Binance CEO Changpeng Zhao (CZ) – Support for Bitcoin Promotion
Binance CEO Changpeng Zhao (CZ) explained on Wednesday why Binance spends time supporting cryptocurrencies and blockchains beyond those it chiefly develops.
While the executive remained optimistic about the BNB Chain ecosystem, he said that he personally is a “heavy promoter of Bitcoin (BTC).”
Are Binance’s Blockchain Centralized?
In an AMA hosted over Twitter on Wednesday, a questioner raised concerns that the “Binance Blockchain” isn’t being promoted by its namesake company and that many crypto users view it as a “shitcoin.”
CZ explained that Binance would prefer that its many child networks – including BNB Beacon Chain, BNB Smart Chain, and an upcoming “greenfield” chain – remain independent and decentralized.
“Anything associated with Binance is often accused, wrongly, of being too centralized,” he said. “We’re caught in between. We could give a lot more support, or we could let them run on their own.”
The “decentralization” of Binance’s blockchains came under scrutiny last year after Binance Smart Chain (BSC) was hacked for $600 million in BNB. The network collaborated with roughly a dozen service providers to freeze the blockchain and stop any more money from escaping at the time, thanking them for their “quick and attentive response.”
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