The CEO of the world’s biggest crypto exchange says that it’s not the end for crypto. He notes the prices today so he can look back at them in years to come.
Changpeng Zhao, commonly known as CZ, heads up the Binance cryptocurrency exchange with a $76 billion daily trading volume, and 90 million customers worldwide (Coinmarketcap).
On Thursday he tweeted that it wasn’t the end of crypto, but the “beginning of a new chapter”. He also posted a screenshot of the prices of Bitcoin, Ethereum, and Binance Coin, saying “Just noted today’s crypto price for future reference”.
CZ may be thinking that with contagion from the FTX collapse and probably still from the likes of Terra Luna, Celsius, Three Arrows, and the like, still spreading across the crypto ecosystem, crypto prices today might serve as a reminder of how bad things once were.
The Binance CEO has a lot to think about currently. His exchange is one of the only relatively sure things in the sector right now, and from his recent remarks it can be taken that he feels a lot of social and business responsibility for what is happening.
On the one hand he is trying to put to rest accusations that Binance is a “Chinese” company, and on the other hand he is putting together a crypto rescue fund known as the Web3 Industry Recovery Initiative.
He recently tweeted that Binance had added another $1 billion to the initiative, stating that it was all in BUSD. He added that this could be publicly viewed on the blockchain.
The other major initiative being pursued by Binance is its commitment to Proof of Reserves. CZ has recommended that all crypto exchanges go this route in order to allow customers to see their crypto holdings. CZ states that this will make the industry even more transparent than traditional finance.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.