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Binance CEO said – I do not have even a dollar, I only keep cryptocurrency – News

The crypto market has been witnessing volatility for the past few months. The world’s most popular cryptocurrency bitcoin is struggling at the $30,000 mark. Meanwhile, Changpeng Zhao (CZ), the CEO of Binance, the world’s largest crypto exchange by trading volume, has reiterated his view on the industry. He has insisted that this property is an investment as well as a currency. He added that the crypto sector will continue to grow despite the recent volatility.

Latest provided to CNBC Interview In 2012 Binance CEO CZ told that he does not have any fiat currency i.e. no dollars. They only have crypto. CZ said that cryptocurrencies and fiat currency cannot be interchanged, but digital currency can be used to buy things.

He said I don’t have dollars. Whatever it is, it’s in crypto. So when I need to spend money, I have to spend part of the crypto. He said that he is all into crypto. They don’t need to think about selling it, because it’s their money.

Describing crypto as better than fiat, he said that cryptocurrency is more useful than fiat for cross border payments, as it is much cheaper and faster. He added that crypto has shown itself to be a better option when it comes to donations as well. Through this even the smallest donation amount can be transferred.

CZ has also compared crypto markets to stock markets. That said, many people are trading on the volatility of crypto. It is the same with the stock market, where some people trade and some create the market. It is worth noting that recently the investment arm of Binance – Binance Labs has raised $500 million to build its first start-up fund in the Web3 ecosystem. These will include projects working on cryptocurrencies, non-fungible tokens (NFTs) and metaverses. Regarding this fund, CZ said that the new fund is aimed at helping projects that advance Web3 in decentralized finance (DeFi), NFT, gaming and the metaverse.

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