Changpeng Zhao confirms the launch of game-changing Binance chain

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Binance, the largest crypto exchange in the world in terms of transaction volumes, is set to launch its own Binance Chain in a few months,the company tweeted recently. The new blockchain, supported by Binance, aims to create a foundation for the creation of new cryptocurrencies and new ICO (Initial Coin Offering) tokens, as reported by the company in the tweet. It is pushing for blockchain adoption and doing a lot of things to help move the industry forward. For example, the Binance channel that is getting ready in the coming months will be a platform on which millions of projects will be able to easily issue their respective tokens. Binance announced plans at a recent private event in Singapore. Changpeng Zhao (CZ), managing director of Binance,said the new plans reflect a long-standing vision of cryptocurrency, which should lead to increased adoption of it worldwide. In order to achieve a fundamental increase in the adoption of payment, CZ made it clear, that the company would push very hard in this space because its original intent had not taken off for reasons unknown.

Crypto Market Plunging

CZ also revealed recently that Binance’s business was still very stable,despite the recent fall in trade volume of about 50%, as well as the sharp drop in cryptocurrency markets this year. The CEO of Binance stated that while Binance holds only 10% of the transaction volumes it had in January 2018, these are still superior to those compared to two or three years ago and that the company has always been always profitable. Recently, Binance launched its fiat-crypto exchange in Uganda, allowing customers to purchase two main crypto-currencies – Bitcoin (BTC) and Ethereum (ETH) – with Ugandan shillings in local fiat currency (UGX). Binance is one of the largest cryptocurrency exchanges in the world, with an adjusted trade volume of about $ 587 billion.Bitcoin and cryptocurrency holders have been waiting all year for the next bull market, hoping the bitcoin price will return to or even surpass the price of nearly $ 20,000 per coin last year. However, the price of bitcoins has been stuck in a downward trend throughout the year, resulting in a larger market for cryptocurrencies. The bitcoin price is down about 70% from its peak, while that of other major cryptocurrencies Ripple (XRP) and Ethereum (ETH) are down about 80%.

High hopes for another crypto boom


Changpeng Zhao, the respected director of Binance, director of the Bitcoin Exchange, said he expected another lightning race to happen in bitcoin sooner or later. The price of bitcoin has dropped this year, but the bitcoin hikes remain optimistic, and there will soon be a surge in prices. CZ said that although the bitcoins and cryptocurrency trade on Binance, the world’s largest stock market, is down nearly 90 percent from January, he still believes that society and the wider market are in good health. Compared to January 2018, the company probably lost 90%, leaving only a tenth of the volume of trade compared to that of in January, but compared to a year or two ago, business has still been good and profitable, revealed CZ. He also stated that the organization had experienced a steady increase in the number of active users and bitcoin deposits during the year. Binance also revealed that it is opening its doors to institutional investors, laying the foundation for capital that many cryptocurrency players hope to receive soon from institutional investors and wealthy individuals. It presented its plans for institutional investors, saying it expected more institutional investors to increase their allocation in the cryptocurrency asset class. At the same time, Erik Voorhees, the CEO of Cryptocurrency Exchange, Shape Shift, said the US debt would trigger the next spike in bitcoin prices. Elsewhere, Bloomberg released data recently in which technical indicators indicate that bitcoin may be about to progress.

About Ranjith R 93 Articles
Ranjith is now an Independent Research Consultant, A Research Professional with 4+ years of experience and worked for leading market research companies in India.

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