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Binance CEO Says Binance Smart Chain Is Not An Ethereum Competitor, Will Help Bring New Clients To The Crypto Space
Summary: Binance CEO Changpeng Zhao told Coindesk that the exchange's Binance Smart Chain - which aims to integrate DeFi products into the centralized platform - is not a competitor to the DeFi space but instead a foil to increase publicity and promote mass adoption. He added that today most money is still locked in fiat, so ...
Binance CEO Changpeng Zhao told Coindesk that the exchange's Binance Smart Chain - which aims to integrate DeFi products into the centralized platform - is not a competitor to the DeFi space but instead a foil to increase publicity and promote mass adoption.
He added that today most money is still locked in fiat, so the ecosystem needs fiat gateways to move money into DeFi and crypto products. He went on to praise the innovation of DeFi products but highlighted that novice crypto users will not be comfortable holding their own keys which gives centralized exchanges an advantage when it comes to bringing in new clients.
Speaking on Ethereum scalability, Zhao said that Ethereum 1.0 is completely congested but expressed hope that Ethereum 2.0 would offer solutions.
By Emily Mason
Tags: Binance,CeFiDeFi,Changpeng Zhao,DeFi Products
Link: Binance CEO Says Binance Smart Chain Is Not An Ethereum Competitor, Will Help Bring New Clients To The Crypto Space [Copy]
