Binance’s CEO, Changpeng Zhao, recently explained how the largest crypto exchange in the world deals with attacks from other exchanges. In a personal post, Zhao states that various exchanges have targeted Binance for different reasons since and especially it’s early days.
CZ lists several reasons why other exchanges picked on Binance; those include the fear of Binance’s rapid progress, fame-seeking, attempts to use the exchange for their growth, or even pure jealousy.
However, CZ also argues that these exchanges who originally wanted to either harm or use Binance, actually helped Binance grow bigger.
This personal post was published just a few days after Binance Coin (BNB) broke its all-time high against Bitcoin.
Binance used the attention to gain momentum
During its early days, when Binance was still quite young and unknown, a major exchange saw it as a threat and attempted to damage its developing reputation. However, Binance’s management used this attemp to its advantage.
“When a big exchange attacks a small new one,”, CZ says, “there must be some threat (and credibility) posed by the newcomer. They also have a higher reach than us back then. It was great to have them spread the word for us…
Our approach always: ignore, and work hard to become more successful ourselves. Best response!”
CZ continues to argue that bad news travel a lot faster than the good ones, and as soon as the exchange was involved in something like this, it started attracting endless attention. He also points out that every PR is good, especially for a young business that is trying to become relevant.
He was not worried about Binance’s reputation, as he thinks the public is smart, and they will not be so easily fooled. Such attacks on Binance brought new members to its community, while they united the existing ones.
CZ also mentioned the behavior of some crypto projects that went against Binance in the past, stating that they attacked because Binance would not list their token.
After refusing to cooperate, Binance was often called a “scam,” or even “illegal,” which led to the question: Why did they want their coins listed on an “illegal” exchange in the first place?
Binance CEO Says Crypto’s Killer App Has Arrived, Ripple Adds New Partnership, and BitPanda Dares Elon Musk to Accept Bitcoin
Binance CEO Changpeng Zhao says crypto’s killer app is already here. In a new interview with YouTube’s Venture Coinist, Zhao pointed to the success of Tron’s BitTorrent Token (BTT) launch as a sign that ICOs will make a comeback and remain a powerful new way for companies to raise money.
“ICOs got a little bit of a bad name because it’s total freedom. So there’s quite a lot of chaos. It was too hot. You could write a five-page white paper and raise $10 million. And of course, the founders want to do nothing other than write the next white paper. So it was getting too hot and with the bear market in 2018. A lot of people lost money and it gave a bad name to ICOs.
But looking past that, I think raising money on blockchain, blockchain fundraising, is a killer app. And it has huge implications and huge advantages to entrepreneurs. So what we need to do is basically just find the best entrepreneurs, find the most proper projects, the legit projects, and make sure that the token economics make sense. So we need to make sure they don’t raise too much, keep the initial prices lower because the project is not out yet. So there’s a strong structure to raising properly, and that’s what we want Launchpad to do.
Al Ahli Bank of Kuwait (ABK) says it’s partnering with Ripple to implement instant cross-border payments for its customers.
According to Arabian Business, the bank says the agreement will place ABK ahead of its competition, reducing cross-border transaction times from days to a matter of minutes.
ABK will integrate Ripple’s enterprise blockchain technology into its existing services to offer its customers immediate confirmations, on the back of a secure infrastructure. The bank said its customers will now be able to send vital funds to family, friends and loved ones faster and more efficiently.”
The CEO of BitPanda is joining the push to get Elon Musk to accept the Bitcoin Lightning Torch. Eric Demuth says he’s ready and waiting to buy a Tesla Model 3 the moment Musk takes the torch.
…also add a stankmeme of your choice on it if desired. pic.twitter.com/bUjK3GptPs
— Eric Demuth (@eric_demuth) February 14, 2019
The crypto community has been pushing to get Elon Musk to join the game of crypto hot potato, which has prominent figures passing a symbolic amount of Bitcoin to showcase the power and speed of the network and the new scaling solution Lightning.
Binance Operating Profitably Despite Bear Market: CFO Wei Zhou
When it comes to running a cryptocurrency business, the case of Binance is a great example for all startups putting their feet in this space. Currently world’s largest crypto exchange by daily trading volume, not only it manages to make headlines continuously but also it has been expanding aggressively to cover the entire space. It has created a completed ecosystem of various crypto and blockchain based products and services within a short span of its lifetime. But that’s not the best part of its story. The best part was revealed yesterday by company’s CFO Wei Zhou when he claimed that the company is profitable even in this bear market!
That’s right. Speaking to CNBC in an interview Mr. Zhou said that Binance has been able to operate profitably even during this crypto meltdown. This is impressive because if an exchange is able to expand aggressively while retaining its profitable position during a bear market it speaks volumes about the kind of efficiency in company’s operations. This is also a big achievement because the company has been experiencing some of the lowest trading volumes since 2017.
It’s worth noting that Binance has been in the space only since July 2017, but since then it has become a force to reckon with. It had raised as much as $15 million in its ICO itself, and since then it has never looked back. The company hired Zhou to head its financial department in September 2018, who has a background in launching IPOs of major companies. Prior to joining Binance he had spearheaded the IPOs of TV ad company Charm Communications and job site Zhaopin in China. When CNBC interviewer asked him whether Binance is also planning its IPO or not, given his background, he said that there’s no such plan in the short-term.
Zhou is also known for his expertise in closing big-ticket mergers and acquisitions. At Chinese tech conglomerate Beijing Kunlun Tech he had orchestrated the acquisition of Gay dating app Grindr in 2018. When he was asked if Binance is also planning some big acquisitions in the coming days, he said that the company always remains on the lookout for high quality products.
Binance Coin [BNB] pumps by over 6% as most other top-10 tokens face slump
The cryptocurrency bear market is stronger this time as most of the major coins are undergoing major changes almost every day. However, Binance Coin has taken advantage of the bear’s lose grip and has jumped by over 6%.
At the press time, BNB, was valued at $9.47, with a market cap of $1.3 billion. The coin registered a 24-hour trading volume of $85 million while registering 6.80% growth over the past day. The coin, however, has fallen by 0.25% after surging due to market correction. The coin has registered a growth of 16.58% over the past seven days.
Binance Coin [BNB] registered a volume of $29 million with the BNB/USDT pair on Binance. The second position in terms of trade was on the BNB/BTC pair, with a trade volume of $21 million. The third place was taken by P2PB2B, with a volume of $6 million on the BNB/BTC pair.
Looking at the growth in the coin’s price, Binance’s CEO Changpeng Zhao, or popularly known as CZ, tweeted:“…18 months ago, 3 weeks after launch, $BNB at ATH, price is 1/50th of what it is now, 4 coins traded on @Binance. The tweet has 2 comments (as of this writing). Keep #buidling!”
Binance Coin was recently added on another medium, SpendApp, which will enable BNB holders to buy/sell the token with their account. Spend.com shared this news on Twitter by stating:“#Binance Coin is now available on the #SpendApp. Buy/Sell $BNB with your bank account. Exchange $BNB with all supported assets. Spend $BNB at 40+ million locations with the Spend Wallet™ by instantly converting to fiat with the #Spend Visa® [email protected]_binance @binance @Teddy_Lin”
Binance exchange is the largest exchange in terms of trading volume and recently, the CFO of the company, Wei Zhou, claimed that business is still profitable instead of the bear ravaging the market.