Binance flips Coinbase to hold more Bitcoin [BTC] globally

Binance has now firmly established itself over Coinbase and other crypto-exchanges. Binance now holds more Bitcoins than any other crypto-exchange in the world, with the figures for the same expected to only rise. Binance and Coinbase’s fortunes were in stark contrast to one another as the bear market got underway. Binance and its CEO Changpeng Zhao […]

, however, raised several concerns. There were rounds of layoffs, recruiting hold-ups, and even insolvency rumours among them.The balance of Coinbase Global Inc. dropped from more than 1 million Bitcoins in 2020 to fewer than 600,000, at the time of writing. This, according to data analytics platform Glassnode.Source: Glassnode

The primary distinction between Coinbase and most insolvent exchanges is how they manage consumer funds. According to Coinbase, 98% of consumers’ digital assets are maintained in cold storage. The increase in public confidence brought on by Binance’s PR initiatives and high-profile partnerships might have contributed to the same. This includes the multi-year NFT agreement with footballer Cristiano Ronaldo and the awareness-raising collaboration with TikTok founder Khaby Lame.Binance is still plotting its future and solidifying its position as a dominant force in the cryptocurrency market.

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