In a conversation with Ryan Selkis, co-founder and CEO of Messari, Binance CEO Changpeng Zhao (CZ) said that it is likely that DeFi will become more prevalent in the future.
Although CZ believes that decentralized exchanges will one day become more commonly used than centralized ones, the founder of the largest CEX in the world said that this evolution would likely take “a number of years.”
The majority of people in today’s society are not familiar with cryptocurrencies, CZ said. For this reason, it is likely that their first interactions with blockchain technology will be through centralized exchanges, such as Binance.
Once people become knowledgeable about crypto, they may then transition into DeFi technology, he said.
Despite being a centralized cryptocurrency exchange, Binance has been actively pushing the adoption of its native BNB Chain, an Ethereum virtual machine-compatible chain, and BinanceDEX.
The platform recently revealed that it would be transitioning user balances in USDC, USDP and TUSD to its own Binance USD (BUSD) token on Sept. 29 at 11:00 pm ET. The move, CZ said, will improve trading liquidity for its users.
The exchange will continue to allow withdrawals in USDC, USDP or TUSD at a 1:1 ratio from the BUSD balances following the conversion.
Read this thread to understand more about stable coins https://t.co/5AmSNpyFEY
— CZ 🔶 Binance (@cz_binance) September 21, 2022
CZ emphasized that the crypto industry is still in its early stages — and the market is not “saturated.”
To achieve mass adoption, he believes that regulatory changes are necessary and businesses building in the space must adapt to these changes to move the industry forward.