- In a recent interview, the Binance CEO, Changpeng Zhao, outlined his views on how to set up a global crypto exchange.
- According to Zhao, crypto firms should focus on having a sustainable business model to become global.
- He added that exchanges should know the audiences’ preferences and deliver tailored services accordingly.
In a recent interview with Cointelegraph, Changpeng “CZ” Zhao, the CEO of Binance, shared his views on how to set up a global exchange. He also spoke about four key criteria that businesses must follow to ensure success. Zhao highlighted that a “global mindset” is of utmost importance.
First, I’d say you need a global mindset. Many crypto exchanges claim they are a global exchange, but if you look at them closely, they are focused in one region, usually where the majority of their team is. Their products are only available in one or two languages, their customer service is only available in one or two languages, and they only organize offline events in their own region. As a result, most of their users are from that region, too.
He added that achieving “a true global mindset” is a difficult task.
If the founder(s) have not lived and worked in multiple places in the world, it’s very hard for them to have a global view. If you have a global mindset, the rest are execution. Execution is also super hard.
CZ outlined the four elements that crypto businesses must focus on to become global. The first one is having a sustainable business model. The other major factor is knowing the audiences’ preferences. The ability to tailor services per these preferences is also important. Finally, being in touch with the regulators and acknowledging the responsibility before the customers are instrumental.
Zhao also pointed out that compared to traditional markets, the crypto exchange industry is still in its infancy and the adoption rate is on the lower side. According to him, leading industry players “should take the responsibility of building the industry, raising the industry standards, driving massive adoption of cryptocurrencies and growing the crypto industry on the whole.”