Connect with us

News

Binance CEO details future company plans, exchanges’ security and responsibilities

Anirudh VK

Published

on

Binance CEO details future company plans, exchanges' security and responsibilities
Source: Unsplash

In an interview with podcast Crypto 101 today, CEO and Founder of cryptocurrency exchange platform Binance, Chang Peng “CZ” Zhao, revealed the plans for the future of Binance and its focus in the present.

Binance is currently the world’s biggest cryptocurrency exchange. It achieved this growth in barely 8 months after its launch and is currently one of the most popular choices for exchanging cryptos.

CZ describes exchange platforms as the nexus between IT and finance. When asked about how Binance was so technically stable, CZ revealed that it started out as a technical business focused on providing high-speed business-to-business financial exchange services for 2 and a half years before moving to becoming an exchange platform.

He went on to say that since Binance is extremely profitable, their mission is to promote the freedom of wealth, investments and assets. He especially emphasized the importance placed towards protecting the investors in Binance. He wishes to move towards decentralized exchanges and to fulfill this through the blockchain technology incubator under Binance’s wing, Binance Labs.

He emphasized the importance of adopting an industry leaders’ perspective towards the industry as a whole. He then elaborated on how Binance attracts people to invest in fledgling ideas by investing in them and building a brand name. He stressed the importance of Binance Labs as the future of Binance, moving towards his ultimate goal of decentralization.

He spoke about how crypto wallets might be the entry point towards ensuring the security of investors. CZ did agree that exchanges provide liquidity and are not the ideal place for investors to hold their coins, but were the most accessible and secure option for newcomers to the field. He mentions that software wallets require technical knowledge to set up in a secure fashion.

He said:

“Increase in security in the retail wallet space will result in an increase in security in the commercial wallet space.”

He went on to say that it was the exchange’s responsibility to secure the funds and reimburse the investors if any damage was done. When asked about the Tokyo Coincheck incident he said:

“…that they covered the losses, I think that was a responsible thing to do.”

He also went on to critique their security and how they stored the funds in a hot wallet, and that they needed “multiple layers of security.”

When asked to give advice to newcomers in the space he said:

“Do your research…there’s a lot of misinformation. This is the future, the earlier you get into it the more financial stability there is.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

Priya

Published

on

By

Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading