Binance confirmed that it surpassed Coinbase and other exchanges in the market. In addition to its constant growth, it is now the entity that holds the most Bitcoins in the world.
The wealth of Binance and Coinbase was in stark contrast to each other as the comprehensive market reigned in the financial world. Binance and its CEO Changpeng Zhao were highlighted in the crypto press due to a display of solidity and continued hiring.
Coinbase and its CEO Brian Armstrong, on the other hand, generated plenty of concerns. These concerns included waves of layoffs, pauses in recruitment, and even gossip about the possibility of bankruptcy status.
Binance now deals with an unchallenged Supremacy
Binance continues to pave its way and further set up itself as the most prominent player in the crypto environment worldwide. The entity is currently generating a wave filled with significant influence. Its BNB token ranks 5th regarding market cap, and its stablecoin ranks 6th.
While most entities are staggering suspensions and payment limits on their users, Binance continues to execute protocols that present more cost savings than fee disbursements.
Indeed, Binance highlighted many weeks ago that more than 2,000 jobs were waiting for workers at the entity. The company said they desire people with a strong desire for growth and expansion intensified by the current market.
At the same time, while several entities or exchange networks stopped certain commercial agreements, Binance increased its partnerships. This increase happened through a partnership with the Portuguese star Cristiano Ronaldo. Ronaldo currently has the most followed Instagram account worldwide, registering a sum of more than 400 million users.
Finally, as a first step to commemorate its 5th anniversary, the exchange has decided to make free transaction fees on Bitcoin and to keep this improvement afterward.
Coinbase Still Faces Some Problems
On the other hand, the North American exchange is still receiving awful critics. Even recently, rumors reappeared after Coinbase decided to stop its affiliate program. Subsequently, the failures kept appearing along with the Crashdown of its NFT marketplace and the decline of Coinbase stock on the stock market.
While the Coinbase exchange was the network housing the most BTC since 2014, the dynamic has completely changed since 2021. Previously, Coinbase and Binance were in parallel regarding their holdings in BTC. However, since 2021, Binance has observed how its bitcoin holdings increase while Coinbase has done the opposite. The phenomenon took effect on Monday, July 18.
Now, the transfer of power seems to have materialized, and it is hard to see how Coinbase could reclaim its supremacy. While Binance keeps extending its tentacles, Coinbase could even get left behind by other entities like FTX, which is also experiencing growth in the current market.
Binance and Coinbase marked a precedent in the crypto industry by becoming the entities with the most prominent amount of Bitcoins worldwide. But a newly crowned king appears; Binance has just won the contest and is now the most popular exchange in the entire globe.
By: Jenson Nuñez.
