Binance, the world’s largest cryptocurrency exchange by volume, has just crossed the $1 billion cumulative profit mark, The Block reports.
The exchange, according to a blog post by CEO Changpeng “CZ” Zhao, had just completed its ninth quarterly burn of its native Binance Coin (BNB). Binance burned roughly $37 million worth of BNB for the third quarter, which, The Block says, represents over $180 million in profit:
Binance burns BNB tokens worth 20% of its profits every quarter. Since it burned $36.7 million worth of tokens in Q3, we can deduce that it made approximately $183.5 million in profit in Q3 alone.
The blockchain news site didn’t stop there, though:
Binance burns 20% of profits every quarter until 100 million BNB is burned. So far, in the last 9 quarters, Binance burned 14.5 million BNB, which means it still has to burn 85.5 million. pic.twitter.com/2iGtPxLyRf
— Larry Cermak (@lawmaster) October 17, 2019
That’s right, while its competitors shelve IPOs and whatnot due to lower trading volumes, Binance seems to have crossed the $1 billion cumulative profit mark.
CZ didn’t confirm the number on Twitter, though he did ask something about it:
This is interesting. What kind of “corn” should that be? https://t.co/dHfDis7oNU
— CZ Binance (@cz_binance) October 17, 2019
Photo: Marco Verch Professional Photographer and Speaker / Creative Commons 2.0 license