CZ’s latest AMA highlights summary Binance LaunchLianGuaid helps high-quality projects raise funds, and does not believe that Base Chain is a threat.
CZ's latest AMA highlights Binance LaunchLianGuaid supports fundraising for high-quality projects and does not see Base Chain as a threat.
On July 31, 2023, Binance CEO Zhao Changpeng (CZ) spent an hour on Twitter SLianGuaices answering a large number of user questions. Some of the most interesting questions were about the recent Dubai license obtained by Binance, Binance LaunchLianGuaid, and the launch of Coinbase’s second layer mainnet Base. Binance embraces competition instead of resisting it. We welcome new products and blockchains that emerge in the cryptocurrency field and have always been looking for new ways to collaborate. Below is a summary of CZ’s answers to some of the questions received on the Twitter AMA on July 31, 2023. Please note that for the sake of brevity and clarity, this text record has been edited.
About Binance’s Dubai License: Can you share some background and thoughts on Binance obtaining a license in Dubai? CZ: This work has been going on for a long time. First, we obtained a temporary license about a year ago. It took about 12 months of detailed due diligence to enter the next phase, which is the operational Minimum Viable Product (MVP) license. This process was extremely difficult, but the regulatory authorities in Dubai responded quickly. The existence of cooperation is a good thing. Now that we have the operational MVP license, people can access cryptocurrency exchanges and fiat gateways. It is gratifying to see different regions of the world progressing at different speeds, but Dubai is definitely leading the way.
What is Binance LaunchLianGuaid? Why is it important for the ecosystem?
CZ: We launched Binance LaunchLianGuaid in January 2019. We noticed that during a bull market, fundraising is easier and a large amount of capital flows into cryptocurrency. But during a bear market, when it is more difficult to raise funds, only a few strong projects can raise funds, and the difficulty is even greater. We wanted to provide assistance, so we participated in and created Binance LaunchLianGuaid, a centralized cryptocurrency fundraising platform. So far, about 20 to 30 projects have been funded through LaunchLianGuaid. In this process, we hope to help founders while also benefiting our community. This is how we want to operate LaunchLianGuaid. We will continue to look for good projects, but our requirements are also very high. They need to demonstrate dedication and execution capabilities. LaunchLianGuaid projects usually go through a nine-month or longer review process before an agreement is reached. That’s how Binance LaunchLianGuaid works.
Can I buy Binance merchandise?
CZ: Binance merchandise – what we call “merch” – we do not sell. We believe that selling it would lower its value. We want it to be unique and hard to obtain. We are also not a fashion store or a physical store. We are not good at logistics, transportation, etc. It takes a lot of time and effort, and we haven’t optimized for it. We just want to provide the merchandise to loyal supporters of our community. Many people have suggested opening a store, but I have refused. I want us to focus on software rather than hardware. We have indeed spent money and effort on merchandise, but I think it is a good way to express gratitude to our community.
How do you build your team to track trends and take quick action when necessary?
CZ: We have different teams in different areas; we have people dedicated to researching blockchain, DeFi, NFT, and so on. These people usually provide me with information, and we oversee these business departments. We don’t try to create trends, but when trends happen, we want to quickly seize them. I don’t think identifying trends is that difficult. The more challenging part is catching the trends when they happen. Do we have the right team, or can we quickly assemble a new team? Or, can we identify leaders in new areas and invest in them? I think we have a very strong team. Given our influence in the industry and our brand, most projects are willing to cooperate with Binance. For me, execution is more important than identification.
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What do you think of Coinbase launching the Base network? Do you see it as a threat?
CZ: No, we don’t see it as a threat. I think the more, the better. There are thousands of blockchains out there. I think for any player, launching a new blockchain project is usually a good thing, as long as it’s not a scam. Even if it’s a failed project, I think it’s still a good experiment that brings more choices to people. Coinbase has done a lot of work in this industry. They are pioneers in the United States, so it’s great for them to launch something like this. We hope to support it. Given Binance’s role in the cryptocurrency field, it’s hard to find a player that has no overlap with us. If we resist competition, we won’t be able to cooperate with anyone. Instead, we embrace competition. Although we overlap with most players in certain aspects, we always try to collaborate with them in other ways. Even the responsibilities and products of Binance’s internal teams overlap. I think Coinbase is doing a great job, and I would encourage other platforms to launch new products and blockchains.
