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Binance Driving Close To Nasdaq In Profit, Outperforms Deutsche Bank

It is surprising to see that Binance Q1 2018 profits is greater than Deutsche Bank’s with the exchange driving very close to that of Nasdaq’s. This is telling the world that cryptocurrency has come to stay.

Above is the summation of Dovey Wan, the managing director of DanHua Capital (DHVC) and an early investor in Dfinity, ZCash, Cosmos, Kyber and Handshake.

The cryptocurrency investor on Twitter compared Binance to Deutsche Bank and Nasdaq, claiming Binance outperformed the bank in Q1.

The crypto enthusiast used pictures to depict her comparisons. Going by her post, Deutsche Bank made a profit of $146 million after considering their operation cost and 100,000 employees’ salaries.

She said:  “Binance now has like 300ish employees, NO headquarter, NO central campus, even the founders are constantly on the move intercontinentally. The friction of communication has to be tiny in order to get things done in such fashion which is unbelievable for traditional corp structure”

After she was condemned for comparing Binance with Deutsche Bank, she made another comparison:

“Someone said it’s unfair to compare Binance with Deutsche Bank (Exchange vs Bank) so I made this Now it’s apple to apple I suppose?”

In the image, she pointed that Binance is just 8 months, and has 200 employees, but made $200M at Q1 of 2018, comparing it to 47 years old Nasdaq with 4500 employees and $209M profit. She posited that Nasdaq’s 2018 Q1 profit was just $9M ahead of Binance.

Exchanges Accused Of Imbalance

Many a number of exchanges have been accused of demanding tip before they accept some cryptocurrencies be listed. While Binance was also accused of the same, there is no evidence to back it.

Meanwhile, cryptocurrency pundit, John McAfee, had earlier called for total boycott of HitBTC and other exchanges which he said were behind market manipulations and having exorbitant buy-in that is greater than the poor’s monthly income.

McAfee tweeted: “The crypto exchanges have become the thing that we have originally fought against. Their power is immense. HitBTC, for example, has increased suffering for millions of poor people who cannot afford the minimum buy-in since it is greater than their monthly income. Boycott them.”

Girl in a jacket

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Binance (BNB) Teams Up With Nexo (NEXO) To Kill Traditional Bank Loan

Nexo (NEXO) has made known it has teamed up with Binance (BNB) to disrupt the traditional bank loan system with its newest invention.

At the moment, Nexo now accepts Binance coin as collateral for minimum instant loans of $1,000, creating joy in the hearts of BNB lovers.

Nexo Twitted: “Nexo https://nexo.io now accepts @Binance Coin (BNB) as collateral for instant loans in addition to BTC, ETH & NEXO, a great utility feature for BNB, as holders can stake their coins & get an instant loan in USD, EUR & Tether. Min loan is $1,000 and max is $2M @cz_binance.”

Talking about the integration, Changpeng Zhao, Founder of Binance, said this is “a good example for integrating $BNB in your ecosystem. Many thanks!”

Nexo is an initiative of Credissimo, a firm that has over 10 years experience providing instant loans to millions of people across Europe.

The firm has been identifying and successfully solving inefficiencies on lending markets by creating innovative and convenient financing solutions. Nexo offers instant tax-efficient, trouble-free loan up to $2M per client.

Through its decision to leverage blockchain technology to solve the lack of financing for the new digital economy, Credissimo invented Nexo. At the moment, Credissimo has granted $120 million loans and collected $155 million cash.

Recently, Nexo announced it has integrated the Bancor Protocol to provide continuous liquidity for the trading of NEXO Tokens.

According to Nexo, “The Bancor Protocol utilizes a “connector” method which links tokens together using a formulaic price calculation mechanism, without the need of matching buyers and sellers.”

Through the idea, Nexo created a “relay token” that gives room for NEXO Token to be converted into any other token in the Bancor Network at a formulaically calculated price.

On the development, Nexo managing partner Georgi Shulev said: “Boosting liquidity is of the utmost importance for the NEXO token.”

“Adopting the Bancor Protocol accomplishes precisely that and will be welcomed by our clients who need the NEXO Token to lower the interest rates on their loans.”

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