Binance profits poised to soar in 2018

July 12, 2018
Chris Wheal

According to a new report, crypto-to-crypto exchange Binance could make more than $500m in profits for 2018 – and possibly substantially more. The Market Mogul says Binance, which rakes in $1.5bn of trades a day despite being founded just last year, is poised to reap the benefits of its super-rapid expansion. 

However Binance critics point out that its market position has devalued the ethos of crypto currencies because centralised exchanges profit from a cut of every trade. The Market Mogul claims the number of people using Binance has soared at least 500% in the last year, from two million to 10m. 

Meanwhile Bloomberg reports says Binance is looking hard at Malta as the home of its future Founders Bank “and that it has invested in a 5% stake alongside other anchor investors at a $133m euro ($155m) pre-money valuation,” according to an emailed comment sent to the media operator.

Malta is proving a magnet for cryptocurrency players – and international investment

The Founders Bank would run on blockchain tech and be the first decentralized and community-owned bank in the world, Bloomberg claims, subject to permissions. 

Malta has made considerable inroads into attracting crypto and blockchain business, bringing in at least $200m in direct crypto investment in recent months – according to Binance CEO Changpeng Zhao. 

In a new Soso Lab interview published today Zhao said Malta was forcing other countries to copy it “for which we want to thank them”. He also added that he was not interested in futures trading.

“With increasing freedom, we will help many, many people’s lives. If you look at human history, every time a freedom is increased, there is massive impact on people’s lives.”  He cited freedom of slavery, freedom of press plus freedom of speech and information.

“Now we’re missing freedom of money. With money freer, we’re going to see economic events not possible before.”

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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