Binance Q3 profits surge after successful ninth coin burn

Binance Q3 profits surge after successful ninth coin burn

Binance Q3 profits have surged to one hundred eighty-six million dollars ($186M), which is a significant increase of fifty-six percent (56%) over the previous quarter. All in all, Binance has made upwards of one billion dollars ($1B) ever since it started operations two years ago.

If rising profits are to be believed, Binance seems to have diversified its revenue stream to tap into more opportunities. After a tad disappointing week in the crypto realm, Binance Q3 profits have lit up the otherwise dim environment. Having completed a successful coin burn quarter, it looks to soldier on ahead. The leading exchange is soldiering on regardless and has just completed another coin burn.

Two million BNB burns resulted in high Binance Q3 profits

Binance, the world’s leading crypto exchange, reported that it burnt more than two million BNB in the past quarter. BNB token is based on Binance exchange, and its performance represents the success of the exchange itself. It has delivered excellent performance this year despite a forty percent (40%) fall in value from forty dollars ($40) to fifteen dollars ($15).

The coin burn signifies a decrease in coin supply and thus represents a stable next few weeks. The current amount at one hundred and eighty-five million coins (185M) can be termed stable. As per the company’s plans, it will burn a set number of coins every quarter in proportion to the trading volume on the exchange. It will continue such operation until fifty percent (50%) of the coin supply remains in circulation. Technically, they plan to burn one hundred million (100M) BNB to achieve this aim.

Ninth BNB coin burn delivered substantial returns

This coin burn, ninth in the series, has delivered substantially higher returns. It is the second-highest quarterly profits reported by the company ever. These are surprising numbers considering the current crypto market conditions. Spot volume on Binance is meager since the market is quite muted in terms of the transaction.

However, the Binance coin has not shown any abrupt movement in response to the news. Its daily volume stands at two thirty-seven million dollars ($237M) with a market capitalization of almost three billion dollars ($3B).

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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