Zhao Changpeng, the founding father and the top exec of Binance Exchange, has revealed his first endeavours in conquering the world of cryptos. Taking the floor at the Consensus Singapore conference, he spoke about his first failure with bitcoin and plans for the crypto trading venue.
First Crucial Mistake
At the event, Zhao Changpeng was asked about his thoughts on cyber-coins’ volatility, CoinDesk reports. Answering the question, he recalled a four-year-old story concerning his first purchase of bitcoins. Back in 2014 he sold out his dwelling and piled all the takings into bitcoin, which at that time was traded at $600 per unit.
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Unfortunately for Zhao, the price of bitcoin plummeted threefold to $200. Despite this, he did not give up and continued «hodling on» BTC.
“You know, after that, I do not really care,” emphasized Zhao at the conference.
Plans For Binance
Now Zhao Changpeng is the chairman of one of the most prominent crypto-trading venues in the world. Initially, Binance was established in China but due to the hard stance of the local authorities on crypto-exchanges and trading, it had to transfer its headquarters to Japan. In early 2018 it even opened offices in Taiwan.
Binance is intending to set off from 5 to 10 crypto-trading platforms which would also support fiat currencies. This is part of the company’s year-plan. Ideally, Binance wants to open two exchanges on each continent.
Zhao strongly believes that the world needs cryptos as an alternative to public currencies.
“Fiat is still where all the money is in. ... And we’ve got to open that gate,» said Binance CEO.
Furthermore, the company plans to collaborate with small states, as long as gov’t departments there reportedly work more effectively and cherish crypto businesses.
Concerning the Finance proceeds, Zhao said in the second quarter it has gained $150 million. Notably, this revenue is $50 million lesser than the one in the first quester of the year.
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