The cryptocurrency exchange platform Binance in its recent article has mentioned that they can generate most of their revenues from revenues at the platform with the help of transaction fees of all their users. Along with at the CEO of Binance in a recent interview mentioned that the cryptocurrency screener platform CoinMarketCap is providing ad revenues of approximately $40 million to Binance.
The CEO of cryptocurrency exchange platform Binance Changpeng Zhao in his recent interview with TechCrunch mentioned these sources of revenue for the cryptocurrency platform Binance. This recent interview of Changpeng Zhao with the reports of TechCrunch has been published on YouTube.
What is the revenue model of Binance?
Changpeng Zhao CEO of Binance in his recent interview as mentioned that they have removed the ads from their Crypto screening platform coinmarketcap recently but soon there will be introducing these ads.
Changpeng Zhao also called the CZ in the crypto world further mentioned that from these ads they were already able to earn approximately $40 million per year. According to a recent report published by Bloomberg the cryptocurrency exchange platform Binance is estimated to have a total revenue of $20 billion by the end of 2021.
Cryptocurrency exchange platform Binance is considered to be one of the largest cryptocurrency exchange platforms in the world at this moment after the collapse of the cryptocurrency exchange platform FTX last month.
The CEO of Binance Changpeng Zhao is seen as having a crucial role in the collapse of the cryptocurrency exchange platform FTX. This has happened in a series of events as the currency exchange platform FTX has to file bankruptcy proceedings after a single tweet from Changpeng Zhao. In this process, the CEO of the cryptocurrency exchange platform Binance Changpeng Zhao refer to a report published by the news platform Coindesk in which form Binance was referring to the irregularities in the currency exchange platform FTX’s sister company Alameda research.
Pointing at the internal issues report and issues in the FTX group the Binance platform decided to sell out all of the cryptocurrency tokens issued by the FTX platforms with your called FTT tokens. Binance was having approximately $400 million worth of tokens with them and selling out these huge amounts of activity created a panic in the Crypto market and the FTX platform was flooded with withdrawal requests from their users.
In the series of withdrawal requests at the FTX platform for approximately 72 hours, the FTX group went through an operational crunch at FTX platform and this resulted in the collapse of the FTX platform.