Binance’s Changpeng Zhao: Cryptp Entrepreneurs and Real Projects Are Key to the Industry Growth, Rather Than ETFs
Binance CEO Changpeng Zhao, better known as CZ in the cryptocurrency community, claimed Binance is considering a partnership with the world’s leading blockchain startup Ripple to use its XRP-powered xRapid platform in a Periscope Ask Me Anything session on Feb. 6, where he answered multiple questions concerning the future of the exchange and the broader crypto industry.
Speaking in his first live stream ever, CZ said Binance “definitely” wants to team up with Ripple’s xRapid cross-border payment platform in the future, but as of now, the exchange’s primary focus is on its new decentralized exchange(DEX).
“ We are working with a number of other partners. But X Rapid, there’s nothing going on right now, but in the future, we definitely want to add them as a partner.”CZ said.
In addition, he believed a key driver of crypto industry growth is the increasing number of entrepreneurs who focus on the development of real projects, instead of the much-anticipated bitcoin exchange-traded fund (ETF).
“ I don’t think ETFs are very core to our industry growth. With or without them, our industry will grow,” CZ said. “I actually think that for the industry to grow, we need more entrepreneurs to build real projects. So I think that’s the key.”
He advised crypto entrepreneurs to stay focused and to develop useful products while ignoring all the noise amid crypto winter.
“For other upcoming crypto entrepreneurs, the best advice I can give is basically, keep your head down, figure out your strength, and use your strength to build a product that other people will use.” CZ said.
When asked about whether Binance could survive another year of bear, CZ said absolutely. He is confident the world’s largest crypto exchange will “survive any number of years”, no matter what happens to the industry. He also added that the testnet of DEX is expected to be out in a week or so.