Binance CEO Chaopeng Zhao: Build a Decentralized Financial System in Full Speed
“From $0.003 in the first transaction of BTC in 2010, to $6,000 support in 2018, BTC has grown 2,000,000 times in the last 7 years. Let’s dare the crypto market will do 1/2000th of that in the next few years? 1000x.” – Chaopeng Zhao
Chaopeng Zhao, the founder and CEO of Binance, which emerged out of nowhere last year to become the world’s largest cryptocurrency exchange, is a down-to-earth billionaire though sitting on one of the industry’s largest fortunes.
In an interview with 8btc News, CZ shared with us about the company’s plans to launch fiat-to-crypto exchanges on almost every continent, ambition on blockchain-supported charity cause, and insights on market trending and the recent buzz stablecoin.
After “relocating its headquarter” to the European island of Malta this March, Binance has embarked on an aggressive global expansion drive, opening up bases in Jersey (a microstate in central Europe), South Korea (Asia), Uganda (Africa) and Liechtenstein (central Europe), as well as a testing fiat currency exchange in Singapore, one of the global crypto industry‘s major hubs.
The expansion continues as CZ said Binance wants to launch 5-10 fiat- crypto exchanges by this time next year at the CoinDesk’s Consensus Singapore event.
When asked his next destination, CZ said fiat currency exchanges in Malta, Jersey and Liechtenstein are well under way; it is not convenient to disclose their plans in other countries before getting local regulation approval, but he hoped there would be one or two fiat currency exchanges on every continent.
“Every country has its own features, and for us, it is like an experiment. Most companies prefer developed countries where there’s more money to be made. Nevertheless, we felt it was a significant step forward for everywhere in the whole world. That’s why we want to try it in different countries and environments.
The fact is, those underdeveloped countries are more urgent for fiat-to-crypto trading. Like some African countries, only 11% of the population there has bank accounts. They think it’s good to take a P2P approach without banks, and banks only provide services for enterprises.”
When it comes to progress in its headquarter Malta and Jersey, CZ said Binance actually has no headquarter as they pursue a decentralized structure, and their further working would start till October when governments there officially pass the regulatory provisions on crypto exchanges.
As part of its effort to build a decentralized financial system, Binance global expansion is going full-speed. This also includes creating a decentralized cryptocurrency exchange. According to CZ, its decentralized crypto exchange is expected to roll out as early as the end of this year or early next year.
The company is active in charity cause along with the recent news that Binance Charity with its blockchain Charity Foundation (BCF) would donate $1 million to the United Nations Development programme (UNDP) to support blockchain-based projects for the social good. It will be a win-win as the blockchain-based donation process will improve the transparency in charity, as well as promote the blockchain industry for the recipients will get to know what a cryptocurrency is and how to use a wallet to receive crypto donations.
Regarding the recent buzzword stablecoin, the company has listed Paxos (PAX) stablecoin on its exchange. CZ thought stablecoin was an innovative model to serve as a middle ground where regulators maintain control but the token also offers far more freedom than transitional fiat for users.
Talking about the current bearish market, CZ said he had suffered it several times between bulls and bears. It goes in cycles, up and down, but the industry is growing gradually. People working in this sector is steadily increasing.
“From $0.003 in the first transaction of BTC in 2010, to $6,000 support in 2018, BTC has grown 2,000,000 times in the last 7 years. It is easy for crypto to grow 1000x and more.”
“Don’t worry. All the bears and bulls are short-term. The industry will continue to grow in the long run. We should have confident in it.”