Binance CEO declares: aiming to overthrow traditional finance and create a cryptocurrency super app!
Binance CEO Richard Teng made a statement during the "CEO Connect: August Edition" AMA that dropped a huge bombshell in the cryptocurrency and traditional finance sectors!
Richard Teng stated that while traditional finance has laid the foundation for the global economy, it also has many "chronic issues." For example, about 1.4 billion people globally have no bank accounts and are excluded from the traditional financial system; cross-border remittance fees can be as high as 15%-20%, which is simply "harvesting leeks"; and transaction speeds are so slow that it can drive one crazy, by the time a transaction is completed, the market could have changed many times.
Cryptographic technology is here to "save the day"! It can achieve near-instant global transfers, with costs that are negligible, serving as a "super weapon" for promoting financial inclusivity. Take cross-border remittances as an example: previously, high fees and long waits were necessary, but now with cryptocurrencies, transfers can arrive in minutes, with impressively low fees.
Richard Teng also set a "small goal": to transform Binance into a cryptocurrency super application "super app." In the future, whether it’s for transferring money, shopping, earning passive income, reading news, or donating, you can accomplish it all by just opening the Binance app! Imagine not having to switch between multiple applications; all financial operations can be completed in one stop. The efficiency is simply taking off!
This means that Binance will no longer just be a cryptocurrency trading platform, but a comprehensive financial ecosystem, similar to the position of Alipay in China, deeply integrated into various aspects of people's lives.
As Binance moves toward this goal, traditional financial institutions are likely to become restless. The competitive pressure they face will increase, and they must accelerate their pace of innovation, or risk being left behind by this emerging cryptocurrency super app.
For ordinary users, this is definitely good news. More convenient financial services and lower transaction costs—who wouldn’t like that? However, one must also be aware of the risks involved; the cryptocurrency market is highly volatile, and investment should be approached with caution.
In the future, how will this super application from Binance change our financial lives? How will traditional finance respond to the challenges? Let’s wait and see together!
Ambush Musk's little puppies strongest dogs on Ethereum chain
