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Changpeng Zhao Calls 2018 ‘Correction Year’ for Crypto Industry

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Changpeng Zhao who is the CEO at Binance cryptocurrency exchange, in one of his statements classified the year 2018 as a ‘correction year’ for cryptoverse. While giving an interview at Bloomberg on December 19, Zhao expressed optimism concerning the future of cryptocurrency industry. The CEO of binanace spoke in allusion of the crypto market crash that we witnessed in mid-November.

Apart from labelling 2018 as a correction year for the crypto industry, Zhao further said that ‘while the price is a strong attraction” for speculators, the industry will grow, thanks to builders who make applications and “real use cases” that drive the further adoption of cryptocurrency.’ In the interview, when asked about the effect of price correction on Binance’s plans, Zhao said that the crypto exchange has already launched a fiat exchange. He informed about the exchanges plan of starting another two-three in the coming months. He also said that the exchange would be launching ten more fiat exchanges next year and none of their plans have changed.

On increased involvement of government and implementation of rigorous regulations in the cryptoverse, Zhao said that the level of uncertainty in the cryptoverse is at a all time high and that the industry requires clarity. He went on to say that the crypto industry does need regulations which advocates innovation. While concluding the interview, CEO of Binance exchange noted that he is still very confident about the crypto industry.

Binance exchange thrives innovation. In August 2018, the firm’s innovation wing, Binance Labs rolled out its incubator program. The first ever batch of this program dealing with blockchain projects graduated last week. Binance philanthropic arm, a charity foundation led by Binance launched a campaign powered by blockchain technology in support of the youth of Maltese. This program intends to support terminally ill patients and children in Malta and Gozo.

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