Crypto advocate and CEO of Onchain Capital, Ran NeuNer aka Cryptomanran, sat down with Binance CEO ChangPeng Zhao to discuss topics on Binance’s success, strategy, BNB token, Africa, DEX’s, and his lifestyle.
Watch the full interview or read further for a summary.
Celebrating Binance’s 1 year anniversary of their 15 million dollar ICO, CZ begins the interview detailing how the company is using 20% of their profits each quarter to buy back their BNB tokens and burn them. Considering the increase in BNB’s price over the year, Binance is buying back tokens at 100x the original price.
CZ goes on to describe how he decided to start Binance, stating the idea came about as early as 2013. After leaving his position at OkCoin exchange in 2015, due to a bad market and other competitors like Poloniex, the project was delayed to 2017. We all know what happened in 2017 with the record breaking bull run, which allowed it to be prime time to start Binance exchange and allowed it to grow into the success it has become today.
Today, Binance’s operation employs just under 250 people, a minuscule number compared to other large exchanges that have near 1000 employees working for them.
When asked Binance’s strategy going forward, CZ belives crypto is still just in its beginning stages and there will be a lot more coins and good projects entering the space. CZ considers Binance to be the heart of the crypto market when it comes to providing liquidity, and with that comes the responsibility of identifying good projects, which is where Binance Labs research branch comes into play.
The topic of the recently announced decentralized exchange, Binance Chain was also discussed with CZ stating he believes DEX’s will be the future. All though there is no time frame of when Binance Chain will be launched, the Binance team is currently investing its resources in finishing up with a prototype in the next coming months.
On a more controversial topic, CZ is questioned about the allegations of charging millions in listing fees for projects to list their coins on the exchange. In response, CZ says they do not ask for a price or negotiate. Projects come to them and offer a price to list the coin and Binance decides if they will accept the price. Coins have been listed by the exchange for free in the past but CZ has stated there is a sweet spot where if the price is too low or too high, suspicions may arise.
To finish up the interview, the questions are geared a bit more towards CZ’s personal life. CZ is a bit of a nomad at the moment stating it’s hard to say where he lives and works as he is traveling so frequently. He jokes that he pretty much just lives on Earth. He does not own a home or a car at the moment. Flights are taken almost weekly to various destinations and he does enjoy flying business class as it is more comfortable and is something he can afford now.