Deutsche Bank’s net profit results for this year’s first quarter are in and not surprisingly, Binance, one of the world’s largest cryptocurrency exchanges, has surpassed the German financial institution in its overall profit yield.
What is even more impressive is that while Deutsche Bank currently has on its roster more than 97,000 employees, Binance works at full capacity with under 200 people and has only been in operation for a little under a year — eight months to be exact.
Binance and the Global Economic Landscape
Within the first three months of its launch, Binance reported a profit turnaround of around $7.5 million, and after its impressive monetary showing, investors are extremely hopeful of what is to come in the future.
While talking about his company’s latest financial victory, Zhao Changpeng, CEO of Binance, had the following words for the press:
“We expect to incur even more economic growth (in coming months). Any country that can attract Binance to open a branch in their location will receive a handsome tax income revenue.”
Given the rate at which the crypto market has been growing, Binance’s move to relocate from Taiwan to Malta is what many people consider to have been the company’s financial masterstroke.
Additionally, it is no secret that the government of Malta is embracing the cryptocurrency industry with open arms and is providing startups of all sizes with a lot of monetary impetus — thus allowing Binance to capitalize on the influx of new money to the small European nation.
What’s In Store For Deutsche Bank?
Deutsche’s latest showing seems to serve as an indicator of what lays ahead for the global economic market.
With economies like Russia , South Korea and Estonia beginning to embrace cryptocurrencies, Christian Sewing, CEO of Deutsche Bank, stated that in order for her company to stay relevant in the market, they are looking to gradually wean away from “hedge fund investments” and focus more on stabilizing within the few areas where the bank is still dominant.
With a massive $800 million restructuring plan in the books, Sewing went on to add 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.”
The Crypto Industry Moving Forward
Considering that the virtual currency space is still in its infancy, one can only make guesses as to how an economic monster like Binance will continue to evolve in years to come. The fact that a company as young as Binance was able to outpace a major financial player like Deutsche Bank only goes to show the potential of the cryptocurrency market.
Cover Photo by Anders Jildén on Unsplash