Original author: AC, BlockTempo
Reprinted: Luke, Mars Finance
The world's largest exchange, Binance, will hold the Binance Blockchain Week Dubai 2024 conference from October 30 to 31 in Dubai. Binance has specifically themed this event as 'Momentum,' aiming to showcase how the crypto industry has accelerated its growth and achieved significant milestones since the last Istanbul summit amid challenges.
On the first day of Binance Blockchain Week 2024, a highly anticipated fireside chat will serve as the closing session, where Binance co-founder He Yi will engage in an in-depth conversation with Alice Liu from CoinMarketCap, discussing their visions for the future of Web3 under the theme 'Driving Momentum: He Yi on Binance's Vision.'
Striving for two kinds of financial freedom for users.
Alice Liu: Since the establishment of Binance, I want to ask about corporate culture. What are the core values and cultural elements that have remained unchanged since Binance was founded?
He Yi: Many people ask me how Binance has succeeded. The main difference between Binance and other startups is that we have a unique culture. If you look at the most successful companies globally, they all have very distinctive cultures. I believe culture is the only element that can bring people together. Culture can be hard to explain at times, but it helps us find those who align with us in innovation, mission, and values.
I believe culture is the only thing that can bind some people together. If we only look at finance itself, first, I think we have a strong vision. We talk about financial freedom, and Binance wants to create a simpler network for these people to easily achieve financial freedom.
"Financial freedom has two meanings: one is that you no longer need to work financially, and the other is to provide simpler and better financial freedom services. At Binance, our users expect to become wealthy through trading and achieve financial freedom, while they also hope to receive better services and user-friendly products."
We are not limited to trading; we also have revenue, skills, academia, and payment functions. Certain business units may not directly generate revenue, but they build a solid infrastructure for our community.
He Yi also emphasized Binance's three core values— Responsibility, Accountability, and Humility. She mentioned, 'Wherever we are, our team members will take responsibility for their work and impact.'
At Binance, we advocate a 'customer-first' culture. There are still many entrepreneurs in the industry who are genuinely working to improve the world. Customer-first means we are truly building what users need, not just pushing so-called 'junk coins.' There are many builders in the industry who are continuously striving, which deeply moves me.
Admitting that CZ's departure was a challenge.
Alice Liu: Binance has faced many challenges in the past few years. What do you think are the most important challenges for Binance?
He Yi: I think many people believe that the downturn last year was the most challenging moment for Binance. As a startup, when the founder steps down, it is a significant challenge for the team. However, we have a good direction— we want to establish this company as a mature organization, not just a startup.
Our goal is to form a strong team that collaborates and supports the growth of the company. Startups often rely on certain unique skills of the founders or co-founders to compete, such as excellent marketing or technical abilities. However, as the company matures, we need sound organizational policies and environments to ensure that the company can continue to grow even without the founders.
"We are working hard to achieve this. Fortunately, we are currently running well and still leading the industry. There are two main challenges: one is internal organizational challenges, which we have already addressed; the other is external environmental challenges."
Ten years ago, no one cared about cryptocurrencies or Bitcoin, but now the crypto industry has garnered more attention, and regulators are closely monitoring this sector. I think this is a good thing because at least we are starting to become a part of the traditional financial world.
However, different regulators have different understandings of our industry, so we collaborate more with the traditional financial world. Some crypto-native enthusiasts might ask me if I feel like I am no longer a part of the crypto community because we are increasing our cooperation with regulators and traditional finance.
"I believe that to truly support more people globally in using cryptocurrencies, dear Wall Street traders, we should collaborate with traditional finance and understand each other."
We don't want to be an isolated venture; we want to make the crypto world more accessible, enabling users like my grandmother to directly use Web3 as simply as using a mobile phone.
Alice Liu: Great, as you mentioned, this is about long-term vision and planning, as well as observing the long-term development of the industry. Congratulations to you; Binance now has 233 million users, which is a tremendous achievement. I would like to know what your future plans are as one of the leaders.
He Yi: I think this can be divided into two parts. First, we want to continue strengthening our internal organizational strength and build a robust structure. I have been talking about how to establish a strong enough company so that it can continue to grow.
Externally, our industry is at a special moment. We see many traditional and emerging technologies (such as 3D printing) approaching everyday life. Cryptocurrencies also have this potential, and it is crucial to integrate this technology into people's daily lives.
Our goal is not just to enter the industry and drive up prices but to build a better future. We should work together to promote industry development. Therefore, we are looking for innovative startups that bring practical application scenarios to the world beyond just trading, allowing the entire industry to benefit.
Although there are still many startups in this field, this is normal. People often ask me if I still believe in cryptocurrencies. I believe because I act on my beliefs. This is the power of positive belief—like
"If you view the world positively, you will create a positive environment. Of course, having a positive belief is not enough; you also need to give your all. Failure is normal, but we should keep pushing forward."
Next year will definitely be a good year.
Alice Liu: Great, I have one last question to ask. This year has been very special for us with the advent of ETFs and more regulations. What positive signals would you like to share with users?
He Yi: When we talk about regulation and ETFs, it means we have already integrated into a part of the financial world, which is a positive signal. Today, Bitcoin's price is also rising.
"I have been in this industry for over 10 years. Every time there is a bear market, many will tell me that Bitcoin has failed again. Bitcoin fails time and again, but I always believe that, like a cycle, it will continue to grow."
If you ask me, I am confident that next year will be a good year, which is good news for the industry and users. We can also see more and more practical applications emerging. Unlike ten years ago, cryptocurrencies are now helping many people in various countries improve their lives. For instance, over 12.5% of users in one country use Binance monthly, not just for trading, but also for payments, transfers, and even making money.
"This is not just trading; it's a process of changing the world and building business models. Stablecoins are a simple tool, but they have started to work and are no longer just a dream. I hope everyone can understand that a better future is coming, and what we need to do is not wait but seize the opportunity now."