2023-7-18 00:08 |
Leading cryptocurrency exchange, Binance turned six. The cryptocurrency exchange has hit several milestones since its creation and has remained in business, despite the continuous crackdown on exchanges.
In a recent blog post, Changpeng Zhao, the CEO of Binance, details the company’s achievements over the years while laying down his expectations for the future.
CZ, as he is fondly called, is bullish on the DeFi space, which he believes will continue to accelerate. The Binance boss makes a massive prediction, asserting that DeFi will dethrone and outperform the CeFi industry within the next six years.
With new wallet technologies making it easier for users to hold their crypto assets without a third party, the adoption of DeFi products and direct integration with blockchains will continue to skyrocket. Additionally, DeFi will create financial access for individuals that are unable to access TradeFi and banks.
“There are a few trends shaping up.” CZ writes as he touches on TradFi and institutional investors. The likes of BlackRock, Citadel, and Fidelity are making a notable entry into the crypto industry in significant ways, he added.
CZ refers to the entrance of these big players as validation for the technology that is crypto and the entire industry. In the long term, he believes these industry players will ease the institutional adoption of crypto.
“As institutional investors own the majority of the equity market, with hundreds of trillions of dollars, even a single digit % conversion into crypto will easily multiply the size of the current crypto market.” CZ wrote.
Regarding regulation in the industry, CZ asserts that regulatory clarity and regulated exchanges will continue to grow. While he admits that the market is still plagued with uncertainty, he remains confident that progress is already in motion and at a faster pace in many countries. He cites the recent XRP ruling as one of the few examples that showcases notable progress in the regulatory sector.
“The XRP ruling on July 13, even though it wasn’t through a normal industry consultative process, is an example of that. The countries that get this right first will enjoy a huge advantage over countries that don’t, for centuries to come. We are at a pivotal moment in history.” CZ wrote.
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