Cryptocurrency exchange Binance’s latest experiment to integrate decentralized finance with its centralized platform, Binance Smart Chain, is not here to beat DeFi, said the company’s CEO, Changpeng “CZ” Zhao. Instead, it aims to accelerate crypto and DeFi’s mass adoption.
“Today, 99.9% of the money is still in fiat,” said Zhao in a one-on-one session with CoinDesk’s Leigh Cuen, during CoinDesk’s invest: ethereum economy virtual conference Wednesday. “So in order to get those money in, we still need (fiat) gateways.”
Too early for ‘meaningful’ competition
Binance announced the launch of Binance Smart Chain, its version of a decentralized public blockchain, in early September. Some argued the biggest centralized exchange’s aggressive moves into the rapidly growing DeFi space was its attempt to become an Ethereum killer.
Zhao defended his company, saying that crypto adoption is in its early stages and thus any competition within the space is meaningless.
“Competing within the 0.1%