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Binance CEO CZ criticizes traditional fundraising methods, confident with blockchain

Photo by Smorshedi from WikiMedia Commons

Mon, 20 Apr 2020, 10:48 am UTC

Binance CEO Changpeng “CZ” Zhao aims at the traditional fundraising methods like initial public offerings or IPOs and venture capital fundraising.

CZ delivered a message at BlockDown 2020 on April 16 and pointed out how blockchain fundraising is better than the traditional fundraising methods that have been “played [for] too long.” He added that “a lot of people know how to play it and they do game [the system].”

“Institutional investors cash out, the CEO gets a big bonus, the retail guys get left holding the bag, and then the company [becomes] a really large public company, and the CEO takes big packages and then leaves, and then the government has to bail them out,” CZ said about IPOs, Cointelegraph reported.

Meanwhile, CZ predicted that blockchain fundraising will grow exponentially.

“I think [the] number of blockchain fundraising activities and the fund raised will continue to increase on a year-to-year basis over the next 10 [to] 20 years,” said CZ.

In related news, Binance just unveiled a smart contract blockchain. A spokesperson told CoinDesk that the new Binance Smart Chain (BSC) was designed to ensure dApps could scale while running on a high-performance layer to ensure a “fast and smooth user experience.” However, the firm denied that it wants to challenge the original “world computer”, Ethereum.

“The industry needs more high-performance infrastructures, not just one single blockchain,” the spokesperson said.

The new smart contract layer direct access to an ecosystem filled with “relatively mature applications and community.” The spokesperson said that the two blockchains would complement one another in the growing blockchain system.

“Most of the [Ethereum] dApps, ecosystem components, and toolings will work with BSC and require zero or minimum changes,” the spokesperson added.

In related news, Binance just added IOST and XMR on the list of its supported assets on Flexible Deposits, value-added service to Binance users who hold idle digital assets in the platform. Binance DEX also opened trading for a WRX/BNB trading pair.

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