Stellar Lumens (XLM) Forum with for newcomers and contributor's rewarded Check here




Binance to continue focusing on fiat to crypto bridges: CSO Chao
  • 3 Vote(s) - 3.67 Average
  • 1
  • 2
  • 3
  • 4
  • 5

#1
[Image: photo-1513735429658-5b2072a1cee6-e1575183079286.jpg]
Binance and its CEO Changpeng Zhao have taken many steps recently to keep the exchange under the crypto-spotlight by implementing several developments across its ecosystem. While the platform is eyeing global expansion with Binance.US and its latest acquisition deal with Indian cryptocurrency exchange, WazirX, Binance’s Chief Strategy Officer, Gin Chao, elaborated on the platform’s criteria to expand its reach into various countries.

Appearing in a recent interview, Chao claimed that Binance had no “well-defined” plans of expansion. On the other hand, he claimed that the platform looks into different countries across the globe, while estimating their capabilities. He added,

Quote:“We try to maintain a list, with destinations ranked by priority. We take into consideration the regulatory ease of a given area and the demand of the local population for a solution like ours.”

Following the platform dropping hints of stepping into the Australian market, Chao was asked if Binance had any plans of entering France. Chao asserted that there were no “formal” plans for the same. Chao also revealed the reason behind a shortage of active users in Western European countries, when compared to the rest of the world. While pointing out that interest in cryptocurrencies differs from country to country, Chao said,

Quote:[b]“Europe and the United States are very sophisticated financial markets. These are not countries where cryptos are needed for cash transfers or to avoid inflation.”[/b]

While the Western world looks to crypto for investment or trading purposes, many countries in South America and Southeast Asia view cryptocurrencies as a solution to the economic instability in their respective countries, Chao said.

According to Chao, features like soft staking, which offer interest to users by merely holding cryptocurrencies, would not be viable in the long run. While this may act as an incentive to deposit funds, this feature might lead to a few users leaving, he added. Chao went on to say,

Quote:“For me, this means that cryptocurrencies can compete with current banking products (Livret A, life insurance etc).”

The Malta-based exchange has been growing exponentially over the past few months and many believe that the platform is planning to roll-out a pool of mining or something of the magnitude. However, Chao asserted that Binance remains focused on developing fiat to crypto bridges. Adding that he believes the crypto-market is still in its nascent stage, Chao concluded,

Quote:“It is really vital to bring as many people from the fiduciary world to the cryptos, offering them simple solutions to transform their funds into cryptocurrencies and vice versa.”




source https://eng.ambcrypto.com/binance-to-con...-cso-chao/
by Sahana Kiran
Reply


Possibly Related Threads...
Thread Author Replies Views Last Post
  CRYPTO USERS BEWARE: YOUR SMART TV MIGHT ROB YOU crytocure 0 10 2 hours ago
Last Post: crytocure
  Learn How to Avoid Paying High Fees on Crypto Exchanges crytocure 0 16 3 hours ago
Last Post: crytocure
  Crypto in Africa: Opportunities and Challenges, Explained crytocure 0 21 Yesterday, 11:03 AM
Last Post: crytocure
  Cryptocurrency Exchanges Are Fighting to Escape Binance’s Shadow crytocure 0 27 Yesterday, 10:54 AM
Last Post: crytocure
  Have a Look at the Most Valuable Companies in Crypto Space crytocure 0 30 04-12-2019, 11:17 AM
Last Post: crytocure
  CRYPTO MERGER AND ACQUISITION ACTIVITY TOTALS $4 BILLION SINCE 2013 crytocure 0 48 03-12-2019, 03:47 PM
Last Post: crytocure
  Despite the Recent Slump, Crypto Prices Improved a Great Deal in 2019 crytocure 0 34 03-12-2019, 12:28 PM
Last Post: crytocure
  Why Germany’s Friendly Crypto Bill Is a Big Deal crytocure 0 30 02-12-2019, 03:33 PM
Last Post: crytocure
  Koinly Review: Helping You Manage and Calculate Your Crypto Taxes crytocure 0 92 30-11-2019, 12:22 PM
Last Post: crytocure
  High-Frequency Trading and Crypto Dark Pools: How Do They Work? | 2019 Update crytocure 0 54 30-11-2019, 03:39 AM
Last Post: crytocure



Users browsing this thread: 3 Guest(s)