Binance CEO: Cryptocurrency market is rapidly moving towards the “mainstream”
Japan's Web3 exhibition "WebX 2024" was launched on August 28. Richard Teng, CEO of cryptocurrency exchange Binance, was also at the exhibition and had a video chat with Takeshi Chino, general manager of Binance Japan. Mr. Takeshi Chino held a conversation and shared his future prospects for the cryptocurrency industry.
Deng Weizheng said that since he took office as CEO, he has adhered to three major principles: In addition to user first, Binance actively cooperates closely with global policy and regulatory agencies to develop a regulatory framework that can balance risks and innovation. Deng Weizheng believes that blockchain technology, like AI, will become the driving force of future industries and is crucial to national development.
The third principle is to work with partners and the industry to create a dynamic ecosystem, support projects and talents, and promote global applications and education.
Deng Weizheng pointed out that for cryptocurrency to truly go mainstream and be widely adopted, it requires the participation of institutional investors, and 2024 is the key.
Looking back at this year, Bitcoin and Ethereum ETFs were approved in the United States, and other countries such as Australia, Hong Kong, and Brazil have also passed similar cryptocurrency ETFs. He believes that these changes have brought more liquidity to the cryptocurrency market, attracting different types of investors and institutions to participate.
As global financial institutions become more accepting of cryptocurrencies, traditional financial institutions and large investors will enter the market one after another. Chino Tsuyoshi also explained that the boundaries between "traditional finance" and "blockchain technology" are becoming increasingly blurred. The rapid progress of cryptocurrency technology and its application efficiency in cross-border payments will become a major innovation in the financial industry.
Deng Weizheng added that in the next ten years, most of the middle and back-end businesses of the traditional financial industry may turn to blockchain technology to achieve more efficient operating procedures, save costs, and enjoy the advantages of non-tamperability and other advantages.
Binance Japan is gradually expanding its services
Focusing the scope of development on Japan, Deng Weizheng said that Japan is one of Binance’s important strongholds.
In a press conference held during the WebX exhibition, Chino Tsuyoshi said that Binance Japan currently supports 53 cryptocurrencies and hopes to increase it to more than 100 by the end of 2024. He emphasized that Binance Japan hopes to introduce more interesting cryptocurrencies that meet market demand, especially projects from Japan, and promote these projects to the Binance Global Platform to become a bridge into the global market.
Chino pointed out that Binance Japan’s primary goal is to increase the transaction volume of buying or selling cryptocurrencies with Japanese yen, and use this as a benchmark to challenge major competitors in the Japanese market. He said that although Binance has many products in the global market, if it wants to succeed in the Japanese market, it must surpass competing products on the yen trading pair.
In the future, the Binance Pay function, which allows you to make payments and transfers in cryptocurrencies such as Bitcoin and BNB by scanning QR Codes, and the Launchpool platform, which allows users to obtain newly listed tokens by staking cryptocurrencies, will also be included. The official plan is to launch new services one after another. Takeji Chino said that Binance Japan is currently working hard to solve regulatory challenges and launch more diverse products.
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