Cryptocurrency Will Flourish After a “Correction Year”

December 20, 2018 AtoZ MarketsIn a recent interview with a U.S. media outlet, Wei Zhou the CFO of Binance a major cryptocurrency exchange shared his thoughts about the last events that took place in the crypto market during the 2018 year.

Zhou States That Cryptocurrency Went Through the “Correction Year”

Binance financial adviser said that 2018 was a tough year for cryptocurrency as many projects did not survive, and certain companies suffered from huge loses. He claimed that digital currencies went through the so-called “correction year”. Zhou spoke with reference to a bear market that plagued traders this year, which took a turn for worse in mid-November when markets fell even further. Despite the above, Binance co-founder expressed his optimism regarding the future of cryptocurrency. He noted that although “the price is very attractive for speculators,” the industry will grow, thanks to builders who make applications and “real use cases” that encourage further cryptocurrency adoption.

Does Crypto Industry Need Regulations?

Zhou shared with the U.S. media outlet his thoughts about the impact of the price adjustments on the company’s plans. He said that Binance launched one fiat exchange, plans to start two or three “next month or so” and another ten fiat exchanges next year. The finance expert encouraged that none of the plans had changed and the company is still moving forward. Regarding the strengthening of regulation and the participation of the government in the crypto-space, Zhou said that the crypto industry “wants clarity, as in many countries of the world there is still too much uncertainty.” He clarified that the crypto industry requires regulation that will promote innovation, in contrast to things that completely impede this.

Binance Stays Active in the Crypto Market

The last few months, Binance expanded its operations beyond traditional crypto exchanges. In August 2018, Binance Labs, the innovative wing of the company, launched its program that was called “Incubator”. Earlier in June, Zhou said that the company would support the Maltese Fintech startups and entrepreneurs, along with the Malta Stock Exchange. In September AtoZ Markets reported that Binance has inked a Memorandum of Understanding (MOU) with the Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, aiming to launch a new security token digital exchange. The same month Binance announced its plans to build a crypto-fiat exchange in Singapore. The company officials have commented on Binance’s plans to enter the Southeast Asian market. The firm also announced the creation of its Fiat-crypto exchange in Uganda, aimed at maintaining sustainable economic stability in Africa. Last week, the first blockchain projects were released that were funded and coached under the Incubator initiative. Recently the Binance Charitable Foundation, a Binance charitable organization, has launched a blockchain-based charity campaign in support of Maltese youth. The program aims to support terminally ill patients and children from disadvantaged families.

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