The Binance Blockchain Week Dubai 2024, hosted by the world's largest exchange Binance, will grandly take place in Dubai from October 30 to 31. Binance has specially set this year's theme as 'Momentum', aiming to showcase how the crypto industry has accelerated growth and achieved significant milestones since the last Istanbul summit amid challenges.
On the first day of Binance Blockchain Week 2024, a highly anticipated fireside chat will serve as the closing session. Binance co-founder He Yi will engage in an in-depth dialogue with CoinMarketCap's Alice Liu, exploring their visions for the future of Web3 under the theme 'Driving Momentum: He Yi on Binance's Vision'.
Strive to achieve two types of financial freedom for users
Alice Liu: Since Binance was established, I want to ask about corporate culture. Since Binance was founded, what are the core values and cultural elements that have remained unchanged?
He Yi: Many people ask me how Binance has succeeded. The main difference between Binance and other startups is that we have a unique culture. If you look at the most successful companies globally, they all have very special cultures. I believe culture is the only element that can bring people together. Sometimes culture is hard to explain, but it helps us find those who share our values in innovation, mission, and evaluation.
I believe culture is the only thing that can bind people together. If we only look at finance itself, first, I believe we have a strong vision. We talk about financial freedom, and Binance wants to build a simpler network for these people to easily achieve financial freedom.
Financial freedom has two meanings: one is financial independence from work, and the other is providing simpler and better financial freedom. At Binance, our users expect to get rich through trading and achieve financial freedom while also wanting better services and user-friendly products.
We are not limited to trading; we also have yield, skills, academy, and payment functions. Some business units may not directly generate revenue, but they build a good infrastructure for our community.
At Binance, we promote a 'user-first' culture. There are still many entrepreneurs in the industry who are genuinely working to improve the world. User-first means we are truly building what users need, not just pushing so-called 'shitcoins'. There are many builders in the industry who are continuously striving, which deeply moves me.
Honestly, CZ's departure was a challenge
Alice Liu: Binance has faced many challenges in the past few years. What do you think are the most important challenges for Binance?
He Yi: I think many people believe that last year's decline was the most challenging time for Binance. As a startup, when the founder steps down, it poses a significant challenge for the team. However, we have a good direction—we want to build this company into a mature organization, not just a startup.
Our goal is to form a strong team that collaborates and supports the company's growth. Startups often rely on the unique skills of founders or co-founders to compete, such as excellent marketing or technical abilities. However, as the company matures, we need sound organizational policies and environments to ensure the company can continue to grow even without the founders.
We are striving to achieve this. Fortunately, we are currently running well and still leading the industry. There are two main challenges: one is internal organizational challenges, which we have already addressed; the second is external environmental challenges.
Ten years ago, no one cared about cryptocurrencies or Bitcoin, but now the crypto industry has received more attention, and regulators are closely watching this sector. I think this is a good thing because at least we are starting to become part of the traditional financial world.
However, different regulators have different understandings of our industry. Therefore, we collaborate more with the traditional financial world. Although some crypto-native enthusiasts may ask me if I feel like I'm no longer part of the crypto community because of our increased cooperation with regulators and traditional finance.
I believe that to truly support more people globally in using cryptocurrencies,
To the esteemed Wall Street traders,
We should collaborate with traditional finance and understand each other.
We do not want to be an isolated business. We hope to make the crypto world more accessible so that users like my grandmother can use Web3 directly, just like using a mobile phone.
Alice Liu: Great, as you mentioned, it's about long-term vision and planning, as well as observing the long-term development of the industry. Congratulations, Binance currently has 233 million users, which is a great achievement. I want to know, as one of the leaders, what are your future plans?
He Yi: I think this can be divided into two parts. First, we want to continue strengthening our internal organizational strength and build a strong structure. I have always talked about how to establish a solid enough company that can continue to grow.
Externally, our industry is at a special moment. We see many traditional and emerging technologies (like 3D printing) coming closer to life. Cryptocurrencies also have this potential, and it is vital to integrate this technology into people's daily lives.
Our goal is not just to enter the industry and drive up prices, but to build a better future. We should work together to promote industry development. Therefore, we are looking for innovative startups that bring practical application scenarios to the world, not just limited to trading, so that the entire industry can benefit.
Although there are many startups in this field, this is normal. People often ask me if I still believe in cryptocurrencies. I believe because I take action based on my beliefs. This is the power of positive faith—like
If you view the world positively, you will create a positive environment. Of course, having a positive belief alone is not enough; you also need to give your all. Failure is normal, but we should keep pushing forward.
Next year will definitely be a good year
Alice Liu: Great, I have one last question to ask. This year is a very special year for us, with ETFs and more regulations. What positive signals do you want to share with users?
He Yi: When we talk about regulation and ETFs, it means we have integrated into part of the financial world, which is a positive signal. Today, Bitcoin's price is also rising.
I have been in this industry for over 10 years. Every bear market, many tell me Bitcoin has failed again. Bitcoin has failed time and again, but I always believe it will continue to grow, like a cycle.
If you ask me, I am confident that next year will be a good year, which is good news for the industry and users. At the same time, we can see more and more practical applications emerging. Unlike ten years ago, cryptocurrencies are now helping people in many countries improve their lives. For example, over 12.5% of users in a certain country use Binance every month, not just for trading, but also for payments and transfers, and even to make money.
This is not just about trading; it's about changing the world and establishing business models. Stablecoins are simple tools, but they have started to work and are no longer just dreams. I hope everyone understands that a better future is coming, and what we need to do is not wait but seize the opportunities at hand.
