance and the Binance coin that we included it in our round up of the 3 best cryptocurrencies to invest in 2018.