This year 2018, in the 1st quarter, Deutsche Bank, the biggest bank in Germany and one of the most important financial institutions in Europe, recorded a benefit of 146 million dollars. Binance, the biggest cryptocurrency trading platform in the world, recorded a profit of 200 million dollars.
Binance vs Deutsche Bank
Binance exchange outperformed Germany’s biggest bank and one of Europe’s most important banks in gainfulness. The new cryptocurrency exchange that was non-existent only one year ago surpassed the main bank that was set up 148 years back. A startup with 200 workers outperformed a Deutsche Bank, large corporation with 100,000 employees.
Changpeng Zhao, Binance CEO or CZ which is the name he uses on his social media wrote on his LinkedIn on March 3:
“Binance is the world’s largest cryptocurrency exchange. In the first 3 months from inception, profits amounted to $7,500,000 USD. In the 2nd quarter, profits amounted to $200,000,000 USD. The 3rd quarter is still in progress and is expected to have further growth. Any country that can attract Binance to open a branch in their location will receive a handsome tax income revenue.”
For Malta, the migration of Binance from Taiwan to the European nation is a greater move than Deutsche Bank forever moving its base camp and activities from Germany to Malta. Given the exponential development rate of Binance and the fast development of the digital currency, the inspiration of the government of Malta in welcoming the cryptocurrency industry and new businesses inside it is very clear.
Christian Sewing, who was named as the new CEO at Deutsche Bank, expressed that the bank will move far from hedge stock investment venture and spotlight on settling on a couple of zones the bank is as yet predominant. With a $800 million rebuilding plan and an enormous number of workers, the bank expects to produce benefits before the finish of 2018.
“Deutsche Bank is deeply rooted in Europe – here we want to provide our clients access to global financing and treasury solutions. This is what we will focus on more decisively,” Sewing told Reuters.
The Future Of Cryptocurrency Industry
The overall market capitalization of the cryptocurrency is right now floating around $200 billion, which is not as much as the consolidated market tops of HSBC and JPMorgan. The digital currency showcase is still at its beginning time and considering that just bitcoin has been around from 2009 to 2015 until the launch of Ethereum and the tokenized environment, the cryptocurrency industry is extremely under five years of age.
The way that new businesses with around 200 staff have come to multi-billion dollar valuations and beat out biggest banks, for example, Deutsche Bank in productivity exhibit a solid long-haul advancement of the cryptocurrency concept and adoption.
If this interest and demand for cryptocurrencies can be maintained and institutional speculators keep on entering the crypto space, like Binance had the capacity to outperform Germany’s greatest bank in under 1 year, it is reasonable to think that cryptocurrency companies and organizations will assume control over the worldwide financial industry in the following decade.
The exponential development rate of the market demonstrates the likelihood of million-dollar bitcoin price forecasts by specialists like Tim Draper, Bobby Lee, To Lee, Peter Thiel, and others.
Forgot to mention the famous John McAfee who predicted that will eat his genitals on tv if bitcoin price does not reach 1 million dollars by 2020.