“You may say I’m a dreamer
But I’m not the only one” – John Lennon
– Changpeng Zhao, Binance CEO
Singapore, SINGAPORE – Why are we plugging unconfirmed as our headline opener for yet another issue? It’s simple, really – CZ is a man of ambition. Tales of Binance’s humble beginnings, from a $15 million ICO to the Top Chef of all crypto exchanges, have been making their rounds throughout Consensus Singapore as the conference rolls on.
What’s next? World domination. Granted, CZ’s playbook is moderately altered from the likes of Napoleon, Caesar, etc. – but the idea here is crypto everywhere. The goal is to launch five to ten fiat-to-crypto exchanges, roughly two per continent.
For context, Binance doesn’t offer fiat-to-crypto (F2C) trading. Available trading pairs are only quoted in Binance Coin (BNB), Ethereum (ETH), Bitcoin (BTC), and Tether (USDT). Pivoting to C2C from F2C could be considered a major pivot.
“Fiat is still where all the money is in… And we’ve got to open that gate.”
He’s not wrong. As far as marketplace growth goes, it’s not coming from people who already trade on exchanges.
And sheesh, if anything – there’s a net outflow. Traders and gamblers send funds to siloed (as in not linked to bank accounts) exchanges to try to flip a profit while the platform itself rakes in withdrawal fees and trading fees. For a most spectacular read on the matter, check out The Dark Underbelly of Cryptocurrency Markets by Nic Carter.
What’ll take time: Working with regulators. That’s exactly why Binance has yet to break into US markets. So as a workaround, CZ is starting with smaller fish. From his experience, regulators in smaller countries are more willing to have conversations. The approach calls to Ari Paul’s post on table selection – position yourself in areas where you can win.
P.S. – Binance just launched Binance Info. Overall it’s a rather comprehensive dashboard for 1,405 tokens and counting.
Just remember… stay woke with ratings reports. Many will gladly give projects higher ratings for a price. Hopefully Binance is woke on that as well.