Binance recorded an all-time high spot trading volume in Q3
October 19, 2020, 6:10AM EDT
1 min read
Crypto exchange Binance hit an all-time high spot trading volume in the third quarter of 2020, according to The Block Research.
The exchange grew its spot trading volume by nearly 110% to a whopping $306.6 billion in Q3 compared to $146.3 billion in the previous quarter. The growth suggests that more retail investors are flocking to Binance for trading cryptocurrencies.
Source: The Block Research, CryptoCompare
Binance's futures trading platform has also been growing consistently. In Q3, the exchange's futures volume crossed the $483 billion mark, rising 43.5% quarter-over-quarter.
In Q3, Binance also had its largest BNB burn in terms of dollar value. The exchange burned $68 million worth of its native token from circulation, a 12.4% increase from the previous quarter. Binance burns BNB based on its crypto-to-crypto trading volumes.
Historically, Binance's revenue has been mainly transactional, meaning that it has relied on spot trading volumes and fees charged. According to The Block Research, the exchange now also makes money from other core offerings, such as derivatives trading, lending, and peer-to-peer trading in China.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.
“It’s a global development.” On this episode of The Scoop, 10T Founder and CEO Dan Tapiero joined host Frank Chaparro to discuss his insights into the globalization of crypto markets and how his macro investing strategy has seen his fund 10T pour hundreds of millions into crypto unicorns. To date, Tapiero has already allocated the […]
The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]