Facebook’s plan to launch its own cryptocurrency has surely not struck the sweet chords for all the stakeholders of the crypto industry. Wei Zhou, CFO of Binance, has taken a swipe at Facebook founder Mark Zuckerberg accusing him of targeting cryptocurrency as his next monopoly .
Although it is yet to be confirmed by Facebook, there have been previous media reports regarding a ‘Facebook Coin’, and the company has been seen to advertise vacant positions for blockchain experts. As the company continues to talent hunt for experts in the fields of engineering, product and business development, blockchain, cryptocurrency, and legal, it has already recruited more than 40 people for work in its blockchain division.
Chinese venture capitalist and boss of the biggest cryptocurrency exchange in the world, Zhou, believes that Zuckerberg has no intention of propagating further interest in crypto through the medium of Facebook, but simply intends to dominate the space. He states that ‘Facebook is not a community-driven organization’ and adds:
“It’s going to be a closed Facebook ecosystem. Their goal is to wall off other people from coming into their system. Their goal is not to open up their system to other people.”
The two entrepreneurs are acquainted with each other. Zhou attended Harvard with Mark Zuckerberg and in 2004, Zhou was amongst the first group of students who signed up for the college networking website, before the launch of Facebook.
While blockchain and cryptocurrencies promote decentralization, Zhou believes Zuckerberg will make Facebook’s crypto ecosystem totally centralized — with him at the center. He explains :
“I don’t think it’s in Zuckerberg’s DNA to let go. The mindset is very clear from day one if you’ve read the book, watched the movie, see what he does. Even the way he lives — before he moved into the neighborhood, he bought every house in that neighborhood.”
In contrast, Zhou says Binance’s goal is to help grow the blockchain and cryptocurrency ecosystem to include as many people as possible.