Binance CEO Changpeng Zhao says crypto’s killer app is already here. In a new interview with YouTube’s Venture Coinist, Zhao pointed to the success of Tron’s BitTorrent Token (BTT) launch as a sign that ICOs will make a comeback and remain a powerful new way for companies to raise money.
“ICOs got a little bit of a bad name because it’s total freedom. So there’s quite a lot of chaos. It was too hot. You could write a five-page white paper and raise $10 million. And of course, the founders want to do nothing other than write the next white paper. So it was getting too hot and with the bear market in 2018. A lot of people lost money and it gave a bad name to ICOs.
But looking past that, I think raising money on blockchain, blockchain fundraising, is a killer app. And it has huge implications and huge advantages to entrepreneurs. So what we need to do is basically just find the best entrepreneurs, find the most proper projects, the legit projects, and make sure that the token economics make sense. So we need to make sure they don’t raise too much, keep the initial prices lower because the project is not out yet. So there’s a strong structure to raising properly, and that’s what we want Launchpad to do.
And I think that’s actually instrumental for our industry because I firmly believe entrepreneurs are the guys who are going to build this industry. And now we have this wonderful tool to help them raise money and to help them launch their project. And I fully believe that we won’t be the only ones doing it. So we will be one of those platforms. The projects we support go through very detailed due diligence, and we want to make sure those are all legit, proper projects. Not every project will be successful in the end because there are many other factors that can cause startups to fail.”
Al Ahli Bank of Kuwait (ABK) says it’s partnering with Ripple to implement instant cross-border payments for its customers.
According to Arabian Business, the bank says the agreement will place ABK ahead of its competition, reducing cross-border transaction times from days to a matter of minutes.
“ABK will integrate Ripple’s enterprise blockchain technology into its existing services to offer its customers immediate confirmations, on the back of a secure infrastructure. The bank said its customers will now be able to send vital funds to family, friends and loved ones faster and more efficiently.”
The CEO of BitPanda is joining the push to get Elon Musk to accept the Bitcoin Lightning Torch. Eric Demuth says he’s ready and waiting to buy a Tesla Model 3 the moment Musk takes the torch.
…also add a stankmeme of your choice on it if desired. pic.twitter.com/bUjK3GptPs
— Eric Demuth (@eric_demuth) February 14, 2019
The crypto community has been pushing to get Elon Musk to join the game of crypto hot potato, which has prominent figures passing a symbolic amount of Bitcoin to showcase the power and speed of the network and the new scaling solution Lightning.