TLDR:
Binance CEO Changpeng Zhao (CZ) said that Binance supports cryptocurrencies and blockchains beyond those it develops, such as Bitcoin and Ethereum.
CZ said that Binance’s blockchains, such as BNB Chain and BSC, are independent and decentralized, and that Binance does not want to be accused of being too centralized.
CZ also said that Bitcoin is a safe haven asset and that Binance is setting up nodes to support its lightning network.
Binance, the world’s largest cryptocurrency exchange by trading volume, is not only focused on its own blockchains, but also on promoting other cryptocurrencies and blockchains, according to its CEO Changpeng Zhao (CZ).
In a Twitter AMA on Wednesday, CZ answered questions from the crypto community and explained why Binance supports Bitcoin, Ethereum, and other blockchains, even though it has its own blockchains, such as BNB Chain and Binance Smart Chain (BSC).
CZ said that Binance’s blockchains are independent and decentralized, and that Binance does not want to interfere with their development or governance. He said that anything associated with Binance is often wrongly accused of being too centralized, and that Binance prefers to let its blockchains run on their own.
He also said that Binance treats all blockchains on an equal basis from the perspective of its exchange business, and that it promotes Ethereum and Bitcoin very heavily. He said that he personally is a heavy promoter of Bitcoin, which he considers a safe haven asset for millions of people around the world.
He added that Bitcoin’s blockchain technology is used for both fundraising and as a hedge against macroeconomic failures, especially by people in countries with unstable currencies or banking systems. He also said that Binance is setting up nodes to support Bitcoin’s lightning network, which is a layer 2 solution that enables cheaper and faster BTC transactions.
CZ’s comments show that Binance is not only interested in developing its own blockchains and tokens, but also in supporting the wider crypto ecosystem and innovation. By doing so, Binance hopes to attract more users and customers to its platform and services, as well as to foster the growth and adoption of cryptocurrencies and blockchains in general.