CZ: ‘We Don’t Want To Compete With Coinbase or Gemini’
ChangPeng Zhao, CEO of Binance, and better known as CZ, commented in an interview with Fortune the perspectives, and philosophy of Binance within the world of cryptocurrencies. He mentioned that from his point of view, the crypto-market has been fundamentally immature and technically volatile.
This is particularly important when taking into account specific tokens and investment strategies that are not yet ready to have a practical use, but are still heavily traded in some markets:
“It’s still the very early stage in dApps. Most are just proof of concept or simple games,”
CZ expects that the use of blockchain technologies in fields such as communications, games and social networks will increase by 2020. However, he pointed out that in addition to the well-known cryptos, his exchange has enough reasons to list this type of tokens as early as possible, even if they are not completely mature.
At present, Binance’s popularity as a leading 24-hour volume trading company allows its CEO to be quite comfortable.
According to Fortune, Bitcoin (BTC) and the rest of the cryptocurrencies exchangeable through Bitpay, have proven to possess tremendous development potential.
CZ also thinks that many empty ICOs with unfulfilled promises will cease to exist to give way to more robust projects.
When asked about what he thinks about large companies already established in the market (such as Coinbase or Gemini), CZ commented that his interest is in growing his business and that competition does not worry him so much.
CZ: Growing is Not About Competition
Binance has steadily been growing since its birth. CZ’s great business vision as well as the great user experience provided to users, are the reasons behind its popularity. Binance has also played a major role influencing a positive growth to crypto-businesses. Ever since its announcment of stablishing in Malta, many other crypto-related startups followed CZ’s steps, making of Malta one of the most popular countries within the crypto sphere
It is also important to note that when it comes to other major companies within the crypto sphere, CZ does not see them as rivals or competitors:
“In developed markets, there’s more money to be made but more regulation, and it’s saturated with competition, … We don’t want to compete with Coinbase and [Winkelvoss-owned] Gemini. The strategy there requires lots of lawyers and lobbying.”
CZ believes every player is vital to help the crypto-verse grow. He even considers his relationship with the “competition” more healthier than of rivalry. Speaking about Coinbase, for example, he said: