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Binance CZ: Banks That Want To Survive Will Have To Support Crypto
Changpeng Zhao (CZ), the founder and CEO of leading cryptocurrency exchange Binance, believes that retail financial institutions and banks that want to stay in business will have to support cryptocurrencies.
Muskaan T.
5:35 17th Sep, 2022
Markets

CZ made the statement in response to a question during an “Ask Me Anything (AMA)” session at the just-concluded Binance Blockchain Week Paris, which took place this week. Zhao was asked whether he thinks retail banks would eventually offer crypto services, such as payments and custody, to customers.

“I think for the banks that want to survive, we can expect that,” the Binance CEO replied.

Some banks have joined the crypto bandwagon due to increasing crypto demand from their clients.

For example, Brazil’s Travelex Bank recently became the first financial institution in Latin America to offer cross-border crypto payments after partnering with Ripple. The partnership allows Travelex to leverage Ripple’s on-demand liquidity (ODL) to facilitate international remittance.

In July, French international banking giant BNP Paribas (BNP) announced its plans to offer crypto custody services to its 60 million customers.

Metaverse and NFTs Have Vast Possibilities

Zhao said he is very bullish on the crypto industry while talking about the possibilities that non-fungible tokens (NFTs) and the metaverse hold for the future.

Giving an illustration of the healthcare sector, CZ mentioned the possibility of having life-saving applications like remote consultations and surgeries through the metaverse. He also highlighted the role of NFTs in the sports industry, where fans can acquire game tickets with NFTs, among other things.

The Binance boss likened the sector to the internet in the 1990s, saying, “I look at this technology like the Internet in 1994 when we had email, but we could already think about video conferencing.”

CZ: Funds Are SAFU

Hackers have continued to remain a nightmare for crypto firms. More than $2 billion worth of crypto assets has been stolen from the industry this year. The increasing number of hacks has left many users questioning the security of exchanges and DeFi protocols.

During the blockchain conference, CZ assured users that their funds are safe on Binance because the exchange has more than $1 billion in an insurance fund in a wallet dubbed Secure Asset Fund for Users (SAFU).

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