June 23, 2024

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Binance is celebrating 6 years and its CEO has detailed the challenges that lie ahead

Binance is celebrating 6 years and its CEO has detailed the challenges that lie ahead

Binance is 6 years old and its CEO has confirmed that companies like BlackRock’s commitment to cryptocurrency assumes validation by technology and industry.

Binance CEO Changpeng Zhao.

Binance CEO Changpeng ZhaoHe wrote a letter to exchange users, reviewing what happened in the crypto winters and talking about the challenges that will face the industry as the company celebrates its sixth anniversary.

And about the following he said that TradFi and companies like BlackRock, Citadel, and Fidelity are betting on cryptocurrencies. “This assumes validation of the technology and the industry. They will facilitate institutional adoption of cryptocurrencies. Since institutional investors hold the largest share of the stock market, in the hundreds of trillions of dollars, even a single-digit conversion ratio in crypto would easily double the size of the current crypto market.”

For his part, he said so DeFi will continue to accelerate. “New wallet technologies make it easier for users to keep their crypto assets to themselves. More people will use DeFi products and interact directly with blockchains. This also provides financial access to people without TradFi (or banks). I strongly believe that DeFi will be bigger than CeFi in The next six years or so.”

In turn, believe it Regulatory clarity and orderly exchanges will continue to grow. “As much uncertainty as there is at the moment, progress is being made at a faster pace in many countries to provide clarity to the cryptocurrency industry. It’s quite clear that countries that get this right sooner will have a significant advantage over those that don’t,” he said. Changping Zhao, for centuries. We are at a pivotal moment in history.

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in the letter, Zhao also highlighted some of the challenges the company has faced throughout its history. The executive said that in January 2018, the company saw new user registration records. However, a decline in the market followed. Despite this, the Binance CEO notes that during this bear market, his team has learned the importance of “prudent financial management.”