Original source: Binance Blog

Compiled by: Kate, Marsbit

On July 31, Binance CEO Changpeng Zhao (CZ) took to Twitter Spaces to answer a large number of user questions. Some of the most interesting questions involved Binance’s recent Dubai license, Binance Launchpad, and when referring to Coinbase’s recent launch of its second-tier mainnet Base, he said this: “Binance embraces competition, not Resist competition. We welcome new products and blockchains emerging in the cryptocurrency space and are always looking for new ways to collaborate.”

Here's a summary of CZ's answers to some questions he received during the July 31 Twitter AMA. Please note that this transcript has been edited for length and clarity.

Regarding Binance’s Dubai license, can you share some background and thoughts on Binance’s obtaining a license in Dubai?

CZ: This has been in the works for a long time. First, we obtained our provisional permit license about a year ago. It took another 12 months or so to conduct detailed due diligence before moving on to the next stage, an operational minimum viable product (MVP) license. The process was extremely difficult, but Dubai regulators responded quickly. It's a good thing that collaboration exists. Now that we have an operational MVP license, people can access crypto exchanges and fiat gateways. It's great to see different parts of the world moving at different speeds, but Dubai is definitely leading the way.

What is Binance Launchpad? Why is it important to the ecosystem?

CZ: We launched Binance Launchpad in January 2019. We noticed that during bull markets, financing is easier and a lot of money flows into the cryptocurrency space. But in a bear market, when funds are more difficult to raise, only a few strong projects can raise funds, and it's even more difficult. We wanted to help, so we got involved and created Binance Launchpad, a centralized cryptocurrency financing platform. So far, about 20 to 30 projects have gone through Launchpad. In this process, we hope to help entrepreneurs while also bringing benefits to our community. This is how we want to run Launchpad. We will continue to look for quality projects, but our requirements are also very high. They need to show dedication and ability to execute. Launchpad projects typically go through nine months or more of review before reaching an agreement. This is how Binance Launchpad works.

Can I buy Binance peripherals?

CZ: Binance merch—we call it “merch”—we don’t sell. We think selling it would reduce its value. We want it to be unique and hard to get. We are also not a boutique or brick-and-mortar store. We are not doing very well in terms of logistics, transportation, etc. This takes a lot of time and effort, and we're not optimized for it. We only want to provide merchandise to loyal supporters of our community. Many people suggested opening a store, but I refused. I want us to focus on software rather than hardware. We do spend money and effort on merch, but I think it's a great way to show appreciation to the community.

How do you build your team to track trends and take quick action when necessary?

CZ: We already have different teams in different fields; we have people who specialize in blockchain, DeFi, and NFT fields. These people typically provide me with input and we oversee these business units. We don’t try to create trends, but when they happen we want to catch them quickly. I don't think it's that difficult to identify trends. The more difficult part is taking advantage of the trend when it happens. Do we have the right team in place, or can we quickly assemble a new team? Or, will we be able to identify and invest in leaders in new areas? I think we have a very strong team. Given our influence in the industry and our brand, most projects are happy to work with Binance. To me, it's more about execution than recognition.

What are your thoughts on Coinbase launching Base? Do you see this as a threat?

CZ: No, we don't see it as a threat. I think the more the better. There are thousands of blockchains on the market. I think launching a new blockchain project is generally a good thing for any market participant, but only if "it's not a scam." Even though this was a failed project, I think it was still a good experiment that gave people more options. Coinbase has done a lot in this industry. They were the pioneers in America, so it was great for them to launch something like this. We want to support it. Considering Binance’s role in the cryptocurrency space, it’s difficult to find a player that doesn’t have any overlap with us. If we resist competition, we can't work with anyone. Instead, we embrace competition. Although we overlap with most players in some ways, we always try to work with them in other ways. Even Binance’s internal teams have overlapping responsibilities and products. I think it’s great that Coinbase is doing this, and I would encourage other platforms to launch new products and blockchains.

(The above content is excerpted and reprinted with the authorization of partner MarsBit, original text link)

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The highlights of this article’s AMA | Changpeng Zhao: Binance embraces competition and does not believe Base poses a threat. First appeared on Blockchain.