Binance has announced that they have invested an undisclosed amount in a Texas-based crypto-fund, Multicoin Capital. It marks the first-ever strategic investment by the crypto exchange giant of this kind. Binance also mentioned that they have previously worked with Multicoin Capital and are looking forward to exploring opportunities in the crypto-Blockchain world.
— Binance (@binance) March 2, 2021
Binance has continued to rule the markets by transaction volumes and remains the largest cryptocurrency exchange worldwide.
Nearly $700 Billion worth of Bitcoin transacted in February 2021, out of to $1 Trillion, was directly recorded on Binance. Binance is also invested significantly in technology, Binance Smart Chain(BSC) being the example. BSC helps to exchange digital assets built on different Blockchains with ease, hence improves interoperability.
Despite the long three years on the top of the charts from 2018, Bitcoin has sustained well. Its trading volume only for Bitcoin from the last 24 hours was $20,326,143,715, the highest.
Coinbase Ties Growing With Fortune 500 Companies??
After it’s the announcement of going public on NASDAQ, is grabbing attention because of some big crypto trades on its platform. Coinbase is the largest Exchanges based out of North America. A twitter user reported that as much as 12000 Bitcoin flowed out of Coinbase Reserves.
12,000 #Bitcoin was just transfered out of Coinbase, the exchange that has more than five Fortune 500 clients.
That's over half a billion dollars.
— Documenting Bitcoin 📄 (@DocumentingBTC) March 2, 2021
That is a huge single transfer, and since Coinbase has five Fortune 500 companies as clients, the user suspected that it could be a Big corporation that could be investing heavily. 12000 Bitcoin, valued at the market price of $48,000, is more than half a billion USD. Is this the start of another bullish cycle?? The question remains as the Bitcoin prices rise slowly.
The cryptocurrency exchanges like Binance and Coinbase have acquired customer bases and are generating decent revenue. As is the case with any business, they are looking to expand their operations and influence to capture most of the Crypto markets.