CZ Explains Binance’s Potential Path to Financial Future

NFTs have played a huge part in sustaining crypto so far, and CZ sees this as just the beginning.

CEO Highlights Regulation

Changpeng Zhao (CZ), CEO of the world’s largest cryptocurrency exchange, Binance, divulged how he sees a proper pathway to a middle ground with regulators when he spoke with Georgina Lee of South China Morning Post (SCMP) on September 15. 

Lee and CZ began the interview by speaking about the influence of NFTs and the growth of crypto with institutional investors. But with various regulatory bodies honing in on Binance and the expressed goal of global regulatory compliance, the CEO explained a pivot to a more proactive approach that involves educating regulators on how crypto works.‍

‘We have come to realize that we need a centralized entity to work well with regulators,’ CEO CZ told Lee. He joked that “when regulators ask if we have a headquarter, our response is we don’t have a headquarter, and that doesn’t go with regulators. Sometimes they even think we are dodgy.”

The CEO asserted that the more proactive approach is one rooted in transparency. Binance has sought to hire former regulators to help educate and create a feedback loop between former regulators and the exchange. Regulation is a critical issue, especially as CZ indicated that institutional investors are waiting on the sidelines with billions. 

The essence of the proactive approach seeks to invite regulators to understand how crypto works. Binance has played this educator role with governments as well, helping Ukraine adopt its central bank digital currency (CBDC) early this month and Brazil.

Regulation–and CBDC–will be vital in opening the industry to more reluctant investors and users. Many still view the industry only for its volatility, but CZ believes NFTs and other use-cases can help bridge the gaps in education.  

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NFTs Play Vital Role

CZ believes we are just seeing the start of use-cases for crypto and NFTs. He is working on this with institutional investors and industry leaders to unite numerous industries with crypto. He specifically mentioned the potential for billions of dollars to be on its way onto the blockchain.

According to CZ, creative content is going through a dynamic change, where specifically, Play-to-Earn and generative art have been extremely popular across cryptocurrency. But NFTs are also slowly making their way into more mainstream use-cases like concert tickets and even news.‍

“One of the most obvious is you could make this interview into a piece of content for SCMP. You could decide to sell this as an NFT,” CZ explained to Lee. “We don’t know, but somebody probably will pay for it given how crazy NFTs are selling.”

Binance hopes to continue to help push the best and most prominent aspects of the industry. CZ says that Binance seeks to monitor trends and provide funding, liquidity, and exposure to help the ecosystem grow. NFTs have untapped potential, and we’re just getting started. 

‍Source : bsc.news