Fiat crypto exchanges have been an extremely important element of the cryptocurrency ecosystem as they help onboard new users and investors. CZ and Team Binance clearly understand this and hence after successfully gaining some experience, Binance plans to start 2-3 more Fiat supportive crypto exchanges in early 2019.
“BUIDL” the key for long-term growth for cryptocurrencies
Binance CEO Changpeng ‘CZ’ Zhao recently was interviewed regarding the latest developments in BTC and Binance and his outlook on the market moving forward.
During the interview, CZ was asked about the changes to the expansion strategy of Binance due to melting markets to which he replied saying.
“Our strategy has not changed at all. We have launched one fiat exchange so far and we are about to launch 2-3 more in the next month or so. Next year we still want to build 10 more fiat exchanges and we are also launching our decentralized exchange (DEX) which is very core blockchain technology based exchange”
Looks like CZ’s comments are line with his projections that he had laid out in September 2018 where he had mentioned that Binance will launch 5 to 10 fiat-to-crypto exchanges. While speaking at the CoinDesk’s Consensus Singapore conference, CZ indicated that within a year, he hopes to five to ten new fiat-to-crypto exchanges with a presence on every populated continent.
Binance has majorly only focused on crypto-to-crypto trading, but as CZ has some progressive plans which he notes by saying
“Fiat is still where all the money is in. … And we’ve got to open that gate.”
This plans of Fiat also aligns with Binance’s recent partnership with nations such as Singapore and Malta. CZ’s vision includes a worldwide and globally present network of fiat-to-crypto infrastructure, regulated and supported by state governments.
CZ plans also includes working with relatively smaller countries, as he believes that these countries tend to respond in a much more efficient way.
“You can access to the top-level government officials and they respond to your questions more directly and efficiently. … And they do appreciate the investment you are bringing into the local economy,”
CZ seems to be very focused on his approach and strategy as he believes cryptos are here to stay. His aggressive plans also give us the notion that the demand for cryptocurrency hasn’t withered away despite the falling prices
Do you think there is enough demand for cryptos and will Binance be able to fulfill its plans? Do let us know your views on the same.
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.