Binance Vs. Deutsche Bank
Binance surpassed Germany’s largest and one of Europe’s biggest banks in profitability. Binance, a cryptocurrency startup that was non-existent merely 8 months ago beat out a leading bank that was established 148 years ago. A startup with 200 employees beat out a banking giant with 100,000 employees.
Changpeng Zhao, the CEO at Binance, who is better known to the cryptocurrency space as CZ, wrote 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 relocation of Binance from Taiwan to the European country is a bigger move than Deutsche Bank permanently relocating its headquarters and operations from Germany to Malta. Given the exponential growth rate of Binance and the rapid movement of the cryptocurrency market, the motivation of the government of Malta in embracing the cryptocurrency industry and startups within it is quite evident.
Christian Sewing, who was appointed as the new CEO at Deutsche Bank, stated that the bank will move away from hedge fund investment and focus on stabilizing on a few areas the bank where the bank is still dominant. With an $800 million restructuring plan and a massive cut of employees, the bank aims to generate profits by the end of 2018…