Germany’s largest bank and one of Europe’s premier financial institutions posted a first-quarter profit of just 120 million Euros ($146m dollars) after a poor-performing quarter while the cryptocurrency exchange - only in its ninth month - is expected to exceed its $200m profit of the previous quarter.
CEO and founder of Binance, Zhao Changpeng in a statement on March 3rd explained how the future looked bright for the exchange:
“Binance is the world’s largest cryptocurrency exchange. In the first 3 months from inception, profits amounted to $7,500,000 USD. In the 2nd quarter, profits amounted to $200,000,000 USD. The 3rd quarter is still in progress, and is expected to have further growth. Any country that can attract Binance to open a branch in their location will receive a handsome tax income revenue.”
Binance’s profitability is particularly impressive if one compares the startup’s paltry 200 staff with Deutsche’s 100,000 international employees and will be seen by many as testament to the rising penetration of cryptocurrency into the mainstream.
Outlook for Binance
Recently shocking the crypto world with its decision to move to Malta, the news of late has not all been positive for the exchange - with American Venture capital firm Sequoia Capital announcing on April 26th, that they are suing Changpeng.
Claiming he failed to honour an agreement made in December, the VC firm’s Chinese subsidiary Sequoia Capital China allege that the CEO broke an exclusivity agreement by accepting capital from other firms during negotiations - allegations Binance have denied.