🇪🇸 Javier García de la Torre, #Binance Spain and Portugal´s Director: "We must banish the myth that cryptocurrencies are going to make us rich in a day".
With 128 million users, Binance, founded in 2017 by entrepreneur Changpeng Zhao, has become the largest exchange of digital assets in the world. It has been operating in Spain since December and wants to make the transparency and quality of its products its flagship. At the head of its landing in Spain and Portugal is Javier García de la Torre.
The past year has undoubtedly been a difficult one for the blockchain and cryptocurrency sector. What is Binance doing to increase investor confidence?
The company has led the way in making the industry more transparent and in November launched Proof of Reserve, a procedure that can be used to verify that users' funds are being held, in addition to a proof of collateral for all Binance Bridge-linked tokens. And in our commitment to protect the more than 128 million users, Binance again increased the value of its SAFU (secure asset fund for users) reserve to $1 billion again.
The recent bankruptcy of cryptocurrency exchange platform FTX added even more doubts and insecurity to the sector Could the recovery of digital assets take longer than expected?
Looking back, we can see that we are already in the third bear market since 2008, when bitcoin was born. Since then we have experienced several bear cycles that usually last four years. This does not mean that it will be repeated in the future, but if so, we already have a reference. We must bear in mind that we are talking about a very volatile market.
What advice would you give to people who think that in the crypto world you can get rich overnight?
We do not give financial advice. But we want to banish the myth that cryptocurrencies are going to make us rich overnight. We believe in the long-term potential of blockchain technology and cryptocurrencies, and we are looking for everyone who enters our platform to educate themselves, to understand the technology, to understand the projects, to do their own analysis. Our motto is the "DYOR", "Do your own research", because we want investors to be informed, to feel comfortable with the capital they put inside the platform, and to understand that if they lose that capital their standard of living would not be affected. Our purpose is for our users to enjoy the freedom of money, which is what blockchain technology facilitates, transactions that are done much faster, and in a more efficient way. Those who believe in the technology and find the projects interesting have a good opportunity to enter the web 3.0 world.
What are Binance's goals for 2023?
To maintain the level of trust of our customers, to make them feel more and more secure and to offer many more products. In the coming weeks we will launch "Binance Tax", which is a completely free service for anyone who needs to prepare their cryptocurrency tax returns. We are now working it in pilot in France and it will arrive in Spain in less than two months. Another product is "Binance Feed", which allows content generators to share information so that our users are informed about our different projects and from different points of view.
In 2022, Binance launched a rescue fund for the crypto industry, how is it working?
Given the current situation, at Binance we see that there are good projects for the industry that, due to lack of liquidity, are having difficulties to succeed. Dubbed the Industry Recovery Initiative (IRI), Binance will initially allocate at least $1 billion to IRI-themed investment opportunities, leaving the door open to increase the contribution to $2 billion if necessary. And through Binance Labs, another $500 million has been invested with the goal of supporting and driving Web 3.0 and blockchain innovation.
What is the volume of transactions that Binance can execute?
In one day, $26 billion worth of transactions have been made. The information is collected on the CoinMarketCap platform, a platform that Binance bought by the way. We also publish the cryptocurrency wallets or portfolios, and the total amount that is consolidated, to show that the money is there. We don't do anything with our clients' money, their deposits are guaranteed one by one. There are different portfolios, because the important thing is to diversify and not to have all the bitcoins in the same one. We are transparent and we say at all times what we do, we embrace regulation, we want to be regulated in all countries.
What commission does Binance charge?
We charge a 0.1% commission when buying and selling cryptos, and if it is bitcoin we do not charge anything.
Source (In Spanish) 🇪🇸: https://www.larazon.es/economia/hay-que-desterrar-mito-que-criptomonedas-nos-van-hacer-ricos-dia_2023021963ef74fbacd8e600017dbbc7.html
Translated with www.DeepL.com