Binance CEO CZ Sayas: "Crypto Growth Needs Entrepreneurs and Projects, Not ETFs" - BITCOIN NET MAGZ

Binance CEO CZ Sayas: "Crypto Growth Needs Entrepreneurs and Projects, Not ETFs"

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Even the CEO of major cryptocurrency exchange Binance, Changpeng Zhao, said that he doesn't believe Exchange Traded Funds (ETFs)"are core to our industry's growth," through a live stream through Periscope, Feb. 6.

Zhao -- also known in the area as CZ - declared that the cryptocurrency industry will grow with or without the launch of a Bitcoin (BTC) ETF, suggesting:

    "I believe for our industry to grow we need more entrepreneurs to construct real jobs."

The much-anticipated launching of a Bitcoin ETF from the U.S. has been cited as a possible trigger for a rally in crypto marketplace rates.

If asked to comment on the current controversy surrounding cryptocurrency exchange QuadrigaCX, Zhao said that, while he doesn't wish to comment on other exchanges,"there is something fishy going on."

Recently, news broke that following the abrupt departure of its founder Gerry Cotten, Canadian cryptocurrency exchange QuadrigaCX is reportedly overlooking CA$190 million bucks ($145 million) in digital assets. As Cointelegraph recently reported, though the market has taken to court to prevent the collapse, some community members imply that QuadrigaCX's cold wallets never existed.

Binance's CEO also said that while"there is nothing going on right now" to its exchange, the firm is considering adding Ripple (XRP) as a partner using its xRapid system. As Cointelegraph explained once the machine became commercially available in October 2018, xRapid is a real-time settlement platform built to speed up international payments sourcing profits from XRP.

At an tweet Feb. 2, CZ stated he believes on line retail giant Amazon cannot prevent issuing its altcoin eventually.

Binance is now the world's biggest cryptocurrency market by adjusted daily trade volume, according to CoinMarketCap.

 

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