Binance Chief Sees Bright Prospects in 2019Dec 26, 2018 at 21:58
The cryptocurrency market may have gone south for most of 2018, but Binance has weathered the challenges and stayed on top of its game as one of the biggest movers in the industry despite being only 18 months old.
In a blog post, Binance CEO Changpeng “CZ” Zhao has rounded up factors on why crypto prices took a big hit this year and how Binance has emerged as a strong force in the industry.
Among the reasons for the market rout he cited include the price over-swing towards the end of 2017, initial coin offering (ICO) projects that did not deliver what they promised, regulatory uncertainty and infighting within the industry.
But despite these challenges, the 18-month-old Binance charged ahead to become a recognized global organization with users in over 190 countries.
“In the midst of the chaos, Binance stayed close to our core values. We worked hard to increase the freedom of money globally, while not sacrificing security and ease of use. We fought hard to protect our users and our community. We focused on two of the best ways we know: BUIDL and adoption,” Zhao said.
Through the #BUIDL concept, the crypto exchange was able to launch its fiat-to-crypto exchanges in Uganda and Jersey and develop Binance Chain, its native decentralized exchange.
During the year, it launched its investment fund Binance Labsm education portal Binance Academy, research arm Binance Research and philanthropy program Binance Charity.
It also merged with Trust Wallet to provide multi-asset mobile wallets for users.
Binance was also big on security and protection of its users this year, as it created #SAFU Fund to insure users against accidental losses. It also pledged a $10-million bounty on hackers that attempt to hack its platform. Moreover, the exchange also helped 3,992 users retrieve over 3.22 million tokens.
In terms of adoption, BNB—or Binance Coin—is now being used by at least 50 partners for payment for flights, hotels, or just coffee, among other use cases.
After a whirlwind year, Zhao sees more opportunities for the industry and for Binance for next year, compared to when prices were near the all-time high level.
“I am not very skilled with the crystal ball. But looking forward, I know this much: blockchain will stay, crypto will stay, Binance will stay. And our industry will grow stronger than ever!,” he said.
In particular, he said Binance will see more features rolled out, the launch of Binance Chain mainnet live and up to 10 fiat exchanges around the world.
Zhao also said more partnerships as well as BNB use cases and adoption are in store next year.
“We will continue to build and increase adoption, and lead the industry forward,” he said.