During the first quarter of this year, Deutsche Bank, the country’s biggest bank and one of Europe’s leading financial institutions, made a profit of $146 million. On the other hand, the world’s largest cryptocurrency exchange, Binance, made a profit of $200 million.
Binance was able to outshine Germany’s biggest bank in terms of profitability. Founded 148 years ago, Binance a cryptocurrency startup that was non-existent about 8 months ago surpassed a major bank. An exchange with 200 employees, surpassed a banking leader with 100,000 employees.
According to the CEO at Binance, Changpeng Zhao, who is commonly known in the crypto space as CZ, stated 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.”
The transfer of Binance from Taiwan to the European country to Malta is a more significant move than Deutsche Bank permanently transferring its headquarters and operations from Germany to Malta. With the rapid development rate of Binance and the fast growing rate of the cryptocurrency market, it is quite clear that the government of Malta is highly motivated to adopt the cryptocurrency industry.
The new CEO appointed at Deutsche Bank, Christian Sewing note that the bank will shift from hedge fund investment and concentrate on steadying few strong areas of the bank. The bank aims to get more profits by the end of the year through its $800 million restructuring project and a considerable cut of employees.
Sewing noted that “Deutsche Bank is deeply rooted in Europe – here we want to provide our clients access to global financing and treasury solutions. This is what we will focus on more decisively.”