By owais ahmad
On Sep 12, 2020
Binance has completed its 9th quarterly burn of Binance Coin (BNB). The event witnessed the burn of a total of 2,061,888 BNB, worth more than $36 million. It represents 20% of Binance’s quarterly gains. The platform has experienced a growth of around 56% in its profit. Furthermore, the company has crossed one billion USD in revenue.
The leading cryptocurrency exchange, Binance, concluded its 9th quarterly burn of Binance coin. The event marks another success for the platform as it represented an overall gain of 20% of binance’s quarterly profits.
Over 2 million BNB was burnt, rounding to almost $36,700,000. Within a short period since its launch, Binance has surpassed one billion USD in revenue. The last burn that took place in July saw BNB worth about $23,838,000 million taken out of the supply. Over the past three months, Binance has witnessed a growth of about 56% in the firm’s profits.
During these three months, the network launched bitcoin futures trading, which has currently turned into a record-breaking feature for the platform. Besides this, it also introduced Binance staking for cryptocurrencies. Traders can stake the coins in return for an annualized interest rate, initiating a passive earning. In spite of an increased unpredictability in the prices of digital assets, binance sustains to make its profits.
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