Binance told what awaits the Crypto industry
Date: 2023-07-15 Author: Karina Ziganova Categories: IN WORLD
In honor of its sixth anniversary, Binance, the largest cryptocurrency exchange, has published several predictions about the future of the crypto industry.
The heyday of TradFi
According to Binance, several trends are now emerging. First of all, TradFi. Already today, major players in the financial market, such as BlackRock, Citadel, Fidelity, are actively mastering the cryptosphere, which will ultimately facilitate the adoption of cryptocurrency
"Since institutional investors own most of the stock market with hundreds of trillions of dollars, even a single-digit percentage of conversion to cryptocurrency will easily multiply the size of the current cryptocurrency market," the crypto exchange believes.
The development of DeFi
In addition, the field of decentralized finance (DeFi) will continue to develop. Thus, new technologies of crypto wallets will make it easier for users to store their crypto assets on their own. Therefore, more and more people will use DeFi products and interact directly with blockchains. In addition, DeFi will become more than centralized finance (CeFi) in the next six years or so.
"It also gives financial access to people where TradFi (or banks) do not have access," the release notes.
Great emphasis on Kazakhstan
Binance recently launched a local exchange in Kazakhstan. Now the platform operates under a license from the AIFC Financial Services Authority (AFSA) to manage the digital asset platform and provide custodial services in the Astana International Financial Centre.
According to Vladimir Smerkis, regional director of Binance, by the end of the year, the company plans to expand the product line for users of the local cryptocurrency exchange in Kazakhstan, as well as increase the number of available cryptocurrencies.
"Speaking about other countries, I note that in the near future the focus will be on the development of the community in the countries of the Caucasus and Central Asia, as well as significantly expand the product line and fiat channels in the region," he said.
Clarity of crypto regulation
Binance also expects more clarity on crypto regulation, including for exchanges. Even though there is a lot of uncertainty right now, progress is being made at a faster pace in many countries to make the crypto industry more understandable.
"It is quite obvious that the countries that do it first will have a huge advantage over the countries that do not for centuries. We are at a turning point in history," Binance said.
The marketing director of the Binance crypto exchange, Yi He, also remains optimistic and believes that the exchange and regulators are not so far apart. Speaking about the current situation with cryptocurrency regulation, she noted that "if Binance is not compliant, then virtually no other global trading platform or offshore company is compliant" with the authorities.
Moreover, according to her, Binance respects regulators regardless of whether they support or oppose the development of cryptocurrency. However, the misconception about the company can be explained by its unconventional ways of working.
