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Binance CEO Bullish on the Future Potential of Crypto – Coin24h.com

Binance CEO Bullish on the Future Potential of Crypto – Coin24h.com

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The world of Web3 is expanding and evolving much faster than one might expect, as multiple entities such as NFT, Blockchain, Avatars, Metaverse, and Cryptocurrency are building the imagined future. And cryptocurrency exchange, Binance, is looking to ensure that it remains a leader and trustee in the world of alternative currencies.

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In the past few weeks, the world and cryptocurrency users received a huge blow when the second largest cryptocurrency exchange in the world at the time, FTX, filed for bankruptcy. As the whole drama unfolded, the one thing current and potential digital currency buyers feared the most came true: a breach of trust. After Binance’s Sam Bankman-Fried’s potential mega-rescue of FTX failed, the latter is now the undisputed leader in the industry with $4.953 trillion in volume, as reported by CoinGecko.

However, Changpeng Zhao, commonly referred to as CZ, the co-founder and CEO of Binance, has had his share of setbacks. Speaking at Abu Dhabi Finance Week recently, Turkish-American economist Nouriel Roubini questioned why Binance was given the green light to operate in the UAE and included CZ in the category of “bad actors”.

Although the Binance figure gave an appropriate response, he had his priorities set. And this is about building trust among cryptocurrency users through transparency. After the FTX crisis, “Proof of Reserves” emerged as a way to maintain and declare the health and safety of funds and investments, and Binance shared information regarding its hot and cold wallet addresses.

In a tweet to his 7.8 million followers, CZ revealed that he is adopting practices to gain public trust, including Merkle trees. The mentioned data structure technology is used for verification and synchronization with each journal containing a cryptographic data hash.

CZ is confident that the FTX crash is not the end of the cryptocurrency spectrum, and his latest tweet at the time of publishing this article shares the same.

“It’s not the end of crypto. Far from it. It’s the beginning of a new chapter. I just noted today’s crypto price for future reference,” he tweeted.

On Friday, Binance unveiled the Web3 Industry Recovery Initiative, along with key players in the space to commit more than $1 billion to support the most promising and high-quality companies. Additionally, they provided the public address for the web3 company’s original commit BUSD 1 B at 0x043a80999cEe3711D372FB878768909fbE7F71E6. CZ also announced the addition of Tigran Gambarayn and Matt Price to the Binance team to fight cybercrime, hinting at privacy and the protection of its users and funds.



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