There’s no question that Binance is one of the most successful cryptocurrency exchanges in the world. And now, it looks like they’re taking their success a step further by becoming the largest holder of Bitcoin reserves. According to a recent report, Binance has accumulated over 190,000 BTC – more than any other exchange currently holds. This news is sure to excite investors and could mean big things for the future of Bitcoin and Binance alike. So what exactly does this development mean for the crypto community? Read on to find out.
What is Exchange Reserve?
The “exchange reserve” is a metric that measures the total quantity of Bitcoin currently stored in a centralized exchange’s wallets. When the value of this metric increases, it indicates that investors are currently depositing their coins on the exchange. A decrease, on the other hand, indicates that holders are currently withdrawing their BTC from that exchange.
As the market was troubled by negative sentiment, most other exchanges’ reserves decreased. Binance, on the other hand, has outperformed Coinbase Pro to take the lead in terms of Bitcoin reserves, with 584,083 BTC. Coinbase came in second with 533,048 Bitcoins, while Bitfinex, Gemini, and Kraken came in third, fourth, and fifth, respectively.
Binance: Outpacing Other Stakeholders
Binance remains to plot its course and solidify its position as the dominant player in the cryptocurrency industry, wielding enormous power. Its BNB token ranks fifth in terms of market capitalization, and its stablecoin ranks sixth. While most companies impose suspensions and payment limits on their users, Binance continues to implement cost-cutting measures rather than fee disbursements.
Indeed, Binance announced several weeks ago that it had over 2,000 open positions, with a desire for expansion and growth aggravated by the current bear market. At the same time that many companies or exchange platforms were suspending certain commercial agreements, Binance increased the number of partnerships. This was accomplished through a collaboration with Portuguese superstar Cristiano Ronaldo.
Coinbase: Fear of Dark Clouds
Coinbase and its CEO, Brian Armstrong, have expressed a number of hesitations. There were waves of layoffs, recruitment pauses, and even rumors of possible bankruptcy. Meanwhile, the North American exchange continues to receive negative press. Even recently, rumors resurfaced following Coinbase’s decision to suspend its affiliate program. Following that, the failures continued with the collapse of its NFT marketplace and the equity price drop of Coinbase on the stock mark.