Introducing people to the new variant of the internet is key, as many still struggle to understand what Web3 is and how it will affect them, says Binance CEO and founder Changpeng Zhao.
He explains: “From our side, we’re already showcasing Web3’s day-to-day use cases. Partnerships with the likes of Cristiano Ronaldo, Khaby Lame, and The Weeknd are not simple promo activities. They’re meant to highlight to the public how crypto and Web3 can enhance their lives. The beauty isn’t in bringing in the big names; it’s in accessing their audiences and demonstrating that Web3 isn’t just a tech dream for the nerdy few.”
The origin of the Binance ecosystem
Since 2017, Binance has grown to over 200 times its original size, and there are now Binancians all over the globe. “We support 18 different languages, help nurture a blockchain with over 2.4 billion transactions to date, and have an ecosystem that serves over 120 million users – a number far beyond the wildest expectations I could have had back in 2017,” Zhao says.
Since 2017, Binance has significantly expanded its product lines as users began clamoring for access to new, innovative blockchain-powered offerings. Today, the platform’s catalog offers something for everyone.
“From Trust Wallet to CoinMarketCap, Binance NFT to Binance Earn, we cater to virtually every interest across the broad spectrum of what blockchain and crypto have to offer,” he explains. The past year also saw the introduction of Auto-Invest, Binance Live, Learn and Earn, and many newer services.
A products portfolio with greater connectivity
Web3 is about connectivity and Binance products should be no different, Zhao says. “We need to connect with the user in a simple way, tailored to their language and culture, and most importantly, compliant with their local laws,” he says, adding: “How can we build a Web3 future without making our products intuitive to use?”
Binance is privileged to have the most extensive product portfolio in the space, including advanced trading products such as derivatives, margins, and loans. “We also offer accessible financial products through Binance Spot, Earn, and Convert, as well as exciting new products like Binance Card, Pay, and NFTs,” Zhao adds.
To improve the Web3 experience for users, Binance has developed itself into a super app. In essence, this enables users to switch between their Web3 and fiat worlds seamlessly. “There’s still a lot of work to be done, but I think solid foundations are there for us to build on in the next push,” Zhao explains. Still, at its core, he sees Binance as a single product with a sole focus on bringing financial freedom and inclusion to the world.
Empowering users through education
According to Zhao, the greatest risk we face as an industry is the increasing gap between the total number of new users entering the marketplace and the total number of users with a detailed understanding of blockchain and crypto.
“Education has, of course, been another rock upon which Binance has built its reputation,” he says. “Binance Academy, Learn and Earn, and Binance Masterclass are integral to educating our users and helping them make more responsible, informed decisions.”
Future plans and the potential of Web3
Web3 has a massive potential to transform our lives, and Zhao explains that they want to improve the existing version of the internet with responsible Web3 inclusion. “In the next five years, it will be paramount for Web3 to begin to tackle tangible problems that Web2 users continue to face. We must build products that are secure, user-friendly, accessible, affordable, and that bring real, tangible value for people.”
“We are also thankful to regulators, policymakers, and industry players for collaborating to create a safe and secure crypto ecosystem that puts users first,” Zhao adds. “But the work isn’t over yet; we must continue cooperating with regulatory bodies that protect our industry and investors while enabling responsible innovation.”
Engaging with regulators at all levels
Binance’s continued leadership position relies on its willingness to proactively engage with regulatory bodies wherever they operate. Zhao explains, “Within the past year alone, Binance has received regulatory approvals and registrations in Spain, France, Abu Dhabi, Dubai, Italy, and Bahrain.”
Just like in any other industry, knowledge in the crypto world is power as it enables Binancians to confidently make decisions and recognise when they need help or support. “If we can imprint this attitude in the minds of the majority of crypto users, responsible and successful mass adoption will become almost a certainty, given enough time.”
Zhao believes the crypto and blockchain world has entered an incredibly exciting phase.
“Web3 is bringing together all the technology we’ve seen developed over the past years: NFTs, digital identities, tokenomics, play-to-earn models, and much more,” he says.
Furthermore, the industry and Binance are seeing a massive influx of capital and talent due to the emergence of Web3. Throughout history, whenever these two have met, there have been massive leaps in adoption and product innovation.
Zhao adds, “We saw it in the ‘80s with client-server tech. We saw it in the ‘90s with the internet, in the 2000s with mobile phones, and in the 2010s with social media. The 2020s will be the decade of Web3, where users take back control of their data and decision-making processes, and the value they create.”
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