Binance has only been around for 9 months but is already more profitable than Germany’s biggest bank

Deutsche Bank is Germany’s biggest bank. It’s considered to be one of Europe’s leading financial institutions. For the first quarter of this year, the bank recorded a profit of $146 million.

This can be compared to Binance, the world’s largest crypto exchange, whose profit was $200 million, reports CCN.

“In the first 3 months from inception, profits amounted to $7.500.000 USD. In the 2nd quarter, profits amounted to $200.000.000 USD. The 3rd quarter is still in progress, and is expected to have further growth”, Changpeng Zhao, the CEO at Binance, wrote on March 3.

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Still a startup

What may even be more remarkable is that Binance still is considered a startup, with its 200 employees. Actually, the crypto exchange has only been around since last summer, which is just nine months.

This is comparable to Deutsche Bank, which was founded 148 years ago and has 100,000 employees, writes CCN.

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