U.S. exchange Coinbase had held the most Bitcoin since 2014.
Belief in Binance
Binance has overtaken Coinbase as the exchange holding the most Bitcoin, according to a July 18 tweet by Blockware Solution lead analyst Will Celemente.
Coinbase, the largest U.S. crypto exchange, and Binance, the largest exchange in the world, are the top choices for holders of Bitcoin ($BTC).
Coinbase had been home to the most Bitcoin holdings since 2014. Binance has only been in existence for five years. The BTC exchange “flippening” must be considered an important achievement for Binance, reflecting investors’ confidence to invest their assets on the exchange compared to its rivals.
During the bull market run in 2021 and into the bear in 2022, Binance’s Bitcoin holdings rose steadily at the expense of Coinbase, which has exhibited poor business performance.
Coinbase reported a loss of $430 million in Q1 of 2022. COIN stock price has declined steadily since its listing on Nasdaq in April 2021. Currently, the stock is down more than 80% from its all-time high.
In May, Coinbase was surpassed by FTX in terms of BTC Trade Volume (with Binance having double the volume of those two exchange’s combined).
Recently, Coinbase announced the decision to lay off up to 1,100 employees. Coinbase’s new downloads on Google Play and the App Store fell 55% in the first five months of 2022, from 2 million to 900,000.
On the other hand, Binance has demonstrated continued strength to the community, partly through the announcement of high-profile partnerships. For example, last month saw a long-term NFT contract with soccer star Cristiano Ronaldo and a collaboration with famous TikToker Khaby Lame.
Punctuating Binance’s 18-month run on Coinbase’s market share of Bitcoin, Binance.US launched a free Bitcoin spot trading program in late June to attract new users. Binance is also approved to operate in Abu Dhabi, Bahrain, Canada, Dubai, France, Italy, and Spain.
In addition, Binance CEO Changpeng Zhso (CZ) revealed that Binance.US is considering an IPO route. While many struggling crypto organizations are laying off workers, Binance is one of the few that is still ramping up hiring and preparing for multiple acquisitions.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
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