With over $6 billion in assets traded in an average 24 hour period, Binance is currently the world’s largest cryptocurrency exchange. The company has grown at a very commendable rate. The value of Binance coin (BNB). BNB is now among the top 30 cryptocurrencies in the world.
One thing that distinguishes Binance from other exchanges is the simplicity of its business model, which has experienced rapid growth.
The company recently introduced Wei Zhou as the new Chief Financial Officer. Zhou is an experienced Wall Street specialist. In an interview, held about 5 days ago, Zhou gave his opinion on what he thought could drive cryptocurrency to the mainstream.
The Two Major Factors
The first thing he mentioned is the ease of purchasing cryptocurrency. Zhou thinks that more fiats to crypto exchanges will greatly popularize the use of cryptocurrencies. Well this makes sense. Lack of crypto awareness is a major factor that’s hindering crypto’s mass adoption.
A large percentage of people do are not at all familiar with cryptocurrencies. Some, who have heard about some major cryptos like Bitcoin, do not know exactly what it involves or features and they do not know that there is more than just one type of cryptocurrency.
If a lot of people get informed about cryptocurrencies and everything that connects to these digital coins, the level of fiat-to-crypto exchanges will definitely grow. And we will have “more on-ramps and off-ramps” as Zhou puts it.
The other thing Zhou mentioned is the need for more high quality projects in the crypto ecosystem. He added that,
“…we need to attract more intellectual capital for more high quality founders coming into the ecosystem to build projects, to attract investments, to have sort of secondary markets for those projects. We want to be able to help drive that.”
Agreeing to this, new and more innovative projects will really help in improving the crypto market. Take for example the series of the EOS Global Hackathon. The series has brought together technology developers with great minds from all across the world.
Competitions held in the Hackathon has led to great innovations all set to improve the blockchain technology. This so well connects to cryptocurrencies since blockchain technology was first developed to improve the crypto platform.
According to Zhou, Binance will achieve its target of securing more than 1 billion users by 2030-2040. He said this considering that Africa,-the target market, has rapidly adapted to mobile phone technology throughout the continent.