Binance CEO Releases End-of-Quarter Summary

Voyager
Voyager

Changpeng “CZ” Zhao, CEO of Binance, released his end-of-quarter review today, detailing the latest company updates, the upcoming Binance Coin (BNB) burn and his take on current market trends.

In the report, CZ notes that, despite a relatively flat market which was slightly lower in price compared to last quarter, Binance was “still able to pull in decent earnings.” While he does not disclose the total earnings for the quarter, we do know that the exchange expects to bring in more than $1 billion in profits in 2018.

The current state of the exchange seems to be strong, despite a recent compromise that caused Binance to reset all of its APIs and halt trading for a short period. According to CZ, the Binance team, which now stands at 260 strong, has implemented more than 200 upgrades in the last 90 days, and have a number of upcoming initiatives planned for release.

We also ramped up our other initiatives, including Binance Charity Foundation, Binance Info, Binance Research, Binance Academy, Binance fiat exchanges, SAFU and of course Binance Chain (DEX).

CZ also highlights the current progression of the exchange’s native token, BNB.

In this quarter, over 20 other exchanges have listed BNB, all without any input or request from Binance. This is a strong testimony to the value of BNB, and the saying “focus on creating value, and listing will come”.

Binance will reportedly burn 2,528,767 BNB (roughly $32,700,000) this quarter, up from 2,220,314 BNB last quarter (roughly $30,000,000 at the time).

The price of BNB has been relatively flat this quarter, moving from $11.83 in April to $13.79 today. BNB’s total market cap currently stands at $1.57 billion, making it the largest exchange token.

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More: Binance Q4 Recap

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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