In addition to expansion plans and acquisitions, Zhao talked about the challenges Binance faced during 2019 and the plans they have for 2030.
Binance CEO Changpeng Zhao said the company plans to carry out some important strategic acquisitions by 2020.
According to information published in the official Binance Blog, Zhao said that these upcoming movements would be framed in the company’s strategic plan to promote the growth of its ecosystem, adding:
We have always had discussions related to strategic acquisitions in progress, some of them are important and will have a significant impact. The announcements will be made in due course.
In the statement published by Zhao, this refers to some of the achievements in terms of commercial expansion, as they made strategic acquisitions in the betting, futures, fiat payment gateways and other important alliances sectors, capitalizing a total of nine Acquisitions completed effectively during 2019, including DappReview, WazirX and JEX.
Binance, Acquisitions and crypto adoption
Among Zhao’s plans is that Binance’s next acquisitions will facilitate access to cryptocurrencies to a large number of people, so one of the most ambitious proposals by the exchange is to enable fiat – crypto business operations with more than 180 currencies internationals worldwide.
At the moment, Binance accepts a total of 20 fiat coins for purchases through its exchange, even handling the possibility of payments with credit and debit cards subject to the policies and regulations applicable in each country.
In turn, Zhao reported that they are working on a new incentive structure called ETOP, which changes the model of actions to tokens for employees, and will also implement another series of measures to ensure greater decentralization of operations mainly in terms of structure of the work team.
Referring to Binance’s plans for 2030, Zhao said that in these 10 years both Blockchain technology and cryptocurrencies will be much more present in the different spheres of everyday life, mainly when making payments for everyday products and services as a Uber or shopping in a supermarket. Regarding the underlying technology of digital currencies, the exchange CEO said that it will see greater utility in self-sovereign identity systems and electoral processes.
2019: Year full of challenges
While Binance’s plans may seem very ambitious for the next few years, Zhao also talked about the different challenges the exchange faced in 2019, which undermined the security and operations of the platform’s users.
Among the challenges was the hacking of which the platform was a victim at the beginning of May 2019, which resulted in the subtraction of some 7,074 BTC (estimated at that time at more than USD $40 million) and led to the stoppage of operations until solved the associated security breaches. By that time Binance informed the community pertinently about what happened and guaranteed that the clients’ assets were backed by the SAFU fund.
Despite what happened, Zhao said they have made outstanding efforts this year, including the launch of Binance Launchpad (the platform for new crypto projects), and staking programs for currencies such as Tezos (XTZ), Cosmos (ATOM) , Komodo (KMD), QTUM, among others, which seek to derive profits for users.