Cryptocurrency Exchanges are a License to Print Money, Producing $3 Million Every DayApril 28, 2018
Cryptocurrency exchanges are a license to print currency – with the leading ten exchanges producing approximately $3 million every day in fees, according to Bloomberg. Some Indian tax authorities estimate the number is even higher, putting the total yearly income of the top ten is at least $6.25 billion per year.
Nauticus Exchange reviews some of the leading exchanges recommends revenue is growing substantially. Binance produces $7.5 million in fees in the first quarter after opening last 2017. But by March, it was producing over $40 million in fees per month – and that is with their existing 50% trading cost discount. Huobit has half the size but generates even higher income because of higher costs – approximately $54 million every month. Even Kucoin is generating $1.8 million each month.
That is before the profit they produce charging inflated fees to list new coins. According to the reports published by Business Insider, ICOs are charged between $50,000 to $1 million to list its new coins, depending on the fame and size of the exchange. Listing on Binance supposedly costs between $350,000 to $1 million.
The exchanges have also noticed the massive development of their home brand coins. In fact, KuCoin Shares that launched in September, raised by 2738 percent to its all-time high. Further, the Huobi token raised 64% to its peak in spite of launching in demanding market conditions during February. Nonetheless, the all-star performer is the Binance Coin that provides a 50% reduction in trading costs. It raised over 22,000% to its all-time high and is presently 12,000% up on launch. It is made everyone who capitalized in the Binance ICO rich.
Therefore, if launching a coin and exchange can make such huge returns, why isn’t everybody doing it? Well, it takes a lot of time, money and regular difficulties in launching an exchange. It is the main reason why there is just 170 worldwide taking advantage of this massive growth in crypto.
Nauticus Exchange, due to launch in the following three months will momentarily be one of them. The ICO exceeded its soft cap through the presale time so the exchange will surely proceed. The Nautical Coin believes to emulate the success of the wildly sought-after Binance Coin through adopting its 50% cost reduction strategy.
Along with six flat currencies and 100 cryptos, the Exchange strives to be the one-stop-shop – the only exchange users ever wanted. Over 230,000 users have already participated and signed up to the platform that is registered along with AUSTRAC, an Australian Government regulator.
All of the exchanges are held and only a few years old that often denotes it is hard to find financial data on management. The tenth biggest, HitBTC, doesn’t offer any information on who operates it or where the company is based, even as clients asked such questions on the forum of the exchange. EXX, WEX, and Bit-Z among the 20 largest by trading volume, are some of the others which don’t give those details either.