- In 2018, despite the bear market, the exchange delivered $446 million in profits; less than the CEO’s projections
- Profits declined sharply in the second half of 2018 as a result of declining trading volume and larger investments in infrastructure
- Coinbase likely had smaller profits despite projecting $456 million in October
Binance CEO Changpeng ‘CZ’ Zhao told Bloomberg in early July that he expected the exchange’s net profit to be between $500 million and $1 billion in 2018. However, based on The Block’s calculations the firm was a bit shy of hitting the low-end of CZ’s prediction, bringing in a total of $446 million.
Enter The Block Genesis
Information your competitors wish they had.
The Block Genesis consists of our most in-depth, timely and impactful pieces, giving you an informational edge over the entire financial and technology industry. Our team of researchers, data analysts and journalists uncover the stories, insights and data that the mainstream media doesn’t understand and that remains undiscovered and buried amid the noise of social media.
- In-depth project, protocol, personal and company reports
- Crypto commentary by leading experts to review the week’s key happenings
- Access to a unique community conversation, led by The Block team, which is better than Crypto Twitter, Telegram or Slack
- No trolls and less noise than Crypto Twitter
- Less groupthink than your Telegram or Slack
- Special events and deals involving crypto’s best products and people