Binance CEO Changpeng Zhao said that the names in the industry should focus on crypto technology instead of money.
Speaking at the World Economic Forum, CZ believes that names in the crypto industry should focus on the fundamentals of crypto technology rather than being distracted by money.
Binance CEO Draws Attention to Crypto Technology
Speaking via electronic conference in Davos, CZ said:
“When the tides recede, all misconceptions go away and the essentials matter.
In our industry, we focus too much on money. A lot of people get distracted and all they focus on is money.”
Binance has come under scrutiny after accounting firm Mazars withdrew its “proof-of-reserve” report that confirmed the company’s stock holdings.
The exchange admitted last week that BUSD is not always fully backed by reserves.
In his speech at Davos, Binance CEO reiterated his belief that the development of crypto as a new payment system should be gradual and that the concept behind the technology will not be erased.
“This is not about any currency, blockchain or stock market. It’s about the underlying technology that has evolved and will continue to evolve.”
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