ChangPeng Zhao believes the industry needs to focus on the fundamentals in order to move forward.
There’s been a lot of speculation about what the cryptocurrency industry needs to survive. Most industry talking heads speak about widespread adoption as the key to the future of the crypto industry; others cite technological innovation as the cryptosphere’s primary hope for what is to come.
However, Binance CEO ChangPeng Zhao believes that the industry must focus on something much more fundamental to successfully move forward: security.
“I don’t think it’s a key component for mass adoption, I believe security is the fundamental pillar for the industry to continue existing. It’s paramount for crypto and blockchain’s survival,” Zhao said in an interview with Forbes on Thursday.
Despite Growing Popularity, the Crypto Industry is Plagued by Hacks
Indeed, despite the fact that the cryptocurrency and Blockchain industry is more a part of the “mainstream” fintech world than ever before, multi-million dollar hacks have made the news almost every other month this year.
In July, $23.5 million was stolen from Bancor; $32 million were hacked from South Korean exchange Bithumb in June. Earlier this year, Japanese exchange Coincheck was robbed of more than $530 million; BitGrail, Coinrail, and others lost millions earlier this year.
Zhao believes that regulations and enforcement by governments are already helping to improve industry security standards, although the process is slow-going: “currently, the existing frameworks around the world are disparate and not really effective,” he said.
After Security, Ease-of-Use and Real-World Application are Key
“However, there are already several players working closely with different regulators to push things forward for the sake of improving the whole sector.”
Zhao added that after improving security, the crypto industry must also focus on improving its ease-of-use before it can move forward. “I believe [greater ease-of use] will help crypto reach a much broader audience outside of the tech-savvy community,” he said. “I think finding real-world applications is crucial to reach that critical mass.”
“I also believe that all of these are things we will see happen in the short term,” he said, on a positive note.
There’s been a lot of speculation about what the cryptocurrency industry needs to survive. Most industry talking heads speak about widespread adoption as the key to the future of the crypto industry; others cite technological innovation as the cryptosphere’s primary hope for what is to come.
However, Binance CEO ChangPeng Zhao believes that the industry must focus on something much more fundamental to successfully move forward: security.
“I don’t think it’s a key component for mass adoption, I believe security is the fundamental pillar for the industry to continue existing. It’s paramount for crypto and blockchain’s survival,” Zhao said in an interview with Forbes on Thursday.
Despite Growing Popularity, the Crypto Industry is Plagued by Hacks
Indeed, despite the fact that the cryptocurrency and Blockchain industry is more a part of the “mainstream” fintech world than ever before, multi-million dollar hacks have made the news almost every other month this year.
In July, $23.5 million was stolen from Bancor; $32 million were hacked from South Korean exchange Bithumb in June. Earlier this year, Japanese exchange Coincheck was robbed of more than $530 million; BitGrail, Coinrail, and others lost millions earlier this year.
Zhao believes that regulations and enforcement by governments are already helping to improve industry security standards, although the process is slow-going: “currently, the existing frameworks around the world are disparate and not really effective,” he said.
After Security, Ease-of-Use and Real-World Application are Key
“However, there are already several players working closely with different regulators to push things forward for the sake of improving the whole sector.”
Zhao added that after improving security, the crypto industry must also focus on improving its ease-of-use before it can move forward. “I believe [greater ease-of use] will help crypto reach a much broader audience outside of the tech-savvy community,” he said. “I think finding real-world applications is crucial to reach that critical mass.”
“I also believe that all of these are things we will see happen in the short term,” he said, on a positive note.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa