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We all want to become a billionaire someday. And investing in businesses is one of the easiest and quickest way of becoming one.
However, Other than mining of Bitcoin and selling of Bitcoin, another way of becoming rich through CryptoCurrency is by running a CryptoCurrency exchange.
According to reliable source, Coinbase is reported to have made over $1 billion last year, and Binance is on course to pull in $850 million annually.
Now, how is the money made? Well, it is true that bulk of these profits come from trading fees, however, they’re not the only revenue stream: exchanges are also pocketing millions from the fees ICOs and altcoin developers must pay to have their token listed.
Most cryptocurrency exchanges don’t publicly advertise their listing fees, though these are known to run into the hundreds of thousands of dollars, and the millions in some cases. The bigger the exchange, the higher the price that must be paid for tapping into its liquidity pool and army of existing users.
Running a major cryptocurrency exchange is indeed a lucrative business. Subscribe to our newsletter below for more.