Changpeng Zhao, the CEO of the popular cryptocurrency exchange Binance, mentioned that institutional interest in Bitcoin and other cryptocurrencies is growing.
He said that during a recent conversation with Bloomberg Markets in which he has also said that when the industry gets bigger, prices will also go higher.
Changpeng Zhao Talks About Cryptocurrencies
Mr. Zhao has also talked about how China is currently investing in blockchain technology and how they are moving forward in the space while other countries are lagging behind.
Considering that China has already decided to make a move, all the other countries in the world would have to follow the trend or even move faster than China itself.
The CEO of Binance explained that Singapore is a leading market in blockchain technology and cryptocurrencies. He also considers that regulators and authorities are some of the most intelligent governments understanding the whole cryptocurrency and blockchain market.
Mr. Zhao said that they want to promote blockchain technology research and development through several initiatives in that area.
He was also asked about Libra and whether the Binance exchange would list the cryptocurrency in the future if it is released to the market. Changpeng Zhao answered that they cannot make predictions about it and that they will take a closer look when Libra is released.
Nonetheless, he stated that they will have a look at the number of users and consider adding it if there is real interest for this cryptocurrency.
About institutions entering the market, he commented:
“We’re definitely seeing a lot of institutional interest picking up. I think the regulatory uncertainty is still affecting some countries, but there’s definitely a race towards [cryptocurrency] adoption now.”
He went on saying that they are currently working with several governments around the world. For example, they are dealing with regulatory issues in Ukraine and they are also working very closely with the Monetary Authority of Singapore (MAS).
Ukraine has recently signed a memorandum of understanding (MoU) with Ukraine in order to create a clear regulatory framework for cryptocurrencies in the market. At the same time, they are also working with other regulatory agencies around the world, which makes him believe the whole ecosystem is improving.
Binance is one of the largest cryptocurrency exchanges in the market in terms of traded volume. At the time of writing, CoinMarketCap reports Binance is the 29th largest exchange and it has registered a volume of $557 million in the last 24 hours.