Changpeng Zhao (CZ), CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, sees a breakthrough for the cryptocurrency industry in the next bull market.
In a new Bankless interview, CZ Binance details what he sees as the next big thing in cryptocurrencies and blockchain technology.
There are some old cryptocurrency use cases, such as payments, that haven’t started working as expected, according to the Binance CEO. However, today in the cryptocurrency space, he said, with the speed of the blockchain, there are many new developments, such as technology that allows users to pay in cryptocurrency and merchants receive fiat currency.
Changpeng Zhao pointed out:
“If we talk about the Internet, we don’t say, ‘What’s the next big thing that’s driving Internet adoption?'” There are a lot of different things. There’s videoconferencing, social media, Google as an information hive mind, and many other things going on. In the early days, you might ask, “What’s next?” But I think with cryptocurrencies and blockchain, it’s more than just one thing now.
“In 2017 there were ICOs, basically ERC20 tokens. In 2020 and even 2021, a lot of things are going to happen. The next one could be multiple things. It’s no longer a single factor driving adoption because the industry is bigger and the participation There are more.So we should look at what the next important NFT (non-fungible token) is and what the next important DeFi (decentralized finance) is.
“Maybe social media for crypto hasn’t been invented yet. There are also older use cases that haven’t taken off or are taking off slowly, like payments. Payments is one of the most obvious use cases, but no stablecoins, lightning networks, or real-time fast payments…
“Now, with faster blockchains, there are many new developments. We also have technology that allows users to pay with cryptocurrencies while merchants accept fiat currencies. Transactions happen in real time, just like Binance Pay, Bonus Card Like some other credit card solutions in the market, we see that the global economy is in turmoil, so there is a lot of uncertainty in the traditional financial industry.
“In Africa, for example, smartphone penetration is rising, and they don’t have banks. Less than 11% of people in Africa have banks, but they’re locked directly into the blockchain. All of this can be potential. I don’t know where.” One, but I think we’ll see multiple unicorns or successful new startups and concepts, as well as old ones, shaping the industry. So I believe we’ll see more success.”
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Source of information: Compiled from TIMESTABLOID by 0x Information.Copyright belongs to the author Solomon Odunayo, without permission, may not be reproduced