Merkle Trees Coming Soon, Said CZ

Merkle trees are going to arrive, CZ tweeted. And this helps the cryptocurrency industry to be more open and transparent.

Changpeng Zhao, the founder of Binance, spoke to Bloomberg TV on Thursday about the most recent developments surrounding the defunct crypto exchange FTX and how much the sector needs to scrutinize its competitors to prevent a similar circumstance. He said:

“I actually reflect on the FTX situation and I kind of blame myself for tweeting that too late. As an industry, we let FTX get too big before we started questioning some of those things.“

He just deleted a tweet that questioned the quantity of Bitcoin on Coinbase, but he said in an interview with Bloomberg that he is now raising concerns a lot earlier.

“It does not mean any attacks on any of our industry peers. We just want to build more transparency and more scrutiny into the industry,” he said.

Additionally, the Binance CEO tweeted after the interview that Merkle trees will soon emerge to help the crypto industry become “more transparent than traditional finance industries.”

Zhao said that he anticipates “a little bit of contagion” when questioned about the status of the business following the demise of FTX and the effects on other companies. He added:

“Whenever one big player goes down, especially a trading platform, there are many other people or institutions with money on the platform.”

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Harold

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