Changpeng Zhao, CEO of Binance has said that the exchange can weather any bear market during a periscope AMA yesterday.
Changpeng Zhao, crypto billionaire and CEO of Binance, the world’s largest crypto exchange is confident in his business. Whilst speaking as part of an ask-me-anything (AMA) session on periscope yesterday, Zhao coolly stated that his exchange could survive any bear market.
Zhao – or CZ as he often goes by – also briefly discussed Ripple’s xRapid product, saying that in future he would “definitely” like to see a partnership with the firm.
Binance: 10, 50, 100 Years
CZ laid out his vision of Binance following a question about whether the exchange can survive another year of bear market. His laid-back nature conveyed the fact he has his eyes are firmly on the bigger picture.
He explained that he and his team do not pay too much attention to daily price changes, but rather keep their heads down and work on creating a product which adds value.
“Binance is ready to survive any number of years, no matter if it’s bear or bull. We basically don’t really look at the market too much – not as much as people actually think we do. We just keep our heads down and build features.”
“Binance is very healthy financially and also very stable in terms of the team. Our aim is much longer than another year. Our aim is 10, 50, 100 years. So, we’ll be here for a while.”
In line with his view on the bigger picture, Zhao also said that he does not consider Binance “successful”. In an industry which is still in its infancy, he sees the real success as yet to come.
“For Binance, our achievements and success so far are just – I hope – at the beginning, so I don’t view Binance as hugely successful. I think as an industry and as a company or as a team, we’re still very small and we’re still very young. So, there’s still a lot of work to do.”
CZ explained that the fact that he had lived in many countries throughout his life has shown him the necessity for smooth cross-border payments. Whilst he said there is nothing going on with xRapid at the moment, he would be interested in a partnership in future.
“We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future, we’ll definitely want to add them as a partner.”
Ignore the Noise, Add Value
CZ also struck a philanthropic tone in the stream. When asked about what advice he would give to people looking to get into crypto today, he explained that it was important to ignore the noise – of which there was a lot – in and out of the crypto space.
“Look, there’s a lot of random noise in the crypto industry and outside of the crypto industry about us. The best advice I can give is keep your head down, figure out your strength, and use your strength to build a product that other people will use.”
He stressed the fact that now he has assured his own financial position, his mission now is to help people.
“That’s the goal in life, just to help people and the thing I can have the most impact on is to bring crypto to the masses, to help the adoption of cryptocurrencies and to increase the freedom of money around the world.”
In these times where many big tech companies seem out of control and run riot in pursuit if self-interest and at the expense of society, it is reassuring to hear a CEO of CZ’s standing hasn’t lost sight of his values. CZ has a history of altruism; in late 2018, the exchange announced it would be donating all listing fees to charity. Keep it up Binance.
Image Source: “Flickr”
Alex has been putting words on paper since he was old enough to hold a pen; when he bought his first bitcoin in January 2017, those words discovered their place within crypto as well. He holds a master’s degree in international relations from Leiden University in the Netherlands, and his special expertise lies in European cryptocurrency regulation.