CryptoCurrency

Binance CFO Says Firm is Open to Acquisitions, Remains Profitable

Cryptocurrency trade Binance remains to be worthwhile, regardless of the latest downturn within the digital property market.

That’s in accordance with the corporate’s Chief Financial Officer (CFO), Wei Zhou, who gave the information to US outlet CNBC on Thursday.

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“To date, even on this bear market, we nonetheless run a worthwhile enterprise,” the trade CFO instructed the American outlet.

Binance, which is the world’s largest cryptocurrency trade by buying and selling quantity, was in a position, by some estimations, to rake in near half a billion {dollars} in revenue final 12 months.

The trade doesn’t publicize its funds however, in July of final 12 months, Chief Executive Officer Changpeng Zhao mentioned Binance was aiming to make between $500 million to $1 billion in revenue over the course of 2018.

Binance open to acquisitions

Wei Zhou was introduced in by Binance to handle the cryptocurrency trade’s funds in September of final 12 months.

His appointment elicited some pleasure because the CFO has in depth expertise in each taking corporations to preliminary public choices and mergers and acquisitions.

Before becoming a member of the cryptocurrency trade, Wei Zhou labored on the acquisition of relationship software Grindr by Beijing Kunlun Tech. He additionally labored on the preliminary public choices of Zhaopin, a recruitment web site, and Charm Communications, a tv promoting firm.

For now, it appears unlikely that Binance goes to be listed on any inventory exchanges.

But Wei Zhao did say that the cryptocurrency trade is “at all times looking out for top of the range merchandise.”

 

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David

David is the founder of DebtDefined.com. The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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