Changpeng Zhao, the CEO of Binance – a well-known cryptocurrency exchange – is a strong supporter of virtual currency.
At Consensus Singapore, Mr Zhao gave a speech saying that the new regulatory breakthroughs are pushing the market in the right direction. He believes that the breakthrough will enable various financial institutions to come into the market and use virtual currencies in placing their funds.
Some weeks ago, news various emanated in the crypto community with regards to cryptocurrency regulations. For instance, Gemini crypto exchange launched its stable coin linked to the United States dollar and BitGO got its approval to function as a competent custodian. Regulations like the above two are very crucial towards the growth of the crypto marketplace since it allows rich investors to invest in cryptocurrencies.
Zhao later stated that he is a bit confused as to why the price of Bitcoin is not going up like it always did in the past.
Mr Zhao further explained that he isn’t good at predicting the movement of prices citing the fact that the exchange is still growing at several different fields. He also feels that the virtual currency market lacks the infrastructure that will enable users to transform their fiat currencies into virtual currencies; this is the reason why Binance wants to improve the sector by entering into partnerships with financial institutions in order to provide fiat trading pairs.
Finally, Zhao hinted that Binance would have about 5 to 10 different fiat currencies from various continents around the world.