The Binance 2020 goal is to bring ‘’crypto to the masses’’ and the platform plans to do so by adding support for more than 180 fiat currencies and to enable fiat-to-crypto trading according to the CEO of the platform, Changpeng Zhao as we are about to find out in the following Binance news.
Zhao said that Binance has already added support for 19 fiat currencies in the past few months while three more will be added next week. Zhao added that the banks and payment service providers were really cold at the beginning to start providing services to crypto businesses but that is changing:
“We believe fiat will co-exist with crypto for a long time to come. Again, as much as some of the hardcore crypto guys don’t like banks, we believe working with banks and traditional financial institutions is essential to bringing more people into crypto.”
He also added that the Binance 2020 goal is to further decentralize the platform including the team, structure, locations, products, operations, and services. Zhao added that the company is considering two major acquisitions which will have a huge impact on the platform:
“We are even drafting a new incentive structure to replace traditional ESOPs [Employee stock ownership], as we resemble more of a community than a company. We call this the ETOP (T for token). We will share this new idea with the world once we work out all the details,” Zhao said, adding that they hope to fully open-source Binance Chain, their native blockchain, and Binance DEX, their non-custodial exchange, in 2020.’’
The Binance DEX code is still not open-source as they are waiting for other centralized exchanges to release their decentralized exchanges first. The largest crypto by volume Binance grows more by announcing its new investment plans in the crypto derivatives exchange FTX. Both companies will reportedly join forces that will develop the cryptocurrency ecosystem even further. Binance takes a long-term position in the FTX token so the derivatives exchange returns the favor by helping build the liquidity and the institutional product offerings. Now that Binance invests in FTX, we can see that the exchange is getting more and more strategic recently.
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