In a new interview, Wei Zhiou, chief financial officer of Binance, detailed the two main ways to increase crypto adoption.
Zhiou told CryptoSlate,
“One is the ease of purchasing cryptocurrency, essentially the entry coins like Bitcoin and Ethereum, and for that, I think we need more on-ramps (fiat-to-crypto) and off-ramps, to be honest.
The other one is, basically, we need more high-quality projects in the ecosystem, and we need to attract more intellectual capital for more high-quality founders coming into the ecosystem to build projects, to attract investments, to have sort of secondary markets for those projects.”
Zhiou thinks Binance is at the forefront of the push toward mainstream adoption. The largest cryptocurrency exchange by volume has made a flurry of moves to back up their claim.
They’ve recently upgraded their platform to make trading more attractive to institutional investors, and they’re launching new exchanges globally. Among many other initiatives, Binance has partnered with TravelbyBit, a blockchain payments provider based in Queensland, Australia, to bring Bitcoin, Ethereum, Litecoin and Binance Coin to airports around the world.
Binance has also recently expanded to Uganda. Zhiou thinks Africa is an ideal place for mass crypto adoption.
“Only about 15 percent of the two billion growing rapidly young population have access to banking services. With the infrastructure being built there, you’re going to get a cellphone first before you get a bank account. I think that is just a very natural place for cryptocurrency to displace traditional finance.”
When asked why Binance has seen such rapid success, Zhiou says,
“One, we have a pretty big global user base: over 10 million active users in about 180 countries. Secondly, a lot of users use the Binance exchange as one of their secondary or tertiary wallets. So from that, we’re able to figure out that, outside of trading, our users have been asking us what can we do.”
Binance has been leveraging its rapid growth since its launch in August 2017, following its successful initial coin offering in July last year. Its strategy is global in scope, with an eye toward developing crypto markets in underserved areas as well as finance hubs and regions with highly industrialized, service-based economies and high-net wealth individuals, such as Malta and Liechtenstein.
Binance is planning to roll out roughly two fiat-to-crypto exchanges on each continent, except for North America, by this time next year.