Binance Makes USD 1bn in Total, CEO Confused About BNB Price
While major cryptocurrency exchange Binance made a total of USD 1 billion in profits, also thanks to the new revenue streams, the CEO of the company said he’s ‘confused’ about the price of their native token, Binance Coin (BNB).
In an attempt to increase the value of the coin, the company every quarter burns BNB worth of 20% of its quarterly profits. During the 9th burn, that happened today, Binance sent BNB 2,061,888 (c. USD 36.7 million) into an inaccessible address, thus showing that their profit in the third quarter jumped to more than USD 183 million and was almost the same as in the two first quarters combined. (Meanwhile, the number of BNB burned in Q3 is 26% higher than during the two previous burns combined.)
At pixel time (09:19 UTC), BNB trades at c. USD 18.4 and is up by 0.7% in the past 24 hours and by 5.7% in the past week.