The CEO of Binance, CZ, spoke about several issues in the Crypto industry during an AMA Session at the Binance Blockchain Week in Paris. In the conversation, CZ explained that there is so much that is yet to come in the crypto space. In comparison with Web2, CZ said the crypto industry is at the “we just gained access to the internet and email” stage.
Delving further, he also mentioned the evolution and need for NFTs and the metaverse. He related that “there are so many real-world applications for NFTs and the Metaverse that are yet to come to life”. Although the major use cases we see for NFTs are related to JPEGs, and images, however, in sports and ticketing, NFTs will be useful.
Another exposition by CZ was on the need for education and collaboration with regulators to drive the adoption of blockchain and crypto. He clarified that most regulators still find crypto difficult to understand. For example, in the aspect of identification, the traditional financial system knows about KYC and AML. But there’s more that will be seen in crypto because of the nature of the technology.
Going global for Binance means going local
“At the beginning of 2017, I didn’t know I would build Binance,” CZ said about the development of Binance. However, with a focus on serving people and creating projects to solve problems, Binance has evolved into a global crypto brand. The growth of Binance has also made the founder grow as a person.
He repeated this when he said, “I am a developer turning into an entrepreneur”. According to CZ one reason for this growth is because of the diverse team being built at Binance. The nature of the team has made it necessary to use remote models to build a huge Binance team around the world, he explained.
Since Binance is a global firm, time zones are critical. Thus, work is as flexible as possible. However, he stressed that Binance is still a 24/7 organization. At each time, someone is working and responsible for several aspects of the organization.
CZ also commented that the Binance team is building with this in mind: “going global for Binance means going local”. This has informed their awareness of culture and the use of cultural differences to enhance the quality of the work done at Binance.
You don’t plan the internet
In terms of keeping pace with the revolution in the blockchain space, CZ replied, “You don’t plan the internet”. He cited Google as an example of a company that took the opportunity presented by the internet to serve the world by creating products people need and use.
He believes that having a plan is good but being rigid to it is not useful because of the volatility of the crypto market. For the Billionaire, some chaos in terms of innovation of products is good for growth.
Lastly, in response to a question on multiple Twitter accounts created in his name, CZ responded that he believes Twitter will take care of that as soon as possible.