Cryptocurrency

Zhao believes that the exchanges should change

Since the birth of Bitcoin eleven years ago, the crypto world has grown to become a real network of companies, people, and virtual coins. Which interact with each other in a daily basis, cooperating and competing. However, for the founder of Binance, Changpeng Zhao, this would not be enough. Therefore, Zhao believes that the exchanges should change their mentality, to get to expand and reach their true potential.

The expansion of the crypto world

Few could have imagined just a decade ago, today several of the most important companies in the world, valued at millions of dollars, would be part of the crypto market. Much less than, the product of investment in Bitcoin, would be a real batch of crypto millionaires. After the huge bullish rally of 2017 to push for the price of BTC to nearly $ 20,000.

Thus, today companies such as the exchanges Huobi, Binance, or Coinbase, we are familiar to all who took part in the crypto world, and even to many people outside the same. What, in short, has been expanding strongly on the capabilities of the cryptocurrencies.

And is that, in recent years we have witnessed the emergence of countless new products and applications that involve the cryptocurrencies, as well as to their exchanges.

From the starting point of products, such as contracts, intelligent, and decentralized applications, up to advances more innovative as the crypto games, and strategic alliances between financial firms and traditional organizations in the crypto world.

Changpeng Zhao believes that the exchanges should change their mentality to get closer to Binance that is supported in 16 languages

Changpeng Zhao on the exchanges

However, this would not be enough for the founder and CEO of Binance, Changpeng Zhao. Who in a recent interview with CoinTelegraph, would have declared that the exchanges should change their mentality, if you seriously want to get success at the global level:

“First, I would say that you need a global mindset. Many exchanges of cryptocurrencies declare that they are the exchanges overall, but if you look closer, they are focused on a region, usually of that the majority of their team comes from. Their products are only available in one or two languages, their customer service is only available in one or two languages, and they only organize events offline in your region. As a result, the majority of its users are from that region too.“

With these words, Changpeng Zhao critique of what he considers the regionalism of some companies. A phenomenon that is observed many times in exchanges in the asian continent. Which, despite being available all over the world, are concentrated in their home market.

To Changpeng Zhao, this would be a error in the approximation of these exchanges. Therefore, for these companies to have success, in the opinion of Zhao, should have a strategy of global character. Even going to criticize the that there are CEO’s of exchanges of cryptocurrencies who have not lived in several regions of the world. That would limit your knowledge of the world market. Why this criticism of the exchanges becomes our Fact of the Day today here in CriptoTendencia.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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