Speaking at an AMA where Binancians were skiing questions about Binance and the Web3 industry, CZ, co-founder of the largest crypto exchange, revealed that Binance is actively working on expanding its DeFi services.
He also mentioned that stablecoins are an aspect of the Web3 space that the exchange is interested in. Finance plans to support stablecoins like FUSD and Euro-based stablecoins.
When asked about the next success spot for Web3, he explained that he focuses on serving the community with the services they need, rather than making predictions, as he doesn’t consider himself a good predictor.
He emphasized the importance of NFTs and Telegram bots in the DeFi space, with both gaining popularity. CZ noted that Binance will always focus on following trends, rather than trying to predict or invent them.
Bangladesh, Africa, and Binance Launchpad
During the AMA, he expressed Binance’s commitment to support the expansion of crypto and blockchain products globally, including Bangladesh and Africa . The major hindrance is often related to government regulations that are still being developed.
He revealed that the recent pace of adoption of crypto and blockchain products has been affected by the FUD in the industry. For Africa, he said that a lot of education has been done to drive awareness; however, regulation in Africa often lags behind global developments.
Then, speaking about how ICOs evolved into IEOs and IDOs, the co-founder said that these models of raising money brought in by crypto have helped a lot of projects raise money from around the world with ease.
He added that the Binance Launchpad was born from this idea to help Web3 projects get funding before their launch.
On a reflective note, he said that ICOs are now seen as scams because scammers have used the same system to raise money and steal from users around the world.
However, he feels that the underlying principles of ICOs are still useful in today’s world.