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Binance CEO Changpeng Zhao, popularly known as CZ, expressed a high level of confidence and optimism in the future of crypto and the exchange in 2019. Although the industry is facing challenging economic conditions right now. He believes the current valuations of most projects are reasonable with stronger teams. Also that governments around the world are beginning to look closely at crypto for adoption.
Turbulent 2018 for crypto market
He highlighted some of the reasons why the crypto market has had a tumultuous 2018. The explanations include that many assets might have been overpriced in 2017 and also the failure of many ICO projects from 2017. Also, he pointed out the hacks that have taken place at various crypto exchanges. In the first nine months of 2018, hackers stole $927 million from cryptocurrency exchanges and other platforms, according to a report from blockchain security firm CipherTrace. These losses were 3.5 times higher than the levels seen in 2017.
The other points Binance CEO made were regulatory constraints in some parts of the world and the lack of unity which resulted in splits and forks, which limited development in the crypto industry and caused further drops in price.
BNB Use Cases
The BNB now has over 50 partners that have adopted the Binance token into their ecosystem. Binance even conducted a contest on Twitter to challenge fans to show themselves creatively using the BNB for a reward.
“The Binance Coin now has some of the most versatile use cases, including paying for flights, hotels, or just coffee. You can even use it as collateral for loans,” Binance CEO said in his end of the year letter.
In addition to the success of BNB, Binance was able to launch other exciting products during the year. Especially the philanthropy program, Binance Charity, which is collaborating with multiple countries and organisations. Along with the United Nations, to use blockchain for social good.
Alexandre Dreyfus, CEO of chiliZ ($CHZ), a currency that fuels blockchain-backed products recently announced the company gave $1,000 USD to support the foundation. That follows the donation by the Tron Foundation we reported yesterday.
Binance in 2019
Binance has lined up a list of upgrades, features and new development for 2019. Regarding expanding around the world, Binance revealed it would open up to 10 fiat exchanges in other parts of the world. The Binance will also be upgraded to ensure true instant transactions.
The exchange would establish more partnerships with industry leaders and increase the use cases and adoption of its token, BNB. The Binance coin is currently trading at $5.65, having lost about 34 per cent of its value since the beginning of the year.