Referencing the bear market that has plagued crypto traders this year, the CEO of the world’s biggest crypto exchange, Changpeng Zhao has termed 2018 as the ‘year of correction’ for digital currencies in a Bloomberg interview.
Zhao, or CZ as he is popularly known, expressed his optimism for the crypto industry’s future in the interview where he elaborated on the bear market which resulted in a market crash in November this year.
CZ is of the opinion that this is the correction year and that current prices are very attractive to speculators. He also mentioned that the Blockchain industry is set to grow further owing to the increasing applications being built by developers on the distributed ledger technology. These applications that solve real-world problems will further enhance the adoption of cryptocurrencies.
Zhao said that the correction in the prices of cryptocurrencies has not affected the strategy of Binance very much and that they are still pushing forward aggressively. He stated that post the market correction, Binance launched a fiat exchange. He further mentioned that the crypto exchange is on the path to launching two, three, more fiat exchanges in the next couple of months.
With regards to increased government involvement as well as regulations in the crypto industry, CZ is of the view that currently, many countries are facing uncertainty. He mentioned that the cryptocurrency industry needs clarity on regulatory frameworks.
Zhao stated that the crypto industry is in the need of regulations that foster innovation rather than hamper its growth. He concluded the interview on a positive note saying that he is optimistic about the industry’s future.
Binance has been continuously innovating in the crypto space. In August 2018, Binance Labs, which is the exchange’s innovation wing, launched an Incubator Program. Just last week, the first batch of Blockchain projects graduated from the Incubator Program where they received mentoring as well as financing.