Binance uncomplicated growth story continues on the back of 66% increase in quarterly profits

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Company Overview

Binance started in Jul 2017 and is an exchange platform for crypto to crypto transactions. It is one of the largest exchanges by trading volume, serving over 450 token pairs for trading.

The exchange boasts a matching engine that can perform 1.4m transactions per second  (TPS)  and  is  known  for  its  high  liquidity.  Behind  the  platform  is  a professional team of 800+ employees with an influential CEO Zhao Changpeng at its helm.

Updates from the previous report (Jan 2019)

Picolo Research has updated our valuation on Binance taking into account the firm’s last quarter developments and current market conditions. Having seen a significant rise in BNB price since Jan 2019, our analysts revisited the valuation and highlighted several changes from the previous report.

Valuation

Picolo adjusted several parameters and adopted the sum of the parts valuation to  reflect  Binance  additional  service  offerings.  We  adopted  a  three-prong approach to the fundamental valuation of BNB to determine the intrinsic value of the token. The three parameters include:

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