Binance chief financial officer (CFO) Wei Zhou is in our blockchain news today after announcing that the crypto exchange Binance which is the largest on by daily trading volume is still profitable despite the bear market.
Despite the fact that bitcoin is still trading $4,000 for more than eight weeks and it’s trading 82 percent lower than its highest point of $20,000. Zhou pointed out that the profitability of the exchange is not fully dependent on the wider market picture. Zhou became a member of Binance in 2018 after he worked as a CFO for the Chinese jobs site Zhaopin and TV ads company Charm Communications.
He also pointed out that Binance doesn’t have plans in the near future to seek its own initial public offering. The number one exchange doesn’t provide with financial figures information in the public yet but certain hints show that the business is blooming.
Binance CEO Chengpeng Zhao has said before that the company was not really concerned about the bear market because the trading volumes remain far above than those two years ago. He also disclosed that the revenue of the exchange for Q1 of 2018 had reached roughly $300 million despite the bearish market valuations.
Other companies in the sector are feeling the pressure after Binance’s CFO interview. For example, an analyst from JPMorgan Chase pointed out that the bear market had a massive impact on the prospective institutional investor interest. Other players in the industry are also weathering the market slump better after the bear market fueled the growth of multiple cryptocurrency creditors.
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