CZ: Binance Is A Tool’s Builder, Not Own Your Asset

On November 14, 2022, Binance held an AMA on Twitter with the presentation of CZ, which attracted over 40,000 participants.

The AMA lasted 2 hours and drew a lot of attention from crypto users all over the world, especially after the FTX disaster, which devastated the entire market. The CEO has responded to user inquiries and shared his thoughts on what’s going on in the market right now. He also mentioned Binance‘s strategy for dealing with the current situation.

When asked about Binance’s “end game” strategy after witnessing the collapse of many cryptocurrencies, CZ stated that Binance is a tool provider for builders, not a user asset owner. In this way, Binance will be a platform that provides tools or anything else that assists people in accessing Crypto. Binance can be understood as a tool’s creator.

Other topics were also discussed during the AMA. CZ stated that he was discussing a new method of proof of reserves with Vitalik, the founder of Ethereum, this afternoon, and that Binance would be the first pilot. He believes that the current proof of reserves necessitates the involvement of third-party auditors, the majority of whom are looking for FTX’s former cooperative auditor. In addition, CZ stated that Binance has no liabilities, Binance primarily relies on third-party market makers, Binance makes money from fees rather than transactions. 

Finally, the CEO stated that investors are losing money in the short term. What needs to be done right now is to create a healthy industry. Building a recovery fund for the industry and an international association will release information soon to help the industry, keep everything transparent, and support other startups in this industry.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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