Tuesday, January 31, 2023
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“Only 10% of Crypto Exchanges Actually Make Money”

The Barcelona Trading Conference (BTC) has concluded its first day, capped off by a series of memorable moments. Crypto specialists, executives, and attendees alike showed up at the International Convention Center in Barcelona for multiple in-depth panels, sessions, and innovative workshops.

The two-day event has thus far featured some of the most prominent individuals in the crypto space. Hosted by Finance Magnates, the BTC has so far not disappointed, with the second day still to come.

Discover the Barcelona Trading Conference – A Top Tier Crypto Trading Event

Heading into the event, a variety of interesting topics served as flash points for what had a truly dynamic year in crypto. With the industry’s best and brightest under one roof, one of the more interesting panel sessions took place, touching on the intricacies and logistics of the crypto market structure.

A star-studded panel included the following individuals:

  • Harpal Sandu, Chairman, MINT Exchange
  • Max Boonen, CEO, B2C2
  • Cristian Gil, Co-Founder & Board Member, GSR
  • Charlie Méraud, Co-Founder & CEO, Woorton

The panel was full of interesting perspectives and one of the more unique vantage points. While largely understood to some, the panelists quickly dispelled any false notions of the industry, revealing some startling facts. According to Mr. Gil, “Only 1 in 10 crypto exchanges were actually profitable”, which runs counter to many results venues had put out.

Mr. Gil went on to note that, “There are several dark forces with many exchanges. On many venues, you don’t have a level playing field. Level playing fields are what real markets are built on. When certain actors are given advantages over the rest, it doesn’t last long-term.”

Moving along, Max Boonen also touched on the logistics of exchanges. “Anyone can connect to different exchanges, but there is a big risk that crypto does in the way of conventional markets. Unfortunately, the barriers of entry are so high, and infrastructural costs are tremendously high as well.”

Libra was also a very contentious topic in the panel, drawing mixed reactions and some very blunt assessments on its future. Its most pointed criticism came from Harpal Sandu, who predicted, “Libra in its current form as it’s been floated will never trade.”

Moreover, “Facebook has caused a lot of damage doing things the way they wanted, and I believe this will never get to market. The company is so incompetent and have poor operating execution people. Ultimately, Facebook is not competent enough to do this (Libra). The real thing that’s good is that this will re-engage the public and get the conversation going.”


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