Binance has announced their 7th round of burning Binance Coins (BNB) for Q1 2019, and are burning 829,888 BNB tokens, approximately equivalent to $15.6 million. The exchange burns roughly 20% of its profits every quarter, having generated roughly $78 million of their profits this year.
Although Binance is burning fewer coins than they did last quarter, the fiat amount remains nearly the same, as the Binance Coin has improved greatly in value over the past 6 months or so.
Even more interesting, especially to those who support Binance and its coin, is that the company is up on profits by about 66% this quarter from the last one.
Binance Doing Phenomenally Well
Binance has had an exceptionally good start to 2019, with plans to launch the Binance DEX in April, as well as the launch of the Binance LaunchPad and the Binance Chain, the latter of which the Binance DEX runs on top of.
These developments could have contributed to the great rise in price for the Binance coin, which, as the official announcement notes, has drawn attention both for its performance and for its headstart compared to the rest of the market.
Ending on an optimistic note, as always, Binance CEO Changpeng Zhao said,
Overall, we are happy with our results for Q1 of 2019, and we continue to be extremely busy with building products for Q2. We have a full quarter of work ahead of us. We believe you will like the many things we deliver. I am optimistic as ever.