Someone on Twitter asked me why I was concerned about whether Binance earns or loses money. Well, that’s because my money is in Binance. When a company goes bankrupt, the investors or customers will be forced to pay the debt for them. Look no further than 3AC, Voyager et al. While I believe that Binance is a strong company, the truth is there’s no such thing as too big to fail in the crypto space. We can’t look at the cash flow/ financial report of Binance because it is a private company.
According to data pulled from Coingecko, we can roughly calculate the revenue of Binance to be $5.5 billion in 2020 and $20 billion in 2021; that’s what the bull market is about, exponential growth! Despite the healthy growth of Binance, the company is susceptible to crypto rugpull as it invest a lot in start-up crypto projects. Binance lost $1.6 billion because of LUNA rug pull. The good thing is the CEO CZ kinda shrugs it off as the initial investment is only $3 million.
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