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The head of the largest cryptocurrency exchange expects strong growth in the industry



The CEO of the leading Bitcoin exchange Binance Changpeng Zhao summed up the results of the outgoing year, and also shared his expectations for the future, saying that he is very optimistic about the future development of the cryptocurrency industry.

Starting with thinking about the reasons for the tremendous fall of the market in 2018, Zhao considers it necessary first of all to recall the historical heights that bitcoin and the rest of cryptocurrencies reached in December 2017. According to him, the correction should have come sooner or later.

Among other factors that had a negative impact on the market, Zhao cites the lack of results expected from many ICO projects, hacking of major exchanges, regulatory uncertainty and opposition from competing camps, which led to "stupid forks."

β€œI think with freedom there is always a bit of chaos,” Zhao wrote.

Despite all this, Binance, he said, followed her own strategy, which ensured her success.

β€œIn the midst of all this chaos, Binance remained true to its core values. We have worked tirelessly to make money freer globally, without sacrificing security and ease of use. We did everything to protect our users and our communities, and focused on the two best known methods: BUIDL and the spread of [cryptocurrency], ” Zhao said.

As part of this concept, BUIDL, in 2018, implemented a number of important projects. In particular, exchanges supporting Fiat in Uganda and Jersey were launched, the company also received licenses to launch exchanges for security tokens in several jurisdictions and intends to implement these plans in 2019.

In addition, the company is developing its own Binance Chain blockchain, which will underlie the new decentralized exchange . His test version, according to Zhao, has already been deployed and distributed to partners, a public test network will be available in January 2019, and the launch of the main network will take place in a few months.

The investment fund Binance Labs was also launched, which by now has already invested in 23 projects, and also acted as the organizer of numerous incubator and hackathon programs. According to Zhao, through Binance Labs, the company helps entrepreneurs to fully realize the potential of the blockchain technology and supports future changes in the industry.

Another project that the company launched this year was the Binance Academy , a free educational portal that today hosts over 540 articles and over 40 videos in 15 languages.

Binance Research was also established as a research unit for the compilation of free corporate analytic reports in the field of cryptocurrency, and the Binance Charity charity project was launched, which collaborates with various countries and organizations, including the UN.

Separate priority, says Changphen Zhao, is giving Binance secure storage of digital assets. In particular, a special fund was launched to provide insurance for users in case of unexpected loss of funds, in addition, the company offers a bounty of $ 10 million for a successful attempt to hack the stock exchange. In 2018, Binance helped nearly 4,000 users recover more than 3.2 million different tokens.

In addition, Changphen Zhao focused on Binance Coin (BNB), his own native stock exchange token, which, he said, became a truly universal coin – BNB is used not only for trading, but has become a means of payment in various services.

Speaking about the future of the industry, the head of Binance is definitely positive and sees a lot more opportunities now than a year ago when the market was at its peak.

β€œI do not have a crystal ball, but, looking to the future, I know for sure that the blockchain is not going anywhere, cryptocurrency is not going anywhere, and Binance is not going anywhere. And our industry will become even stronger, ” Changpeng Zhao concluded.

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