Golden Gate Ventures and South Korea’s Hanwha planning a Southeast Asia investment fund

Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia. Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far. Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an e


Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia. Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far. Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an e
Golden Gate Ventures and South Korea’s Hanwha planning a Southeast Asia investment fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: saheli roy choudhury, bryan van der beek, bloomberg, getty images
Keywords: news, cnbc, companies, gap, investment, southeast, planning, koreas, ventures, golden, gate, asset, south, startups, fund, funds, series, hanwha


Golden Gate Ventures and South Korea's Hanwha planning a Southeast Asia investment fund

Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia.

The firms are looking to raise around $200 million in funds and already have about $80 million worth of commitments from investors, according to a source familiar with the matter.

Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far.

In a press release, however, the companies said investments will focus on start-ups that are raising funds in the so-called Series B round — at that stage, start-ups have moved past the early development phase, achieved a few important initial milestones, and are looking for financing to grow their businesses to meet user demands.

Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an early-stage venture capital fund in the region.

“Just like there was a Seed-stage gap in 2013 that closed by 2015, then a Series A gap in 2015 that closed by 2017, now there’s a Series B gap that started in 2018,” Vinnie Lauria, a founding partner at Golden Gate Ventures, told CNBC by email.

Seed and Series A refer to early-stage fundraising efforts from new start-ups.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: saheli roy choudhury, bryan van der beek, bloomberg, getty images
Keywords: news, cnbc, companies, gap, investment, southeast, planning, koreas, ventures, golden, gate, asset, south, startups, fund, funds, series, hanwha


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Golden Gate Ventures and South Korea’s Hanwha planning a Southeast Asia investment fund

Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia. Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far. Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an e


Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia. Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far. Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an e
Golden Gate Ventures and South Korea’s Hanwha planning a Southeast Asia investment fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: saheli roy choudhury, bryan van der beek, bloomberg, getty images
Keywords: news, cnbc, companies, gap, investment, southeast, planning, koreas, ventures, golden, gate, asset, south, startups, fund, funds, series, hanwha


Golden Gate Ventures and South Korea's Hanwha planning a Southeast Asia investment fund

Singapore-based Golden Gate Ventures said Tuesday it is teaming up with South Korean asset manager Hanwha Asset Management to invest in technology start-ups in Southeast Asia.

The firms are looking to raise around $200 million in funds and already have about $80 million worth of commitments from investors, according to a source familiar with the matter.

Both Golden Gate Ventures and Hanwha Asset Management declined to comment on the goal for the fund’s size or on how much had been committed so far.

In a press release, however, the companies said investments will focus on start-ups that are raising funds in the so-called Series B round — at that stage, start-ups have moved past the early development phase, achieved a few important initial milestones, and are looking for financing to grow their businesses to meet user demands.

Start-ups in Southeast Asia receive fewer investments during Series B funding than their counterparts in the U.K. and the United States, according to Golden Gate Ventures, an early-stage venture capital fund in the region.

“Just like there was a Seed-stage gap in 2013 that closed by 2015, then a Series A gap in 2015 that closed by 2017, now there’s a Series B gap that started in 2018,” Vinnie Lauria, a founding partner at Golden Gate Ventures, told CNBC by email.

Seed and Series A refer to early-stage fundraising efforts from new start-ups.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: saheli roy choudhury, bryan van der beek, bloomberg, getty images
Keywords: news, cnbc, companies, gap, investment, southeast, planning, koreas, ventures, golden, gate, asset, south, startups, fund, funds, series, hanwha


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Amazon is introducing private investors to high-risk start-ups in a new pilot program

Amazon is testing a new way to bolster its relationship with start-ups and possibly bring in more capital to the ecosystem. The fledgling effort, known as the Amazon Web Services Pro-Rata Program, is designed to link private investors with companies that use AWS, as well as venture funds whose portfolios are filled with potential cloud customers. Start-ups bring innovation to the platform and some, like Lyft, Pinterest and Slack, grow up to be large enterprises with hefty technology budgets. Ama


Amazon is testing a new way to bolster its relationship with start-ups and possibly bring in more capital to the ecosystem. The fledgling effort, known as the Amazon Web Services Pro-Rata Program, is designed to link private investors with companies that use AWS, as well as venture funds whose portfolios are filled with potential cloud customers. Start-ups bring innovation to the platform and some, like Lyft, Pinterest and Slack, grow up to be large enterprises with hefty technology budgets. Ama
Amazon is introducing private investors to high-risk start-ups in a new pilot program Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: ari levy, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, bring, investors, pilot, venture, aws, private, startups, program, companies, cloud, amazon, highrisk, prorata, introducing


Amazon is introducing private investors to high-risk start-ups in a new pilot program

Amazon is testing a new way to bolster its relationship with start-ups and possibly bring in more capital to the ecosystem. The fledgling effort, known as the Amazon Web Services Pro-Rata Program, is designed to link private investors with companies that use AWS, as well as venture funds whose portfolios are filled with potential cloud customers. Amazon is not investing money through the program.

The Pro-Rata program is being run by Brad Holden, a former partner at TomorrowVentures (founded by ex-Google CEO Eric Schmidt), and Jason Hunt, who are both part of AWS’s business development team focused on angel and seed relationships, according to an email they sent to investors in January.

“The Pro-Rata Program is a new pilot intended to connect family offices and venture capitalists for specific investment opportunities from the AWS ecosystem,” according to the email, which was viewed by CNBC. “Pro rata” refers to the rights investors have to put money in subsequent rounds.

AWS has built a $25 billion enterprise tech behemoth by luring big companies and government agencies onto its cloud, and it now accounts for the bulk of Amazon’s profit. Ever since getting off the ground over a decade ago by providing computing and storage services for start-ups, AWS has counted on young and emerging companies for a big part of its success. Start-ups bring innovation to the platform and some, like Lyft, Pinterest and Slack, grow up to be large enterprises with hefty technology budgets.

Previously, Amazon and its smaller cloud competitors, Microsoft and Google, have attracted start-up developers through promotional credits that let them get started for free before they’re even generating revenue. Amazon also has a program called AWS Activate, which partners with over 3,000 incubators, accelerators, venture firms and other groups to expand use of the technology.

The new program is another effort to bring more new start-ups into the fold.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: ari levy, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, bring, investors, pilot, venture, aws, private, startups, program, companies, cloud, amazon, highrisk, prorata, introducing


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Amazon is introducing private investors to high-risk start-ups in a new pilot program

Amazon is testing a new way to bolster its relationship with start-ups and possibly bring in more capital to the ecosystem. The fledgling effort, known as the Amazon Web Services Pro-Rata Program, is designed to link private investors with companies that use AWS, as well as venture funds whose portfolios are filled with potential cloud customers. Start-ups bring innovation to the platform and some, like Lyft, Pinterest and Slack, grow up to be large enterprises with hefty technology budgets. Ama


Amazon is testing a new way to bolster its relationship with start-ups and possibly bring in more capital to the ecosystem. The fledgling effort, known as the Amazon Web Services Pro-Rata Program, is designed to link private investors with companies that use AWS, as well as venture funds whose portfolios are filled with potential cloud customers. Start-ups bring innovation to the platform and some, like Lyft, Pinterest and Slack, grow up to be large enterprises with hefty technology budgets. Ama
Amazon is introducing private investors to high-risk start-ups in a new pilot program Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: ari levy, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, bring, investors, pilot, venture, aws, private, startups, program, companies, cloud, amazon, highrisk, prorata, introducing


Amazon is introducing private investors to high-risk start-ups in a new pilot program

Amazon is testing a new way to bolster its relationship with start-ups and possibly bring in more capital to the ecosystem. The fledgling effort, known as the Amazon Web Services Pro-Rata Program, is designed to link private investors with companies that use AWS, as well as venture funds whose portfolios are filled with potential cloud customers. Amazon is not investing money through the program.

The Pro-Rata program is being run by Brad Holden, a former partner at TomorrowVentures (founded by ex-Google CEO Eric Schmidt), and Jason Hunt, who are both part of AWS’s business development team focused on angel and seed relationships, according to an email they sent to investors in January.

“The Pro-Rata Program is a new pilot intended to connect family offices and venture capitalists for specific investment opportunities from the AWS ecosystem,” according to the email, which was viewed by CNBC. “Pro rata” refers to the rights investors have to put money in subsequent rounds.

AWS has built a $25 billion enterprise tech behemoth by luring big companies and government agencies onto its cloud, and it now accounts for the bulk of Amazon’s profit. Ever since getting off the ground over a decade ago by providing computing and storage services for start-ups, AWS has counted on young and emerging companies for a big part of its success. Start-ups bring innovation to the platform and some, like Lyft, Pinterest and Slack, grow up to be large enterprises with hefty technology budgets.

Previously, Amazon and its smaller cloud competitors, Microsoft and Google, have attracted start-up developers through promotional credits that let them get started for free before they’re even generating revenue. Amazon also has a program called AWS Activate, which partners with over 3,000 incubators, accelerators, venture firms and other groups to expand use of the technology.

The new program is another effort to bring more new start-ups into the fold.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: ari levy, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, bring, investors, pilot, venture, aws, private, startups, program, companies, cloud, amazon, highrisk, prorata, introducing


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40% of A.I. start-ups in Europe have almost nothing to do with A.I., research finds

Nearly half of the companies in Europe that call themselves AI start-ups don’t in fact use artificial intelligence, a new report found. The research, published Tuesday by London-based venture capital firm MMC Ventures, found no evidence that artificial intelligence was an important part of the products offered by 40 percent of Europe’s 2,830 AI start-ups. Kelnar said Europe is entering an “era of AI entrepreneurship” with one out of every 12 new start-ups putting AI at the core of their operatio


Nearly half of the companies in Europe that call themselves AI start-ups don’t in fact use artificial intelligence, a new report found. The research, published Tuesday by London-based venture capital firm MMC Ventures, found no evidence that artificial intelligence was an important part of the products offered by 40 percent of Europe’s 2,830 AI start-ups. Kelnar said Europe is entering an “era of AI entrepreneurship” with one out of every 12 new start-ups putting AI at the core of their operatio
40% of A.I. start-ups in Europe have almost nothing to do with A.I., research finds Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: elizabeth schulze, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, 40, software, research, ai, companies, property, finds, survey, europe, startups, value, funding, mmc


40% of A.I. start-ups in Europe have almost nothing to do with A.I., research finds

Nearly half of the companies in Europe that call themselves AI start-ups don’t in fact use artificial intelligence, a new report found.

The research, published Tuesday by London-based venture capital firm MMC Ventures, found no evidence that artificial intelligence was an important part of the products offered by 40 percent of Europe’s 2,830 AI start-ups. The report’s authors individually reviewed the activities, functions and funding of start-ups across 13 EU countries. It did not name any of the start-ups involved in the study.

The findings raise questions about how the term AI has become a blanket phrase for start-ups looking to attract investments and position themselves at the forefront of tech innovation.

“There’s a huge amount of hype around, but one of the ways that we hope to add value as an investor … is to help cut through that and highlight the technology,” said David Kelnar, head of research at MMC, in a phone interview with CNBC on Tuesday.

Kelnar said Europe is entering an “era of AI entrepreneurship” with one out of every 12 new start-ups putting AI at the core of their operations. In 2013, the survey found just one in 50 new start-ups embraced AI.

One reason start-ups could be calling themselves AI companies is to attract more funding. MMC’s survey found AI companies have raised between 15 and 50 percent more capital in their funding rounds than traditional software companies since 2015. AI start-ups also secured higher valuations than software firms.

Peter Finnie, a partner at intellectual property law firm Gill Jennings and Every, said there has been a surge in AI patent filings as companies look to make their businesses more investable.

“From an intellectual property perspective, the use of AI in this way actually holds little to no value,” he said in an email to CNBC. “The AI sector is a bubble that might well burst because of this.”


Company: cnbc, Activity: cnbc, Date: 2019-03-06  Authors: elizabeth schulze, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, 40, software, research, ai, companies, property, finds, survey, europe, startups, value, funding, mmc


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Space start-ups look for ways to get rocket fuel from Mars

Reaching Mars is an immense challenge, as the planet’s surface is littered with crashed and defunct spacecraft. BoMax Hydrogen and Joi Scientific are two Florida-based start-ups working to prove concepts to produce hydrogen. They each have unique approaches to the process but are both based at the Space Life Sciences Center at NASA’s Kennedy Space Center. NASA administrator Jim Bridenstine recently spoke to CNBC about the significance of hydrogen on the surface of Mars and the moon. Both planeta


Reaching Mars is an immense challenge, as the planet’s surface is littered with crashed and defunct spacecraft. BoMax Hydrogen and Joi Scientific are two Florida-based start-ups working to prove concepts to produce hydrogen. They each have unique approaches to the process but are both based at the Space Life Sciences Center at NASA’s Kennedy Space Center. NASA administrator Jim Bridenstine recently spoke to CNBC about the significance of hydrogen on the surface of Mars and the moon. Both planeta
Space start-ups look for ways to get rocket fuel from Mars Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: michael sheetz, source, vcg, visual china group, getty images
Keywords: news, cnbc, companies, unique, startups, fuel, rocket, mars, typically, surface, hydrogen, water, bridenstine, immense, ways, working, look, space


Space start-ups look for ways to get rocket fuel from Mars

Reaching Mars is an immense challenge, as the planet’s surface is littered with crashed and defunct spacecraft. But returning from the Red Planet? That requires hurdling another obstacle: harvesting rocket fuel.

BoMax Hydrogen and Joi Scientific are two Florida-based start-ups working to prove concepts to produce hydrogen. They each have unique approaches to the process but are both based at the Space Life Sciences Center at NASA’s Kennedy Space Center.

Hydrogen is typically harvested from fossil fuels and methane.

NASA administrator Jim Bridenstine recently spoke to CNBC about the significance of hydrogen on the surface of Mars and the moon. Both planetary bodies have immense amounts of frozen water on the surface, which Bridenstine explained.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: michael sheetz, source, vcg, visual china group, getty images
Keywords: news, cnbc, companies, unique, startups, fuel, rocket, mars, typically, surface, hydrogen, water, bridenstine, immense, ways, working, look, space


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Two of the top five most active corporate VCs last year were Chinese

Two Chinese firms ranked in the top five corporate venture capital groups last year, in terms of number of companies in which they invested, according to a new report from CB Insights. Corporate venture capital refers to a type of funding where corporations use investment arms to buy into start-ups. For example, Microsoft invests into enterprise software start-ups through M12, its corporate venture capital subsidiary. CB Insights’ “2018 Global CVC Report” said such firms participated in $52.95 b


Two Chinese firms ranked in the top five corporate venture capital groups last year, in terms of number of companies in which they invested, according to a new report from CB Insights. Corporate venture capital refers to a type of funding where corporations use investment arms to buy into start-ups. For example, Microsoft invests into enterprise software start-ups through M12, its corporate venture capital subsidiary. CB Insights’ “2018 Global CVC Report” said such firms participated in $52.95 b
Two of the top five most active corporate VCs last year were Chinese Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: saheli roy choudhury, str, afp, getty images
Keywords: news, cnbc, companies, startups, ranked, firms, active, chinese, capital, report, investment, corporate, legend, funding, vcs, venture, ventures


Two of the top five most active corporate VCs last year were Chinese

Two Chinese firms ranked in the top five corporate venture capital groups last year, in terms of number of companies in which they invested, according to a new report from CB Insights.

That was despite the ongoing trade tensions between Washington and Beijing as well as worries over an economic slowdown in China.

Corporate venture capital refers to a type of funding where corporations use investment arms to buy into start-ups. For example, Microsoft invests into enterprise software start-ups through M12, its corporate venture capital subsidiary.

CB Insights’ “2018 Global CVC Report” said such firms participated in $52.95 billion worth of funding across 2,740 deals last year. To be clear, those numbers do not include strategic investments that companies made directly into start-ups.

Chinese internet giant Baidu’s investment unit, Baidu Ventures, and Legend Capital, a subsidiary of Chinese conglomerate Legend Holdings, ranked in the top five behind Google Ventures, Salesforce Ventures and Intel Capital.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: saheli roy choudhury, str, afp, getty images
Keywords: news, cnbc, companies, startups, ranked, firms, active, chinese, capital, report, investment, corporate, legend, funding, vcs, venture, ventures


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Two of the top five most active corporate VCs last year were Chinese

Two Chinese firms ranked in the top five corporate venture capital groups last year, in terms of number of companies in which they invested, according to a new report from CB Insights. Corporate venture capital refers to a type of funding where corporations use investment arms to buy into start-ups. For example, Microsoft invests into enterprise software start-ups through M12, its corporate venture capital subsidiary. CB Insights’ “2018 Global CVC Report” said such firms participated in $52.95 b


Two Chinese firms ranked in the top five corporate venture capital groups last year, in terms of number of companies in which they invested, according to a new report from CB Insights. Corporate venture capital refers to a type of funding where corporations use investment arms to buy into start-ups. For example, Microsoft invests into enterprise software start-ups through M12, its corporate venture capital subsidiary. CB Insights’ “2018 Global CVC Report” said such firms participated in $52.95 b
Two of the top five most active corporate VCs last year were Chinese Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: saheli roy choudhury, str, afp, getty images
Keywords: news, cnbc, companies, startups, ranked, firms, active, chinese, capital, report, investment, corporate, legend, funding, vcs, venture, ventures


Two of the top five most active corporate VCs last year were Chinese

Two Chinese firms ranked in the top five corporate venture capital groups last year, in terms of number of companies in which they invested, according to a new report from CB Insights.

That was despite the ongoing trade tensions between Washington and Beijing as well as worries over an economic slowdown in China.

Corporate venture capital refers to a type of funding where corporations use investment arms to buy into start-ups. For example, Microsoft invests into enterprise software start-ups through M12, its corporate venture capital subsidiary.

CB Insights’ “2018 Global CVC Report” said such firms participated in $52.95 billion worth of funding across 2,740 deals last year. To be clear, those numbers do not include strategic investments that companies made directly into start-ups.

Chinese internet giant Baidu’s investment unit, Baidu Ventures, and Legend Capital, a subsidiary of Chinese conglomerate Legend Holdings, ranked in the top five behind Google Ventures, Salesforce Ventures and Intel Capital.


Company: cnbc, Activity: cnbc, Date: 2019-02-19  Authors: saheli roy choudhury, str, afp, getty images
Keywords: news, cnbc, companies, startups, ranked, firms, active, chinese, capital, report, investment, corporate, legend, funding, vcs, venture, ventures


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Crypto exchange Binance profitable despite bear market, CFO says

Binance, the world’s largest cryptocurrency exchange by trading volume, is still profitable despite last year’s market meltdown, its chief financial officer said. Bitcoin, the most valuable crypto, is down 80 percent from a near-$20,000 record high it set in December 2017. “To date, even in this bear market, we still run a profitable business,” Binance CFO Wei Zhou told CNBC in a phone interview Wednesday. The company doesn’t disclose its financials publicly, he said, and media outlets have been


Binance, the world’s largest cryptocurrency exchange by trading volume, is still profitable despite last year’s market meltdown, its chief financial officer said. Bitcoin, the most valuable crypto, is down 80 percent from a near-$20,000 record high it set in December 2017. “To date, even in this bear market, we still run a profitable business,” Binance CFO Wei Zhou told CNBC in a phone interview Wednesday. The company doesn’t disclose its financials publicly, he said, and media outlets have been
Crypto exchange Binance profitable despite bear market, CFO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: ryan browne, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, crypto, bear, startups, profitable, exchange, publicly, million, cfo, told, binance, net, market, estimates, despite


Crypto exchange Binance profitable despite bear market, CFO says

Binance, the world’s largest cryptocurrency exchange by trading volume, is still profitable despite last year’s market meltdown, its chief financial officer said.

Last year saw the prices of major virtual currencies plunge dramatically. Bitcoin, the most valuable crypto, is down 80 percent from a near-$20,000 record high it set in December 2017.

“To date, even in this bear market, we still run a profitable business,” Binance CFO Wei Zhou told CNBC in a phone interview Wednesday.

The company doesn’t disclose its financials publicly, he said, and media outlets have been publishing estimates based on publicly available metrics.

One report, by industry publication The Block, estimates Binance made $446 million last year, based on an analysis of how much it spent to buy back units of its token, called BNB, using its net profits.

The start-up’s Chief Executive Changpeng Zhao told Bloomberg in July that Binance was targeting a net profit of between $500 million and $1 billion in 2018.

The company has only been around since July 2017, but has become a dominant force in the nascent sector. It raised $15 million in its initial coin offering — a funding alternative to venture capital where start-ups sell new crypto tokens instead of equity.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: ryan browne, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, crypto, bear, startups, profitable, exchange, publicly, million, cfo, told, binance, net, market, estimates, despite


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Crypto exchange Binance profitable despite bear market, CFO says

Binance, the world’s largest cryptocurrency exchange by trading volume, is still profitable despite last year’s market meltdown, its chief financial officer said. Bitcoin, the most valuable crypto, is down 80 percent from a near-$20,000 record high it set in December 2017. “To date, even in this bear market, we still run a profitable business,” Binance CFO Wei Zhou told CNBC in a phone interview Wednesday. The company doesn’t disclose its financials publicly, he said, and media outlets have been


Binance, the world’s largest cryptocurrency exchange by trading volume, is still profitable despite last year’s market meltdown, its chief financial officer said. Bitcoin, the most valuable crypto, is down 80 percent from a near-$20,000 record high it set in December 2017. “To date, even in this bear market, we still run a profitable business,” Binance CFO Wei Zhou told CNBC in a phone interview Wednesday. The company doesn’t disclose its financials publicly, he said, and media outlets have been
Crypto exchange Binance profitable despite bear market, CFO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: ryan browne, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, crypto, bear, startups, profitable, exchange, publicly, million, cfo, told, binance, net, market, estimates, despite


Crypto exchange Binance profitable despite bear market, CFO says

Binance, the world’s largest cryptocurrency exchange by trading volume, is still profitable despite last year’s market meltdown, its chief financial officer said.

Last year saw the prices of major virtual currencies plunge dramatically. Bitcoin, the most valuable crypto, is down 80 percent from a near-$20,000 record high it set in December 2017.

“To date, even in this bear market, we still run a profitable business,” Binance CFO Wei Zhou told CNBC in a phone interview Wednesday.

The company doesn’t disclose its financials publicly, he said, and media outlets have been publishing estimates based on publicly available metrics.

One report, by industry publication The Block, estimates Binance made $446 million last year, based on an analysis of how much it spent to buy back units of its token, called BNB, using its net profits.

The start-up’s Chief Executive Changpeng Zhao told Bloomberg in July that Binance was targeting a net profit of between $500 million and $1 billion in 2018.

The company has only been around since July 2017, but has become a dominant force in the nascent sector. It raised $15 million in its initial coin offering — a funding alternative to venture capital where start-ups sell new crypto tokens instead of equity.


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: ryan browne, yu chun christopher wong, getty images
Keywords: news, cnbc, companies, crypto, bear, startups, profitable, exchange, publicly, million, cfo, told, binance, net, market, estimates, despite


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