The chief executive of the world’s largest crypto exchange platform by volume says that one specific catalyst will spark the next industry-wide bull market.
In a new letter penned by Binance CEO Changpang Zhao, the billionaire says that he believes unique innovations within the Web3 sector of the market will bring about the next crypto bull run.
Zhao also says that Binance’s focus should remain on protecting customers as well as finding a way to incorporate Web3 functions, such as non-fungible tokens (NFTs) and gaming finance (GameFi), into their day-to-day lives.
“It’s critical now that the ecosystem focuses on protecting users first and foremost, but also on innovating and building in order to bring crypto and Web3 more deeply into people’s daily lives.
I believe that infrastructure and data tools will continue to grow and advance and that we’ll see Web3 ownership evolve, with a rise in non-custodial and multi-chain wallets. Our industry has created a number of Web3 peripheral products that have demonstrated a basic ability to provide utility for users – from NFTs to GameFi.
I believe that the next bull market will come from innovation in the ways these products are used to create unique utility.”
Zhao says he expects key developments within the Web3 space to serve as a catalyst for a crypto bull run within the next year or two, adding that it’s impossible to pinpoint exactly when it will start.
“It may happen next year or the year after next. The exact timing is impossible to know (and also quite irrelevant), so Binance will keep focusing on what is up to us.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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