Changpeng Zhao, the founder, and CEO of the world’s largest cryptocurrency exchange by trade volume, revealed that he was introduced to Bitcoin and the blockchain ecosystem by Bobby Lee, the CEO of BTCC and a board member of the BTC Foundation.
CZ said that he was never good with trading but was well versed in developing trading tools. He thinks of himself as the “blacksmith that makes swords for kung-fu masters to use.”
After being introduced by Bobby Lee and Ron Cao, who was then an institutional investor in BTCChina, CZ was not completely convinced about the idea of Bitcoin [BTC]. However, his perspective changed after attending the Vegas conference in 2013, which really got him into the Bitcoin space. There, he also met Vitalik Buterin, the co-founder of Ethereum, Charlie Lee, the creator of Litecoin [LTC], Matt Roszak, and Brock Pierce, an American entrepreneur.
Impressed by the small community of a mere 100 people in the conference, CZ had decided to be part of the community as he knew Bitcoin, blockchain technology, and cryptocurrencies have a future. CZ went on to say “it was like discovering the internet in the early 90s”. Things like encryption, asymmetric encryption, private key, he said, came “very easily” to him since he had a prior experience in the trading industry as a developer.
The fiat space has some bad players, said CZ and spoke about how a bank was fined for laundering $235 billion, which is more than the entire market cap of the cryptocurrency space. Banks providing fiat services have full control of the transactions that happen and have the rights to reverse it if deemed shady. CZ agreed to it, saying how it is not the same with cryptocurrency transactions which require a higher level of security.
Speaking about his future plans he explained that Binance is working on the crypto-to-crypto trading platform and a decentralized exchange.
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