On Thursday, Changpeng Zhao, founder of cryptocurrency exchange Binance, was a guest on Bloomberg Crypto. He answered many questions regarding the FTX crash, the health of the market, and the future prospects of the industry. Among other things, CZ has returned to the rumors that the company he runs is of Chinese origin. decipher his interview.
After FTX there will be infections, but everything will be fine for cryptocurrency
in an interview With Bloomberg Crypto, CZ is back in charge of FTX leaders in the current crisis. This, indicating that over the past few years they have projected an image of a company that is strong, ethical and conscious of regulation. CZ says he regrets not having taken a critical approach to his rival earlier. For him, a critical approach to the industry is now necessary to avoid similar situations.
“We allowed FTX to get so big before we started questioning ourselves (…) This does not mean that we are launching attacks against our peers in the industry. We just want to build more transparency and trust in the sector”He said.
He explained that when buying FTX, he discovered Binance some thing who prevented him from doing so. “There were potential investigations going on, so we decided not to touch it.”It is to explain.
On the issue of the market situation, paint a picture of the major difficulties in the short term. A difficult period that will be followed by a new chapter of growth in the history of cryptocurrencies.
“I expect there will be contagion. When a big player goes down, especially a trading platform, there are many other people or institutions that have money on the platform (…) but whenever there is a domino effect, the effects become less significant. So in general I think the industry will be better. But there will be other crashes.”
CZ also spoke about his project to Reboot In the field of cryptocurrency, with a shell value of $ 1 billion. He said the fund will be transparent and will be launched as soon as possible. It will be used to reach companies in difficulty to reduce the impact of infection.
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Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only fueled my enthusiasm. So I resolved to study and understand the blockchain and its many uses and pass on my pen information related to this ecosystem.