Binance to Earn $78M in Q1 2019, The Block Reports

Binance does not publicly disclose its financial statements, however, the company's profits can be calculated based on the number of burned BNB tokens
17 April 2019   274

According to calculations by The Block researchers, the profit of the Binance Bitcoin Exchange in the first quarter of 2019 was $ 78 million.

At the same time, in the IV quarter, the popular marketplace earned $ 47 million. Thus, in the first quarter, profit growth was 66%.

Binance Profit Acc. to The Block
Binance Profit Acc. to The Block

According to analysts, Binance does not publicly disclose its financial statements. However, they argue, the company's profits can be calculated based on the number of BNB tokens burned by the company. For example, today the marketplace conducted the seventh token burning procedure. During its course, 830,000 BNBs were burned, representing 20% ​​of the profits in the first quarter.

In total, according to the results of these procedures, Binance destroyed 11.6 million BNB tokens. Thus, noted by The Block, for seven quarters the marketplace received $ 733 million profit.

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   158

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.