Binance CEO Changpeng Zhao says he wants to hand the responsibility of running the company’s centralized crypto exchange to someone new. But it won’t happen anytime soon.
In a new interview on the podcast Flippening, Zhao talks about the stress involved in running Binance.com.
“For Binance.com, I think it will be more like a baton passing to some guy because Binance.com is a centralized service. And with a centralized service, you typically have a chain of command in a hierarchy and that kind of makes sense. And I actively want to pass that on. Honestly, most people are jealous of people running a successful exchange. But if you’re actually running a successful exchange, you know how many headaches are involved.
There’s just so much stuff going on. So many issues, so many problems you have to deal with. So I would very much welcome a professional CEO/manager/leader type of person to take this on. But I think it would take a couple years because we’re still quite new. There’s still a lot of things in flux. And we’re not organized in such a way, like a well-established big company.
The other parts of the Binance ecosystem, like the DEX, is a prime example of just letting the community handle it. Very soon in the future, we’ll open-source it. Later on, there will be more validator nodes and there will be community voting on the next steps for the DEX development.”
According to Zhao, Binance has had a strong start to 2019, with a 50% to 60% increase in revenue during the first two quarters. He says the company is largely focused on building the ecosystem and use cases for Binance Coin (BNB).
“In our case, given that there’s a BNB token, which is a utility token that now has more than 100 uses. I think last time we counted 112. So it’s no longer just about growing the company value. It’s about growing the ecosystem value.
So the more people who use BNB, the higher value BNB is. And that’s beneficial for everyone that’s involved. Not just our team members, [but also] our angels who do not get paid a salary. Our community members, our investors. So there’s a different type of dynamic that’s involved once there’s a token issued. So you actually want to grow the ecosystem value.”
As for Zhao’s prediction that the crypto market still has 1000x to grow, he says it’s based on the belief that crypto can do far more than fiat.
“I think even in the US, or anywhere in the world, there’s probably less than 0.1% of people who actually have crypto. So there’s probably 1,000x to grow.
And also, the crypto market is going to be bigger than the fiat market. So this is similar to Uber market’s bigger than the taxi market.
There’s more things you can do in crypto than with just fiat money. So I think in crypto you can combine the fiat, the currency aspect, the equity aspect, the utility aspects, even combine real estate projects. There’s a lot more things you can do with crypto. I think the market is not saturated anywhere.”