Major cryptocurrency exchange Binance reported $78 million in profits in Q1 2019, up 66% compared to the previous quarter, cryptocurrency news outlet The Block reports on April 16.
The claims have been extrapolated by The Block from Binance’s seventh quarterly binance coin (BNB) burn data. Per the report, the 830,000 BNB burned represent 20% of the exchange’s net profits in the first quarter of this year.
The Block notes that this allows for easy deduction of the company’s profits, even though Binance does not release financial reports. The report also notes that in Q4 of last year, the company received about $47 million in net profit.
Binance Coin is currently the seventh-biggest cryptocurrency by market cap, according to CoinMarketCap data, and reported a loss of nearly one and a half of a percent on the day to press time. According to a post on Binance’s blog, the company has burned 5.82% of the total BNB supply so far.
Recently, a Binance researcher suggested that bitcoin (BTC) and altcoin prices could have already hit their lowest point.