Is Binance Striving to Become the Facebook of Crypto?
It has not gone unnoticed that the world’s largest crypto
exchange keeps growing. Gone are the days when Binance was just simply a place
for digital asset trading. Within two years it has become the ‘one stop shop’
for all things crypto, and it has no plans to stop there.
There are a number of similarities between Facebook and
Binance and a recent Forbes
piece citing the Coin Talk podcast has delved deeper into the men at the
helms. Just like Binance, Facebook was considered a niche product when it was
launched as it was only aimed at US students. Myspace dominated the social
media scene before Facebook arrived and consumed the competition.
Under the guidance of Zuckerberg, who strived to be cool
while in control, Facebook became a monster with tendrils that touched every
corner of the web. Around 30 percent of the planet’s population uses Facebook and it has all
but obliterated any competing platforms or services.
Comparing the two chief executives there are clear similarities, with the popularity of Zuckerberg in the early years of Facebook, and the idol like respect that Changpeng ‘CZ’ Zhao gets from the crypto community today. Jay Caspian Kang who co-hosts the popular podcast said;
“In the film The Social Network, Mark Zuckerberg puts ‘I’m CEO, bitch,’ on a business card. He was play acting a cool guy that doesn’t care about anything, seemed to be just rolling with the punches but is totally in control. CZ is like the real version of that in crypto.”
CZ’s use of twitter to engage with his 333,000 followers and
the wider crypto community has earned much kudos for him and the company he
It clearly works for Binance which has exploded onto the
scene in just a couple of years. From the early days of being a quirky trading
platform the company now has offices across the globe, multi-language
exchanges, many with fiat to crypto on-ramps, and an ever growing number of
It doesn’t stop there; products including Binance Labs
blockchain incubator, a LaunchPad token platform providing instant success to
its selected projects, an educational Academy, research and development divisions,
Ethereum rivaling Binance Chain and decentralized exchange, and even a charity
have all been added to the growing list.
And we have yet to mention Binance Coin, the
exchange based token that has surged 250 percent this year alone and is now the
seventh largest cryptocurrency by market capitalization which is currently $3
There is no denying the power
Binance now wields over other blockchain projects and the emerging crypto
space. This has been clearly demonstrated with the Bitcoin
SV boycott. Time will tell if the crypto company and its enigmatic leader
will follow in the footsteps of Facebook and consume the entire ecosystem!