ChangPeng Zhao of Binance Is Not Seeking Competition
ChangPeng Zhao (CZ), the chief executive officer of Binance, spoke in a recent interview about the philosophy and standpoint of Binance on the crypto-sphere. According to his view, the currency digital currency market is heavily lacking in fundamentals and is still incredibly volatile.
For several and specific cryptocurrencies and investment methods, either is yet prepared for any practical utilization despite still experiencing heavy traffic activity in some markets. The CEO believes that blockchain-tech and its use within several sectors like communication, video gaming, and social media websites will climb in the next two years albeit stating that apart from the distinguished cryptocurrencies on his exchange, it possesses enough incentive to back crypto-tokens even with a lack of maturity within each.
As per Forbes, bitcoin and all other digital currencies that can be exchanged via Bitpay has provided a massive amount of potential in advancement. CZ also believes that hollow initial coin offerings failing to live up to promises made will wither and provide room for stronger and sturdier startups and projects.
According to Zhao, in terms of big-name enterprises and successful companies already involved within the market, he states that his only focus is aimed towards the development and expansion of his own company and is not looking for any competitive rivalries. As for Binance, the company has continuously expanded since its launch. Combined with the CEO’s plan for the future and the company’s elite services served to users have pulled its reputation to the top. Additionally, Binance has contributed heavily to the successful growth of the cryptocurrency industry.
Binance has also pulled in many crypto-startups to Malta after announced that it would launch in Malta and contribute even more to the island nation cryptocurrency hub. On the other hand, Zhao does not view any other similar exchanges or companies as competition but instead states that the company is not looking to make rivals out of Coinbase and Gemini.
He believes that every involved participant within the industry is just as important as the next in terms of expanding the industry and crypto-sphere and has commented on several interactions with likewise companies by saying that their relationship with them is healthy.