In the first quarter of 2018, one of the leading financial institutions in the world and the biggest bank in Germany – Deutsche Bank, recorded $146 million as profit. Whereas, the biggest cryptocurrency exchange in the world – Binance recorded $200 million as profit.
The Fascinating Growth of Binance
Binance is a crypto startup that only begun operations less than 12 months ago making more profit that a financial institution that has been in existence for 148 years is amazing. It is even more incredible when you compare the number of employees at Binance (200) against that of the banking giant (100,000).
The Opinion of Changpeng Zhao – the CEO of Binance
Mr. Zhao said: “Binance is the biggest digital currency exchange in the world. In the first three months after they started operations, they recorded a profit of $7.5 million. In the next three months, they recorded a profit of $200 million, and the third quarter is in progress. Further growth is expected at the end of the third quarter.”
Deutsche Bank CEO – Christian Sewing’s Comment
Mr. Sewing – the newly appointed CEO of Deutsche Bank, said that the bank will divert from hedge fund investment and focus more on the dominant areas of the bank. He said they are aiming at making more profits by the end of this year with an enormous cut of employees and restructuring plan worth $800,000,000.
They have already started laying off employees, relieving 400 US-based staffs of their duties this week. The bank plans to lay off over 1,000 employees. Mr. Sewing said the bank wants to focus on providing their customers with treasury and global financing solutions.
Binance did not do anything that Deutsche Bank did not have the ability, resource, or power to do. But the bank needs innovative minds like Changpeng Zhao, and also give them enough support and room in order to succeed.