Binance founder and CEO, Changpeng Zhao, known as CZ (Cee-Zee) spoke to Anthony Pompliano in the latest episode of ‘Off The Chain’. Amongst other things, they discussed philosophy, philanthropy, and “how the world works”.
The Cee-Zee Way Out
Binance sprang from seemingly nowhere to become the biggest crypto-exchange in the world. But CZ puts that largely down to their international outlook. A career working around the globe taught him that individual currencies are limited to one country.
When Binance launched, most players were focussing on the larger fiat markets, or just trying to crack crypto-to-crypto in the US. Binance settled on the smaller crypto market but multiplied that by 180 countries.
Regarding the speed of Binance’s growth and development, CZ explains that getting the right team solved a lot of the issues in scaling so quickly. The company does not make long-term plans, just weekly plans, which leads to the fast implementation of new ideas.
How The World Works
Trading in 180 different countries, means 180 different sets of (generally still unclear) regulations. Rather than try to dictate or influence these, the CZ way is to work within them. However, he has strong views on where regulation must focus:
regulations should try to prevent bad actors but not limit industry growth
When the industry learns how to deal with scams, CZ believes fundraising (through ICOs) will return. He says this is one of the most valid use-cases for blockchain, stressing the importance of entrepreneurs (and supporting their development through the Binance Labs investment arm) in making the world a better place.
CZ is not anti-establishment, hoping to redefine how the world should work, he just wants to make better solutions for “how the world works.”
Give It Away, Give It Away, Give It Away Now
When asked about his philanthropy, CZ admits that it is a little bit self-serving, in that he is using social impact work to promote crypto. While the projects themselves are rewarding, giving the next generation a positive first interaction with crypto is also key.
CZ explains that he has enough money, and doubling or halving it would not change his life very much. After taking care of yourself, he believes that the most fulfilling life involves taking care of others. He wants to achieve something impactful and says he believes that:
increasing adoption of crypto is most positive impact I can bring to our species
Think About The Future
CZ thinks that Binance is already covering enough in terms of initiatives, but wants to go deeper into each one. He says Binance doesn’t have to do everything, but:
want(s) to be the infrastructure player for a few things out of many and… want(s) to do them well.
Interestingly, the price of Binance token (BNB) [coin_price coin=binance-coin] has just hit a fresh all-time high against BTC.
What do you think of CZ’s comments? Share your thoughts below!
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