Binance CEO on the Future of Cryptocurrency: “Industry Will Grow Stronger Than Ever”

Binance’s CEO, Changpeng “CZ” Zhao wrote a letter to the community dubbed “2018 Binance Year-End Review,” where he laid out the achievements of his popular cryptocurrency exchange and the industry.

The letter covered a variety of things from crypto prices, adoption, opportunities, multiple initiatives and milestones achieved by Binance and what lies ahead for 2019.

CZ started the letter off by saying:

2018 has been a hell of a year, definitely not the easiest of years, but looking back, real progress has been made.

Crypto Prices Took a Big Hit in 2018

He started the letter off with the unsettling aspect of 2018, the downfall of crypto prices. CZ listed several factors he thinks contributed to the prolonged bear market we’ve experienced this year.

First was the overly-hyped nature of the industry that swung prices upwards to overvalued levels. He also mentioned the demise of many ICO projects, security incidents at various exchanges, regulatory uncertainty, and the divide among members in the industry leading to “stupid forks.”

While the above-mentioned points were happening in the background, CZ said Binance kept their heads down and focused on building and adoption.

2018 Was a #BUIDL Year for Binance

CZ listed 9 different things the Binance exchange worked hard to achieve in 2018.

The first one mentioned is Binance’s launch of new fiat-to-crypto exchanges in Uganda and Jersey. The exchange also obtained security token licenses in multiple locations which they will use in 2019.

Binance has also been building Binance Chain along with an on-chain decentralized exchange (DEX) that’s expected to have a public testnet in January 2019. Also, to foster innovation and development Binance launched an investment fund dubbed, Binance Labs.

The exchange also launched a Binance Academy, which is a free education portal featuring over 540 articles and 40+ videos across 15+ languages. Besides this, they launched Binance Research to provide institutional grade reports to the general public.

As Binance is one of the largest and most successful crypto exchanges in the world, they launched Binance Charity to use blockchain for social good.

Binance also made significant upgrades to their exchange infrastructure, including security upgrades, customer service improvements and back-end improvements. They also merged with Trust Wallet to provide one of the best multi-asset mobile wallets available.

The last achievement mentioned was the creation of the #SAFU Fund, a fund that ensures users against accidental loss of funds. In 2018 the fund helped 3,992 users retrieve 3229045.91 tokens they had mistakenly sent or lost in a recoverable way.

It’s highly evident that Binance accomplished a lot in 2018, and is set for another cryptocurrency bull run.

Adoption and Opportunities

One of the key goals at Binance is to increase cryptocurrency adoption and usage. Which is why the exchange has worked hard in 2018 to push adoption of their native Binance Coin (BNB).

50 partners have adopted the BNB token and it now has an array of versatile use cases including paying for flights, hotels, merchandise, cryptos, and even as collateral for loans.

Part of this increase in adoption is due to Binance’s active approach in spreading awareness around the world. Binance has been seeking opportunities around the world and continues to push adoption by meeting with influential individuals and more.

What 2019 Holds for Binance

To end off the letter, CZ provided his insights for what he believes we will see in 2019 for Binance.

I am not very skilled with the crystal ball. But looking forward, I know this much: blockchain will stay, crypto will stay, Binance will stay. And our industry will grow stronger than ever!

CZ’s 2019 Binance predictions include:

• More features on Binance.com.
• Binance Chain mainnet live, with a native high-performance DEX
• Up to 10 fiat exchanges around the world.
• More partnerships with industry leaders.
• More use cases and adoption of BNB.
• More interesting projects invested in or acquired by Binance.
• True transparent charities.

As 2018 comes to an end, it’s clear that Binance has achieved a lot and will continue to build and increase adoption as they lead the crypto industry forward into the new year.

Do you think Binance will remain as a top cryptocurrency exchange in 2019? What are you most excited for from Binance in 2019? Let us know in the comment section below.