Binance CEO CZ Says Cryptocurrency Continues To Gain More Traction With Traditional Finance Institutions
With coverage being provided all over the world and on some major news channels such as BBC and CNN, it is becoming very clear that cryptocurrencies are here to stay. Not only has the crypto and blockchain industry boomed in terms of popularity and usage, but it is also becoming increasingly legitimized thanks to the efforts of countries such as El Salvador and Ukraine. While the former has now famously made Bitcoin (BTC) legal tender, the latter has also been making headlines due to its renewed efforts and perspective regarding crypto assets.
Rather understandably, this type of success does not go unnoticed, which is why Changpeng Zhao (the CEO of Binance, the world’s largest cryptocurrency exchange) has thus stated that we should expect more and more traditional financial institutions to begin accepting cryptocurrencies and become increasingly involved in the industry before long. He, therefore, believes that these institutions are coming for crypto ‘in a very big way’.
Of course, this kind of attention has also drawn the ire of regulators, who are still trying to curb the success of the industry wherever possible, although some have said that even this kind of anti-crypto sentiment will eventually be altered in a way that the regulators can work with the industry instead of against it.
More institutional investors joining Binance
The Binance CEO revealed that the immensely popular crypto exchange has seen a surge in the overall amount of institutional investors joining. This makes sense, too, when we consider the abovementioned information and the spike in interest regarding the crypto sector.
Furthermore, Changpeng Zhao added that these traditional financial companies, firms, as well as venture capital investors had been observed to have adopted a renewed interest regarding cryptocurrencies which has since resulted in all of these parties becoming more involved. It should be mentioned, however, that as of right now, these traditional financial individuals and institutions are not investing all available funds into crypto. However, conversations about such an endeavour are certainly being had nonetheless.
Use-cases
Changpeng Zhao has also stated that compared to a few years ago, we are currently witnessing a number of new use-cases that might have previously been inconceivable. He talked about the NFT market and how it shall eventually become ‘highly sizable’, wherein he additionally mentioned his own crypto exchange’s involvement with non-fungible tokens.
Moreover, the CEO has previously discussed his desire to work alongside regulators, and to that end, he is hopeful that a headquarters can be established, which will help centralized exchanges become more legitimate.
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