Analysis: Binance brought in $446 million in profits in 2018 despite the bear market

Quick Take

  • 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. To be […]

This report is for Research Members

Join The Block Research for exclusive research like this

Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem.

Learn More Already a Research Member? Sign In

Related Reading