Binance overtakes Coinbase in bitcoin holdings
Credits: Republic World

Binance dethrones Coinbase as the exchange to hold the greatest number of bitcoins

The race between Coinbase and Binance.

In the crypto sphere, the two-front running crypto currency exchanges that have consistently succeeded in captivating the market and have dominated without any mercy are Binance and Coinbase. The later was founded in 2012 while Binance begin its operations from 2017.

Both the crypto currency exchanges have been tussling hard to gain and capture as many crypto investors as possible and are in the race to be named as the world’s largest crypto currency exchange.

Of late, it is noted that Binance is having an upper hand on Coinbase. The crypto exchange which was formed 5 years after Coinbase, has certainly gained a lot of popularity in the current market conditions for many reasons.

Binance’s growth!

Binance, happens to be one those companies which actually didn’t take any drastic steps to counter the market conditions. In fact, the company started hiring more work personnel predicting that there will be a surge in investors and trading activities once the market is revived.

Binance also started spreading its wings across continents. It first received full regulatory approval in Dubai in March, then in Bahrain, France and Italy in May, and went on to achieve license in Spain in July.

The Public Relations team of the crypto exchange is also working and sweating hard, which has actually helped the company to gain a lot of popularity under current circumstances. The multi-year NFT deal with Cristiano Ronaldo was among of the PR’s approach to make the company more visible on global front.

Coinbase’s downside!

In contrast, it is noted that Coinbase which is older than Binance has been seeing a negative trend in the market lately. The laying of work force to counter the market situations, claims that the company sent transaction history and “historical geo-tracking data” about its users to Immigration and Customs Enforcement (ICE) in the United States also added fuel to the fire which was already burning down the company.

Binance beats Coinbase in Bitcoin Holding capacity across the globe.

Binance tops in Bitcoin race
Credits: CoinDesk

According to the reports, it is known that, Binance has won the battle against Coinbase, overtaking Coinbase in terms of holding the greatest number of Bitcoins. It is a common behavior by an investor to move towards a crypto exchange which is more successful than the other.

As a result of the downfall of Coinbase and as a result of the growth of Binance, the investors have moved on to Binance, helping the cryptocurrency exchange to dethrone Coinbase as the exchange which held the greatest number of bitcoins.