The recent downturn in fintech markets and looming regulation around the globe has many worried that cryptocurrency and other hot new finance tools are on their way out. But to Changpeng Zhao, Founder and Chief Executive Officer of major crypto exchange Binance, this is nothing more than a blip that will soon be left in the past.
“Some cryptocurrencies may drop in prices, and some projects may fail, but the industry will stay,” said Zhao, who frequently goes by his initials, CZ. “In 2000, the dot com bubble saw many companies going bust, but the dot com technology [the internet] went on to survive.”
By all accounts, Zhao’s actions with Binance are in keeping with this sunny outlook on the field. Despite tumbling prices of Bitcoin and other cryptocurrencies, Binance recently announced that it was eager to hire 2,000 new employees to continue making the most of this new frontier in finance.
“Many different innovations are coming into the crypto space,” said Zhao in a prerecorded speech at DIFC Fintech Week. “There are also failures in this industry, but failures are important in this industry. Failures allow us to learn from them and improve.”