Binance CEO Answers: Will Crypto Consolidation Continue?

Changpeng Zhao (CZ), CEO of Binance, the world’s largest crypto exchange by trading volume, stated that the crypto market could see further consolidation as Bitcoin (BTC) continues to change hands in the $20,000 price zone.

In a recent interview with Bloomberg, CZ reported that regardless of the current market downturn, the stock market could spend more than $1 billion on investment deals over the next three months.

When asked what he thinks of crypto lending platforms, Zhao said:

“We’ve looked at a lot of lending in the last months, because all the discussions are there… Most of these platforms take people’s money and transfer that money to someone else. There is not much added value there. We want to see products that people can actually use.”

More Crypto Consolidation Possible

Talking about the current market trend, CZ said that we will see more market consolidation, concluding that there is a lot of risk, pain and opportunity in a bear market.

“At a high level overall, we will see more market consolidation during the bear market… There is a lot of risk and a lot of pain, but there is also a lot of opportunity.” As we reported earlier, on Thursday, hackers attempted to pull approximately $560 million worth of BNB tokens from Binance’s cross-chain bridge, the BSC Token Hub.

Although the hackers were not able to drain all the funds, they managed to send more than $100 million to other chains before the BNB Chain was paused for maintenance.

Commenting on the speed with which the attack was resolved, Binance CEO said:

“I am impressed with the swift action taken by the BNB Chain team. I’m not that interested in the technical side of BNB Chain. Much less than that Vitalik (Ethereum founder) is interested in ETH. The principles for handling issues are simple and important: prompt, transparent and responsible.”

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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