Rajarshi Mitra
Independent Analyst
- Changpeng Zhao, the CEO of Binance, said that crypto-based charity and stablecoins are driving crypto adoption.
- He explained how stablecoins are especially driving adoption among retailers and merchants.
- Binance Charity will be donating medical supplies to Puerto Rico and surrounding Caribbean islands.
Speaking at Virtual Blockchain Week (VBW), Binance CEO, Changpeng “CZ” Zhao, said that stablecoins and crypto-based charity initiatives are driving significant crypto adoption globally. He said:
If I'm going to give you some donation in crypto, you are more likely to go and get a wallet or register an account on an exchange to accept it. That type of adoption is a positive first-contact for a lot of people. So it does increase adoption.
We also see that it also helps the Binance reputation [...] We have been much better received in a lot of [...] countries due to the charity initiative. So there [is] some selfishness to it.
Binance Charity recently announced that it will be donating $666,666 towards distributing essential medical supplies to hospitals and healthcare workers in Puerto Rico and surrounding Caribbean islands. According to a Cointelegraph report, CZ believes stablecoins help in driving crypto adoption among retailers and merchants.
Before [stablecoins] it was like two extremes — you either stay in USD or Fiat, [or] you’re either BTC or Ethereum or BNB, and the price fluctuates against fiat. Really troublesome for a shop owner because their expenses are in fiat.
Discussing Binance’s plans for its recently launched Blockchain Research Institute in Shanghai, CZ noted that the institute would explore applications for distributed ledger technologies (DLT) alongside the central government of China.
There's a very big push by Chinese government agencies to all learn about blockchain. They are very smart in the sense that they said ‘Well if we’re going to understand this thing let’s understand it, let's not be outsiders trying to regulate an expert area.
We are working closely with the governments there and they are very receptive. We want to be influential in that process.
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