Binance profits surpass Deutsche Bank, near Nasdaq

The Q1 results for cryptocurrency exchange Binance have made for impressive reading…

by Manoj Sharma for CNR

Cryptocurrency exchange Binance has announced its profits for Q1 of 2018 – and they’ve surpassed those of Deutsche Bank.

Deutsche Bank, one of Europe’s foremost financial institutions for 148 years, pulled in a sizeable profit of $146 million in the first quarter of 2018. Against that, Binance, which was founded last year, pulled in $200 million after fulfilling its operational cost and giving salary to over 200 employees. It thus topped Deutsche Bank’s profits by 35%.

Dovey Wan, the managing director of DanHua Capital and a crypto investor, took to Twitter on Thursday to provide an insight into the crypto industry, noting that Binance first quarter’s profit is even getting close to that of Nasdaq’s. Wan also posted an image with a side-by-side comparison of Binance and Deutsche Bank to back the seemingly outrageous claim.

On the same day, Binance CEO, Changpeng Zhao claimed on Twitter that Binance’s run will be an important one. He deleted his original Tweet later, instead posting the following…

The post sparked interest in the community, with many saying there is nothing wrong with being bullish and that Binance has a great future ahead.

It should be noted that, CZ predicted last year that the firm will pull around $1 billion in profits in 2018. And Binance today supports more than 10 million users, generating over $1.5 billion in trade volume daily. Results later this year will be watched with equal interest…