The latest headlines on our DC Forecasts crypto news site show the giant Binance with a new record-breaking Bitcoin transaction in one day. In times when the volume of BTC is a key metric across all exchanges and brokers for crypto investors tracking the latest movements, Square and Binance are some kind of rivals.
While Square is on the hook with the SEC to keep their numbers straight, Binance is on the same path – but is also the most trusted crypto exchange among digital asset investors despite its light financial regulations in Malta, where it is incorporated.
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The latest news show that Square’s Q4 payments processed over the network surpassed over $50 million in BTC purchases, putting Square’s yearly total at $166 million for 2018. On the other hand, Binance processes such numbers in one day. For example, crypto reports from analytics firm Chain Open Research showed that the total trading volume from November 15th to December 15th 2018 for Binance was around $20 billion.
In fact, Binance made so much money last year that its CEO, Changpeng Zhao, permanently destroyed $446 million worth of his own cryptocurrency, Binance Coin, in a way to evenly transfer all that value to the holders of the remaining BNB Coin.
However, at the end of the day, we can conclude the following:
Binance is used for saving, investing and day-trading cryptocurrency – while Square is only used to make payments.
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