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Despite the decline in the cryptocurrency market, Binance is on track to earn up to $ 1 billion in the year. Binance Coin (BNB) is also seeing encouraging returns.
Needless to say, 2018 has so far been a difficult year for the cryptocurrency market. His most popular cryptocurrency, Bitcoin (BTC) it has lost about 70 percent of its value since January, while the total market capitalization currently stands at $ 278 billion, down more than 66% from its 2018 peak of $ 828.5 billion.
In a recent interview with BloombergThe managing director of Binance, Changpeng Zhao, said that the exchange of cryptocurrencies is on track to make a net profit of at least $ 1 billion by the end of the year.
Big money for Binance
Zhao pointed out that Binance has already made about $ 300 million in the first two quarters of 2018 according to its owner. Things continue to be optimistic for the second half of 2018, with a net profit for the foreseen year of between $ 500 million and $ 1 billion in total.
Binance is one of the largest cryptocurrant exchanges in the world exchanging volumes, continuing to jockey with OKEx for first place.
These huge profits are exemplary of the fact that cryptocurrency trade is flourishing despite hostile market conditions. Add to this the fact that Binance has been operating for about a year, having raised $ 15 million through its initial offer of coins (ICO) in July 2017.
A really good year
Binance has certainly been busy recently. In March of this year, the company moved to Malta, receiving a warm welcome from Prime Minister Joseph Muscat. Its international expansion does not stop there, however, as they recently announced its plans for the launch of an encrypted exchange in Uganda.
In addition, last month, Binance announced that it is launching a $ 1 billion fund for startups in the blockchain and cryptocurrency technologies. It is also actively encouraging and helping the community. A clear example is the recent investment in a Malta-based eSports blockchain company.
The road has not been without its submerged stones, however. Only a few days ago, Binance temporarily suspended trade due to irregular business activities that mistakenly allowed Syscoin to trade for 96 bitcoins. The exchange was more than sudden, however, overturning things and introducing SAFU – the Secure Investment Fund for Users – under which 10% of all trading fees will be filed in order to cover losses in unforeseen situations and extreme.
Impressive BNB performance
Binance's internal cryptocurrency, BNB, has also been a great success. In what has been a surprise for many, BNB is one of the few cryptocurrencies that is actually growing substantially against the relative value of Bitcoin.
It is worth noting that BNB is currently comfortably seated as one of the 20 major cryptocurrencies, occupying 17th position. At the time of writing, BNB traded at $ 14.14, marking an increase of almost 5% in the last 24 hours.
Do you think Binance will continue his profitable race? What about BNB? Let us know in the comments below!
Images courtesy of Shutterstock, CoinMarketCap
