Yu Chun Christopher Wong | S3studio | Getty Images
A photo illustration of the digital Cryptocurrency, Bitcoin, is seen on September 13, 2018 in Hong Kong, Hong Kong.
Binance, the world's largest cryptocurrency exchange by trading volume, is still profitable despite the meltdown in the market last year, said the chief financial officer.
Last year, the prices of large virtual currencies plummeted dramatically. Bitcoin, the most valuable crypto, has dropped by 80 percent from a record high of nearly $ 20,000 in December 2017.
"So far, even in this bear market, we still have a profitable business," Binance CFO Wei Zhou told CNBC in a telephone interview on Wednesday.
The company does not disclose its financial data, he said, and media have published estimates based on publicly available statistics.
A report, according to The Block of the industry, estimated that Binance earned $ 446 million last year, based on an analysis of how much it spent to buy units of its token, called BNB, with the help of net profit .
Chief Executive Changpeng Zhao of the start-up told Bloomberg in July that Binance had a net profit of between $ 500 million and $ 1 billion in 2018.
The company only started in July 2017, but has become a dominant force in the burgeoning sector. It yielded $ 15 million in its original medal offer – a financing alternative for risk capital where start-ups sell new crypto-tokens instead of shares.