Changpeng Zhao, CEO of Binance, speaks about the four key steps that he believes will be necessary to ensure the success of the cryptocurrencies.
Currently, even the crypto exchanges that define themselves as global often focus on only one region, usually where most of the team is located. This greatly reduces their internationalism, leaving other regions behind. Most exchanges are available in several languages, but customer service, other products, and events can be found in one or two languages. This makes the majority of users come from the region where the company is focused on. CEO Binance knows that global thinking is not easy, especially if the people who have to do it have not lived in several countries. However, he believes that this is one of the most important tasks that cryptocurrencies face.
4 most important tasks
Zhao has also identified important steps to be taken by cryptocurrency stock exchange owners:
Above all, every stock exchange must have a sustainable business model. Each owner should stop for a while and rethink his strategy, check if the company is profitable before they start moving their business to international markets.
Another important factor is knowing the needs of their consumers. If a company decides to expand into new markets, it needs to know its future customers and adapt its services to them. There is a need for continuous development and improvement of its products, also in the field of cryptocurrencies.
It is also extremely important to know the local law and maintain contact with the regulatory authorities. In his opinion, the global crypto exchange should cooperate closely with local governments or regulatory agencies so that local users are not afraid to use the exchange.
Last but not least, it is important to educate people about crypto and develop them continuously. It is still a crawling industry and it is the leading players in this market who are, in a way, responsible for building the industry, raising standards, as well as developing and spreading the cryptocurrencies.
However, Changpeng Zhao says that this is not the only right recipe for success, but only his advice and insights.
Binance is the largest crypto exchange in the world and you can certainly talk about the success of this company. It is developing, gradually entering new markets, as well as a relatively new direction – Africa. Probably following the advice of Zhao may turn out to be the right decision for owners of smaller exchanges.