![]() ![]() For me, it's more about execution than identification. Given our influence in the industry and our brand, most projects are happy to work with Binance. Do we have the right team, or can we quickly assemble a new one? Or, are we able to identify leaders in the new space and invest in them? I think we have a very strong team. The harder part is catching trends when they happen. I think identifying trends is not that difficult. We don't try to invent trends, but when trends are happening, we want to latch onto them quickly. Those people typically will give me information, and we monitor those business units. How do you set up your team to keep track of trends and act quickly where necessary?ĬZ: We have different teams in different areas already we have people specializing in blockchain, DeFi, NFTs, etc. We do spend money and energy on merchandise, but I think it's a good way to show appreciation for our community. I want us to focus on software rather than hardware. Many people have suggested opening a shop, but I've always turned it down. We only want to give merchandise to people who are strong supporters of the community. It takes a lot of time and effort, and we are not optimized for that. We don't do very good logistics, shipping, etc. We are also not a fashion or physical shop. We want it to be exclusive and hard to get. We think that selling it decreases its value. Is it possible to purchase Binance merch?ĬZ: Binance merchandise – what we call "merch" – we don't sell. That’s generally how Binance Launchpad works. Launchpad projects typically go through nine months or more of vetting before we come to an agreement. They need to demonstrate dedication and the ability to execute. We'll continue to look for good projects, but we also have very high requirements. It's a process where we want to help founders while also giving our community a good deal. ![]() So far, around 20 to 30 projects have gone through Launchpad. We wanted to help, so we got involved and created Binance Launchpad, a centralized platform to raise funds in crypto. But in bear markets, when money is harder to come by, only a few strong projects are able to raise funds, and with more difficulty. We noticed that fundraising was easier during a bull market with a lot of money flowing into crypto. What is Binance Launchpad and why is it important for the ecosystem?ĬZ: We launched Binance Launchpad in January 2019. It's great to see different parts of the world moving at different speeds, but Dubai is definitely at the forefront. Now that we have an Operational MVP license, people can access the crypto exchange and fiat gateways. It's good that the collaboration is there. The process is extremely tough, but Dubai’s regulators are responsive. It took another 12 months or so of detailed due diligence to get to this next phase, which is the Operational Minimum Viable Product (MVP) license. First, we got the provisional license about a year ago. Please note that this transcript has been edited for length and clarity.Ĭould you share some background and thoughts on Binance’s license in Dubai?ĬZ: It's been a long time in the works. What follows is a summary of CZ’s answers to some of the questions he received during a Twitter AMA on July 31, 2023. We welcome new products and blockchains emerging in the crypto space and are always looking for new ways to collaborate. Rather than resist competition, Binance embraces it. Some of the most intriguing questions covered Binance’s recently obtained Dubai license, Binance Launchpad, and the launch of Coinbase’s layer-2 mainnet, Base. On July 31, 2023, Changpeng Zhao (CZ), Binance’s CEO, spent an hour on Twitter Spaces answering a slew of user questions.
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