Binance sees a 'significant' rise in OTC volumes in April

Exchanges • April 17, 2019, 1:34PM EDT
UPDATED: April 17, 2019, 2:33PM EDT
The Block

Binance OTC volumes have risen significantly this month, according to its CFO Wei Zhao in a conversation with Decrypt.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

“Last month we saw a lot more volume than, say, three months ago. This was mainly due to the increase in price of Bitcoin and altcoins over the past few months. We’ve witnessed more trading activity—and demand,” Zhao told Decrypt.

Based on The Block’s calculations, Binance brought in a total of $78 million in profits in Q1 2019. In Q4 2018, Binance generated approximately $47 million in net profit meaning that profit in Q1 is up 66% quarter-on-quarter.

About Author

Ryan Todd is a research analyst at The Block where he focuses on the convergence of fintech and digital assets. Previously he worked at Deutsche Bank as an equity analyst covering consumer finance and payments companies, and also spent time at ConsenSys exploring the broader Ethereum ecosystem. Ryan holds a BS in Economics and Accounting/Finance from Florida State University, and MS Finance from Vanderbilt University.

More by Ryan Todd