Binance Is The Fastest Growing And Most Profitable In History (Article and Video)

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Binance Is The Fastest Growing And Most Profitable In History

Binance is the fastest growing and most profitable in history

Digital Alchemy Holdings' blog on Medium drew attention to the cryptocurrency exchange Binance. Although the company is rarely mentioned by influential media or analysts, the author of the publication, Sun Ang, believes it is the most successful unicorn startup in history.

The main evidence of this: Binance achieved an estimate approaching two billion dollars in just six months and at the same time is working "in plus". We also recommend reading Non-obvious facts about Ripple.

The LiveBitCoinNews portal included Binance in the top 3 leading bitcoin exchanges, and according to the published schedule, it took just 143 days to achieve this result after launch. Also, Binance founder and CEO Changpeng Zao claim that his company has already entered the second position and is second only to Bitfinex.

Eng draws attention to the list of the 20 fastest-growing American unicorns - private enterprises, whose market capitalization exceeds $ 1 billion. According to him, none of the companies on the list are still profitable. Simultaneously, several "nine-digit" ICOs have already taken place in the world of cryptocurrencies for projects that also have billions of dollars in trading turnover and impressive capitalization. However, they don't have a clear product or public reporting of earnings. Still, the author believes that Binance's profitability is not in question, as their business model is easy to understand. The company is fighting for the simplest and most customer-oriented service status while earning commissions on every transaction.

How can Binance's results be judged? According to their competitor - the first official Bitcoin unicorn, the Coinbase exchange. In August, she received $ 100 million from private investors with an estimate of $ 1.6 billion. However, Eng notes that it is not entirely correct to compare the two services. He assures that Binance has overtaken Coinbase in terms of volume of operations, primarily due to its work in the Asian market (China / Japan), where up to 40% of world bitcoins are traded. Binance is also well positioned to become the leading player that will shape the ecosystem around cryptocurrency trading.

Comparing Binance and Coinbase, Eng also claims a more "real" capitalization of the former. Binance has tokens (BNB) that are traded 24/7. The exchange has 99 million publicly issued "coins", each of which is now valued at $ 8 - this amount alone gives a free-float capitalization of $ 800 + million. This week, BNB reached the $ 10 mark, which raised the figure to $ 1 billion. Simultaneously, the total number of tokens, including the shares of founders, insiders, and early investors, reaches 199 million, which brings the value of BNB closer to $ 2 billion. Binance also has third-party businesses that this estimate does not reflect.

BNB has been growing lately in line with the rise in buying interest and transaction volume.

And so, according to Ang, Binance should go down as the fastest profitable unicorn in history, reaching $ 2 + billion in capitalization in less than six months unless we're overlooking some other company.

The success of Binance, according to Ang, is based not only on the aggressive growth of the entire cryptocurrency market but became the merit of the founder of the platform Zao Changpeng, who was helped by his own diverse experience. The founder of the exchange has worked both on Wall Street and in Chinese bitcoin startups. However, this is a topic for a separate story.

Article and video on the topic: Binance Is The Fastest Growing And Most Profitable In History.

Author: Jonathan Burroughs