Binance has grown to become the largest cryptocurrency exchange in the world, with hundreds of tokens and many types of transactions available in over 180 countries.
Founded in July 2017 by Changpeng Zhao, often known as CZ, Binance plans to accelerate its growth by expanding into new markets and introducing new features.
“Binance today is more than a cryptocurrency exchange. This is a full crypto ecosystem, “said CZ. “Apart from Spot, Futures, etc., we also have Binance Pay, Trust Wallet and Coinmarketcap. We also contribute to the BNB chain, one of the most active blockchains in the world.
Binance is now focusing on the Philippines. CZ sees the Philippines as “very important” for financial services developments, smartphone penetration, IT skills and the Philippines’ understanding of cryptocurrencies. According to CZ, the Philippines is increasing in terms of pace of development, creating an environment conducive to innovation.
“We want the blockchain to be global,” CZ said.
Binance seeks regulatory oversight, hires people, invests, educates and gives when it enters the market, according to CZ.
“We work very closely with the government to either consult with or help shape the rules by providing our best practices, feedback and knowledge from an industry perspective,” CZ said.
According to CZ, only about 5% of the population 100% of new technology users are early users, while the other 95% are regular consumers or mass users. According to CZ, 95 percent of the population trusts licensed and regulated systems, leading to widespread use.
CZ warns, however, that regulation does not guarantee a company’s success. According to CZ, regulation can reduce – but not eliminate – risks but increase consumer and investor safety.
“Rules will likely include disclosure requirements, education requirements and risk alert requirements, which should help reduce this type of risk,” CZ added.
Establish appropriate regulatory frameworks to reduce risk while promoting innovation.
CZ said they were looking for partners in the Philippines to join fintech and help banks move to the web3. They want to create a collaborative environment and show potential partners how to use this technology.
“The third thing we do is invest, and that’s investing in and out of the cryptocurrency industry. CZ has said that they have done well with their cryptocurrency investments in recent years and will continue to do so. “In addition to bitcoin, Binance has investments in several companies.” Two examples are their share in Twitter and Forbes. “
“There is a core thought process; we want to invest in one or two companies in each of the key areas of the economy. ”When we invest, we may be a minority investor, but our goal is to put them on web3, blockchain, cryptocurrencies and so on.
Although the term “Web3” has become a buzzword in the IT industry, it was coined in 2014 by Gavin Wood, co-founder of Ethereum. Web3 is a new blockchain-based web version that promotes devolution and symbols. It became very popular in 2021, at a time of great popularity for cryptocurrencies and convertible tokens (NFT).
If you’re curious, Web2 refers to the current era of user-generated content. It’s all about sharing content online, such as movies and pictures, on various social media sites and participating in online communities.
“I strongly believe that the use of blockchain and cryptocurrencies can provide new business models that were not available before, such as micropayments, NFTs, identifying materials and symbols of different communications,” said CZ when discussing investments and partnerships with local companies. “So we want to explore new models, including NFT for content, NFT for art and so on.
“If they succeed, they will have a competitive advantage over their peers in that sector. And that would put pressure on their peers to enter the web3 platform. And then, when they all do, our industry gets bigger and that benefits us. “
The Internet of Things is defined by terms like Web3, NFTs, crypto and blockchain. This technology is still in its infancy and special definitions are being developed. People who are new to cryptocurrencies are also more likely to cheat and make impulsive decisions (usually when their cryptocurrency investment has diminished). Binance offers educational courses through Binance Academy and Binance Masterclass to increase awareness.
Binance Academy offers blockchain and cryptocurrency courses online while Binance Masterclass focuses on blockchain development in more depth. According to CZ, Binance has taught over 600,000 people in the Masterclass program, which was an on-site course before it broke out. It is now available online. Binance Academy and Binance Masterclass are both available for free.
“We are also launching a Binance scholarship,” CZ added. “We help kids get into college, with the only additional requirement being that they pass a blockchain test. We want to promote education on the blockchain front.
CZ expands the scholarship by emphasizing Binance’s internships and professional participation in institutions. Binance would like to welcome them back to the company after their internship and graduation.
“To date, Binance has worked with three universities, one in Italy and two in France, with the aim of expanding across Europe,” said CZ. “Binance is in contact with universities in Asia because of the education program.
When the CZ returned to the Philippines, the CZ refused to make any promises as to when their initiatives in the country would be expanded due to some external variables beyond their control. CZ, on the other hand, believes that the changes can be implemented within a few months.
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