Binance’s CEO Changpeng Zhao

Binance’s CZ: No Plans to Go Public

Binance’s CEO Changpeng Zhao

As Coinbase gears up for its stock market listing next Wednesday, Binance’s CEO Changpeng Zhao stated that the world’s biggest crypto­currency exchange is not looking at going public. Zhao, known as CZ, also gets a juicy response to critics who question Binance’s regulatory compliance in the interview with Bloomberg.

“We’re not looking at going public… We don’t need a huge amount of money, we are profitable, and we are growing,” CZ spoke to Bloomberg in early March from Shanghai. He hinted that Binance can become a DAO eventually: “I still totally think it’s possible, but it’s going to take a number of years.”

CZ also revealed that most of the earlier investors of Binance have actually cashed out: “Binance was mostly funded by the ICO in July 2017 that raised $15 million, mostly from [investors in] China and other parts of Asia. We had some earlier investors, but most of them actually have cashed out.”

Founded in 2017, CZ’s Binance has reportedly booked more than $800 million in revenue last year. As the world’s biggest crypto exchange, it now has about 1,700 staff, despite not having a headquarters, or even “offices” for the firm. But CZ stated that they have a large number of regulated entities in multiple jurisdictions that they operate. 

Moving forward, CZ highlighted the two major directions of Binance’s product development: Payments and DeFi. The exchange giant has launched Binance Card as the first product in its “Binance Pay” suite, which will include payments solution allowing merchants to accept crypto or stable­coins directly, and a peer-to-peer payments feature directly within the Binance app.

 

Binance Goes Big Into NFT

On Binance’s DeFi products, CZ stated that Binance is merely a contributor in the DeFi ecosystem, “there’s so many new small experiments in the Binance team that I may or may not know about.” With the explosive trend involving NFTs and crypto collectibles, CZ also puts NFTs as one of Binance’s focuses: “NFTs are pretty hot—we may look at doing something there.”

“We are actively doing acquisition deals,” said CZ, “We plan to do somewhere between 20 and 30 acquisitions a year… Some will be bigger ones like CMC.”

Recently, Binance has directly invested in Refinable, the first all-in-one NFT marketplace on the Binance Smart Chain. Top Youtube creator Jimmy Donaldson, known as Mr. Beast, has also personally invested in Refinable. 

With the recent surge in interest in NFTs and crypto collectibles, star NFL quarterback and reigning Super Bowl champion Tom Brady, is launching an NFT platform called Autograph. He also got executives from Apple, DraftKings, Spotify, Lionsgate, and more on board as advisors.

Tom Brady is hardly the only NFL star to hop onto the NFT bandwagon. Eli Manning and Peyton Manning, the retired NFL quarterbacks, will launch their own NFT collection, on MarkersPlace.