Binance Q3 Recap
Every quarter, we burn 20% of our profits in BNB. We just burned 2,220,314 BNB (roughly $30,000,000 USD), making our quarterly profit $150m USD. In USD terms, it is a little less than last quarter. In BNB terms, it is more. This makes sense. The older Binancians have pretty much figured this out even before today. BTC price and trading volume (as a rough overall indicator of the industry) have decreased compared to last quarter. As an exchange, we collected less in commissions in fiat terms. But because BNB price was also lower during parts of the quarter, we collected more BNB. This is the designed effect for our token economics. When the price is lower, BNB will be burned more quickly.
BNB price held up pretty nicely throughout the quarter. Many people used BNB as the “stable/safety coin” during the bear market. This is very comforting to know and such a compliment. I will admit, it was not an easy quarter. So much has happened, it felt like 3 years. We worked hard in the face of adversity, and the team’s hard work paid off. As always, we were also very lucky to have much outside help.
M for Malta. I would like to say special thanks to Prime Minister Joseph Muscat for welcoming us to Malta and to Mr. Silvio Schembri for making it happen. I believe crypto prices would certainly be lower if it weren’t for these gentlemen (and others). To show our appreciation, many key players in the blockchain industry came together and are all committed to establish/invest in Malta. Let’s grow the blockchain island here in Malta. I also had the privilege of visiting a few other countries to discuss blockchain developments. We will continue our efforts in helping forward-thinking governments help us.
We released Binance Info, an information portal for coins and tokens. It’s not CMC, we aim to provide a different set of info. We feel information transparency is one of the most important aspects for investor protection. We may require Binance listed coins to publish weekly updates soon. Let us know if you love or hate this idea.
A couple separate announcements will come from Binance Labs soon, including introducing our new Head of Binance Labs, as well as the first investment we made this past week. Binance Labs will focus on investing in blockchain technology projects, especially infrastructure projects. Things that help the blockchain industry. Binance Labs is probably one of the few funds whose primary mission is not profit. What?! Well, stay tuned…
The Binance Dexathon coding competition is progressing well, there are 20+ teams working at the moment, plus our own internal team. We will share more progress as it happens.
We released our Mac client (the original M), and so far the responses are very favorable. We have also released a host of other features in our product groups. I won’t iterate through them all. This remains our top priority and core focus.
Although we still have much room to improve in our services, our helpdesk handled far more support requests during the bear market than the last bull one. This time, with much lower delays, and much higher overall satisfaction. We will continue to improve our ability in this area.
Lastly, I would like to thank our Angels and the community for their strong support. You guys have made this tough quarter much easier for us.