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.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!