Binance: 0 to crypto-Unicorn in six months
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#fintwit #cryptocurrency #Crypto #startup #unicorn
1/What is it?
Binance is an exchange platform for trading cryptocurrencies...probably the biggest.
Founded in 2017, it raised $100-M through initial coin offering and $10-M in venture funding.
2/Business model
Trading fee per exchange begin at 0.1%. The trading fee drops if you are using BNB.
Average daily trading volume: 2-billion!
3/Growth
It reached a valuation of $1-B within 6-months.
In addition, Binance have their own tokens BNB which are valued at ~1B for the insiders.
4/Financials
Estimated $550 million in profits in 2019.
Binance is growing to other countries:
* partnered with Israel-based payment processor Simplex,
* acquired India's biggest Crypto Currency Exchange WazirX
5/Bottomline
Binance has a superior tech team led by CEO Changpeng Zhao, something money (or BNB) can't buy.
But there are challenges:
* Ryuk, a ransom-ware, thought of stealing $61 million
* Risks from future cryptocurrency regulations
* Corporate governance
6/ Sources
Irishtech bit.ly/3lin24d
Crunchbase crunchbase.com/organization/b…
Cointelegraph cointelegraph.com/news/cz-says-b….
Wikipedia en.wikipedia.org/wiki/Binance
forbes: forbes.com/sites/billybam…
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