The ‘crypto winter’ feels like needing to run for its breeze with the release of Coinbase vs. Binance Bitcoin (BTC) balance. The cryptocurrency community begins to experience a cosy heat as Binance’s bitcoin balance eclipses that of other exchanges, including Coinbase.
The lead insights analyst of Blockware Solutions, Will Clemente’s latest insight highlights stark variances in current BTC holdings of Coinbase and Binance.
Binance.US announced zero-fee trading for 13 BTC spot trading pairs in June, helping to “generate positive user sentiment that will bring us new users,” says CEO Brian Shroder.
Binance recently also acquired regulatory approvals in Bahrain, Spain, France, Italy, and Dubai.
Binance recently struck deals with Cristiano Ronaldo and Khaby Lame, apart from boosting its PR strategy, ultimately cementing its brand appeal.
Coinbase, on the contrary, faces troubles rising and performance falling with each passing day. An allegation Coinbase faces is that it shared user data on “historical geo-tracking data” and transaction history with the US Immigration & Customs Enforcement (ICE). But Coinbase refutes these claims.
The new Coinbase application also saw falling download numbers, from 2 million to 900,000, between January and May 2022. With rumours surfacing about the affiliate program of Coinbase being terminated, the exchange met a lot of bad press. Then followed the fall of Coinbase’s NFT marketplace, as well.
Binance, on the flipside, continued to hire even amid a layoff environment embracing the Cryptoverse.
