Binance exchange CEO reveals biggest problem hindering crypto growth

Changpeng Zhao

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TL;DR Breakdown

  • Binance exchange CEO says ease of use is cryptos biggest problem.
  • Highlights volatility as another problem hindering crypto growth.
  • Says he would give 99 percent of his wealth to charity.

Changpeng Zhao, CEO of top cryptocurrency firm, Binance Exchange, has said that despite the massive growth experienced in the crypto market, the industry is still being held back by certain setbacks.

During his recent interview with Associated Press, the Binance Exchange CEO cited volatility as part of the problems keeping people out of cryptocurrencies but remarks that some investors enjoy the volatility.

While giving his personal opinion, he said the biggest issue militating against the growth of cryptocurrencies is the ease of use. He also raised concern over the future of individuals’ assets after they die.

“What happens if you go away? People die. If you suddenly become unavailable, can your kids get it? How do they get it? Are there ways to guarantee they will get it, and they’ll get it only after you die?”

The Binance exchange CEO, however, said that as the industry matures, major improvements would surface.

Binance CEO makes weird revelation about himself

Zhao declared during the interview that, like Bill Gates, he would be giving away a large portion of his wealth. The 44-year old CEO stated that he can still afford to support his current lifestyle after making the sizable donation.

“Personally, I’m financially free. I don’t need a lot of money, and I can maintain my lifestyle in this way.” Zhao said. “I do intend to give away most of my wealth like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99 percent of my wealth.”

The Binance exchange CEO is said to be worth around $2 billion, with the bulk of his wealth coming from Binance. He said during the interview that he is not a big crypto investor as he holds only Bitcoin and BNB.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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