The Binance founder and Chief Executive Changpeng Zhao talked about stablecoins and charity initiatives and its power to engage meaningful cryptocurrency adoption during speaking at Virtual Blockchain Week (VBW). Changpeng Zhao also talked about the Binance Academy’s work with Chinese government institutions for the blockchain projects and mentioned that he has big expectations influencing the shape of the nation’s regulatory strategy by the exchange.
Crypto charity programs drive adoption
At the time of his fireside chat with VBW’s hosts, Changpeng Zhao stated that these crypto-based charity programs are flourishing meaningful cryptocurrency adoption globally. He further added by saying that if he thinks of giving some donation in crypto, chances are high that you will get a wallet or register an account or an exchange to accept it. And, such adoption is a positive first-contact for many people and it increases adoption.
It is also expected that it helps in maintaining the Binance reputation. The company has received a lot of response from countries because of the charity initiative. On April 30, 2020, Binance Charity mentioned that it had committed $666,666 towards distributing medical supplies to hospitals and health workers in Puerto Rico and neighbouring Caribbean islands.
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Stablecoins drive adoption for merchants
In speaking with Cointelegraph, CZ assures that stablecoins is going to help gain adoption among merchants and retailers. Prior to stablecoins, there was either two extremes, USD or Fiat, or you’re either BTC or Ethereum or BNB and the price vacillates against fiat mentioning that crypto can be really upsetting for a shop owner because their expenses are in fiat. He talks about stablecoins as an intermediate step, providing fiat-denominated tokens to solve the problem for individuals and merchants who have interest in crypto but need expenses to be covered via fiat.
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Binance looks to partner with Chinese government on DLT
CZ discussed about Binance’s plans for the recently launched Blockchain Research Institute in Shanghai stated that the institute is going to explore applications for distributed ledger technologies (DLT) alongside China’s central government. There’s a push by Chinese government to learn about blockchain, he mentioned. He stated that the company is working closely with the government and they are accessible and want to be influential in that process.