Binance CEO Changpeng Zhao, popularly known as CZ, recently engaged in a one-hour Twitter Spaces session, shedding light on various subjects and unveiling the exchange’s future plans. The session highlighted Dubai’s emergence as a global center for crypto innovation and Binance’s increasing involvement in the city.
CZ expressed his excitement about Dubai, citing the remarkable rise in the number of crypto companies and the vibrant crypto events hosted there. He emphasized the city’s international appeal and its business-friendly environment, which played a crucial role in Binance’s rapid expansion. In just 18 months, the exchange has grown from a handful of employees to over 700 in Dubai alone. CZ confidently asserted that Dubai is already a thriving crypto innovation hub, set to prosper even more.
During the session, CZ advised caution to newcomers in the crypto space, urging them to be wary of seeking investment advice solely from social media platforms. He stressed the significance of conducting thorough research and considering individual circumstances before making investment decisions. CZ emphasized the importance of personal factors and risk management in determining investment strategies, cautioning against blindly following advice from famous internet personalities.
CZ clarified that Binance does not engage in mining activities itself but operates one of the largest mining pools. By offering low fees and utilizing Binance’s liquidity to cover operational costs, the exchange supports the mining sector. However, CZ highlighted that mining is not Binance’s core expertise due to the complexities associated with hardware and other factors.
The Lightning Network, a layer-two scaling solution for Bitcoin, was another topic of interest. CZ explained that implementing the Lightning Network is a complex process that requires meticulous security considerations. The Binance team is currently exploring solutions and may initially enable Lightning Network transactions for small amounts. CZ expressed his belief that eventually, all exchanges will need to support the Lightning Network due to its cost-saving benefits and faster transaction speeds.
CZ’s Twitter Spaces session offered valuable insights into Binance’s growth, stance on mining, and plans for the Lightning Network. As Binance expands its presence in Dubai and ventures into innovative solutions, the crypto community eagerly awaits further developments from this leading exchange.
