Home » Cryptocurrency » Binance CEO believes crypto industry needs more projects to grow

Binance CEO believes crypto industry needs more projects to grow

Dimitar Bogdanov
  • February 7th, 15:33
  • Last Updated: October 17th, 08:53

The chief executive officer of the world’s largest digital coin exchange Binance does not believe that cryptocurrency exchange-traded funds (ETFs) are essential for the growth of the industry, Cointelegraph has reported.

Some cryptocurrency supporters believe that a potential launch of a Bitcoin ETF, especially in the US could have a similar effect on the crypto market as the launch of Bitcoin futures on major US exchanges in late 2017. That development was the main catalyst for the rally that led to Bitcoin hitting an all-time high of just over $20,000 in December of that year. However, US regulators, namely the Securities and Exchange Commission (SEC) have so far been reluctant to approve crypto ETF offerings. Recently, Cboe Global Markets, the owner of the Chicago Board Options Exchange, resubmitted for approval a joint proposal with VanEck and SolidX, rekindling hops that a Bitcoin ETF could launch this year.

According to Binance CEO Changpeng Zhao, however, the crypto industry should focus more on developing projects.

“I think for our industry to grow we need more entrepreneurs to build real projects,” Zhao said during a live stream on February 6.

During the life stream, Zhao also indicated that his company is interested in partnering with Ripple and using the San Francisco-based firms xRapid settlement solution, which uses XRP. However, he also indicated that the company is not actively working on such a partnership at this time.

Binance is the world’s largest digital currency exchange, as measured by trading volume. According to data from cryptocurrency tracker Coinmarketcap, the exchange has processed nearly $573.5 million of cryptocurrency trades. The company’s most-traded offering is the BTC/UDST trading pair, which accounts for 14.7% of that volume.

About the author

Dimitar Bogdanov
Dimitar Bogdanov
I have been a journalist for Invezz since 2012 and am one of the oldest on the team. My focus is on cryptocurrencies as well as general equity markets, although my experience is broad overall.

Leave a Reply

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.