Binance is one of the best known brands in the crypto world. What started as a simple exchange has become a digital emporium that offers the most diverse products to the community. Thus, in a short time it has become the most important company in cryptology. That’s why today we bring you an interview with its founder and CEO Changpeng Zhao, where he tells all about the future of Binance.
From offering products to creating an ecosystem
Today, everyone knows that Cryptosoft has gone from being simply an exchange to being a true ecosystem, with a view to building capacity for the promotion of cryptomonies around the world. However, according to Changpeng Zhao this was neither the intention nor the original plan of the company.
In fact, as Zhao relates in the interview, most of Binance’s products came about from user requests. Users ranging from future contracts on Bitcoin, to mining pools, were requesting new products from the company. Which, over time, ended up constituting an ecosystem on which Binance is based today.
„When we started we just tried to build an exchange, that was our focus, and once we built a crypto currency exchange (…) we said ‚okay what else do people want‘ (…) all these things were requested by the users and so we slowly expanded based on feedback“.
Of course, this constant expansion was driven by the initial success of the exchange. This allowed the company to have a large amount of money, with which to start making acquisitions of other companies, and to fund research and creation of new products.
What is Binance Open Platform?
The development of Binance
For Changpeng Zhao the development of Binance has been a rather natural process. Moving from offering inter-currency exchange, to including the fiat money sector by allowing P2P exchanges within the platform, and giving space to futures contracts and margin trading within the website.
However, this also led to the emergence of new aspirations within the company. Above all looking to spread knowledge about the crypto world. This is why Binance Academy was created, as well as the merger between the exchange and CoinMarketCap in an attempt to improve access to information in the crypto market.
All this, without a determined strategy for the construction of its ecosystem. It should be noted that the products they create and put on the market only exist because there is a user base that requests and uses them. Otherwise, they would simply cease to exist.