CZ: An Increasing Number of Institutional Investors are Willing to Hold Cryptocurrencies
Binance cryptocurrency exchange CEO, Changpeng Zhao – commonly known as “CZ” in the cryptospace – believes that a large number of institutional investors are willing to enter the digital currency industry despite the regulatory uncertainty surrounding it. Zhao made this statement in an interview with Bloomberg last week.
Investors, Regulators, Not So Afraid of the Lack of Regulations
Cryptocurrencies have typically had a negative notion attached to them due to the lack of regulations guarding them. Consequently, due to the absence of strong regulations to safeguard people invested in digital currencies, they have not, until now, developed into an asset class that enjoys the confidence of regulators and financial watchdogs across the world.
However, according to CZ this skepticism around regulatory uncertainty is witnessing a slow and steady decline as a number of countries are actively trying to lead the global race for digital asset adoption. The exchange chief told Bloomberg:
“We’re definitely seeing a lot of institutional interest picking up. I think the regulatory uncertainty is still affecting some countries, but there’s definitely a race towards [crypto] adoption now. Binance is working with a number of governments. We signed a memorandum of understanding (MoU) with the government of Ukraine, [which involves] advising them on [developing] regulatory frameworks.”
“We [are] working very closely with the MAS [or the Monetary Authority of Singapore,] which is one of the regulatory bodies [in the Asian country.] We work with a number of other regulatory bodies around the world, so I think things are improving very quickly.”
Binance Making It Easier to Invest in Crypto
The Malta-based cryptocurrency exchange is undoubtedly one of the leading institutions in the nascent industry that is spearheading the digital currency revolution.
Binance recently launched its U.S. customer-centric arm Binance.US which has – in a relatively short period of time – been successful in making a mark for itself in the fiercely competitive U.S. cryptocurrency market.
That’s not all. The Binance CEO recently went on record stating Russia is a “key market” for the exchange. The statement by CZ came just a few days after Binance had added support for the Russian Ruble to enable Russia-based traders to buy and sell cryptocurrencies.
On a recent note, Binance announced that it is planning to add support for 180 more fiat currencies within the next six to nine months.
While the aforementioned milestones no doubt are a testimony to the business acumen of Binance, it is also worth noting that a single institute dominating an industry whose DNA revolves around the idea of decentralization might not necessarily sit well together.