If you read us frequently dear readers, it is good that you have understood the importance of blockchain and cryptocurrencies. The development of digital assets is an important subject in our sector and in the current troubled context, it is interesting to know how their use is evolving and changing. Curious about the question? Perfect, Binance was also part of its 3-year conference “Off the Charts”.
The panel, soberly titled: “Crypto’s Global Expansion: Evolving Uses for Digital Assets”Was led by Wei Zhou CFO of Binance.
To answer this question, were gathered Pang xue kai, the founder of Tokocrypto, Jiho kang, the co-CEO of Binance.KR, Sam Bankman-Fried CEO of FTX, Juan Otero, CEO of Travala.com and Justin sun, CEO of TRON and BitTorrent.
What are the most exciting products on your Sam platform?
Sam Bankman-Fried : On our platform FTX we have a lot of interesting products but I am particularly proud of our moove contract. These are futures which, instead of expiring at a token price, expire when the price has moved. For example if you think the Bitcoin is volatile, whether in an upward or downward direction, you will make a long MOOVE. On the contrary if you think that this one will remain stable, you can make a MOOVE shorts. The volatility thus itself becomes exploitable.
Justin Sun, you are the founder of TRON, the CEO of BitTorrent and the co-owner of the Poloniex exchange. What are you most interested in?
Justin Sun: In my opinion, of all the products we have, the one with the greatest potential is BitTorrent. BitTorrent is a decentralized space for 15 years now with a large and very loyal community.
Our role is to lead BitTorrent to the next level by incorporating the benefits of blockchain. To this end, we have launched BitTorrent speed and BTFS, our decentralized sharing system. We also host Binance’s Off The Charts conference live. A lot of people are going to see what we have put in place this year and this is just the beginning.
You announced a partnership with Expedia and you merged TravelByBit. Do you think the Binance card will make your business easier?
Juan Otero : Yes I think so ! We now offer nearly 2 million hotels worldwide to our customers and keep adding new essentials on a trip. Whether it is a hotel, of a plane ticket, of the rental of a vehicle or the activity reservation, Travala is here. People look forward to the end of the Covid19 for traveling. No doubt the Binance card will allow other users to join and use our services.
Jiho, you are the manager of Binance.KR. Many people in the ecosystem see regulation as a negative event, what do you think?
Jiho kang : I think that regulation is not a negative thing because it exists so that people are not hurt. I come from the start-up world and when we develop a product we are told to go fast, break everything and rebuild. If something doesn’t work, we start over and over again until the customer is happy with the result.
If a service like Twitter is the victim of problems, it will not significantly impact our integrity, but when it comes to the financial sector, we cannot afford to reason in the same way. Problems in this sector can have serious repercussions on the lives of individuals. The regulators just want to protect them and I think this is a big step forward for our industry. If the rules of the game are clearly defined and laid out, more and more entrepreneurs will join our ecosystem because they will know the steps to follow in order not to intentionally or unintentionally harm others Binance. KR is no exception to this principle and being new to the market, we are focused on building strong trust in our consumers.
Kai, you launched Binance IDR, a stable coin pegged to the Indonesian Rupiah. As the first Indonesian exchange to obtain a government license, what is your vision?
Pang xue kai : Tokocrypto is indeed the first cryptocurrency exchange authorized by the Indonesian government.
Indonesia is a relatively new country in the cryptocurrency industry, but our government is taking the necessary steps to protect consumers. With the obtaining of this license, we can offer many products to our users such as futures or some derivatives. Binance by providing us with its support and funding allows us to provide more liquidity on our platform. Together we launched the BIDR, which opens up many business opportunities. We just launched a pair BKRW / BUSD, which allows South Korean Business Owners to be able to easily move their capital in Indonesia and vice versa.
With Covid19 we had to change our way of life. We are in my opinion 5 years in the future. What has been the biggest impact of Covid19 on your business?
Sam Bankman-Fried: Contrary to what one might think, the Covid19 has not had a big impact on our business. This being geared towards digital, we were already on a decentralized way of working.
Unlike traditional businesses where people are physically present and were therefore affected by the closures of premises, we were spared. This crisis nevertheless allows us to see how fast the world is changing and how quickly we can get used to it. Each crisis is also an opportunity and here it is a way to democratize the blockchain and to think even bigger in terms of digitization.
Justin sun : I join sat, the biggest impact of Covid19, is that the world has grown used to workflows and decentralized management.
Before this crisis, at TRON we ourselves were on a traditional system as evidenced by our offices around the world. Given the benefits of this one, it is normal to see an increasing demand from employees wishing to extend this one. Blockchain and cryptocurrency are the first industry worldwide to operate on this principle and have been doing so since long before this crisis. More traditional companies such as Uber, AirBnb, Twitter and Facebook will do the same.
This crisis is a way of developing our relationship with communication and the sense of community. I travel a lot in normal times and I haven’t moved for 6 months. My meetings take place on Zoom and Telegram which allows us to test new tools and broaden our horizon. What was unthinkable yesterday is obvious today. We are therefore, in effect, 5 years in the future.
Juan, Travala being in the travel industry, you are here the person most affected by this crisis. Some concepts such as the travel bubble seem to open up new business opportunities, what do you think?
Juan Otero : Indeed, travel bubbles, that is to say the fact of traveling between countries not affected by the health crisis, is an interesting concept. We are also seeing a huge increase in the number of hotel bookings nationally. When you cannot leave your country, you still have the option of visiting it.
When you give people the legal opportunity to travel after a quarantine period through a service that offers attractive prices, the demand is immediate. This crisis allows us not only to decentralize our work but also to identify the next opportunities in our sector. We are constantly improving our products because even though we have witnessed a drop of almost 90% in income, this will soon be counterbalanced.
Jiho you set up Binance.KR, launched at the start of Covid19. What impact has this crisis had on business in South Korea?
Jiho Kang : You should know that in South Korea, the majority of the population is concentrated in the city of Seoul. Although we are a very connected and technological country, it is customary in a contract to meet face to face in the city to negotiate the terms. Beyond business, in many sectors citizens still have to go to specific places to sign documents. The simplest banking services are available online, but the majority require an appointment at a bank.
Personally, I had to take out a loan to obtain liquidity and despite the current context, I had to go to a bank. When I arrived, the staff asked me to sit down and wait. I waited almost 2 hours watching overwhelmed people running right and left to get signatures. Such a model is no longer viable today!
Banks are starting to realize that ideally people would rather stay at home than have to travel if possible. Korean companies need to completely rethink their system and given the context, do it as quickly as possible. Instead of starting from scratch, they will need to draw on existing applications and technologies. Due to its seniority and reputation, blockchain is emerging as an obvious solution and this is the biggest opportunity for our industry.
Kai, Indonesia has been deeply affected by this crisis, with the concentration of the population in Jakarta have you seen the same phenomena?
KaiPang xue kai : To repeat what was saying Jiho, when we launched Tokocrypto many financial services were already in place. Instead of getting lost in talking about what solutions to deploy, we have the freedom to focus solely on how to reach our community. Thanks to Covid19, when I make a call I no longer need to plan it well in advance. Webinars allow you to interact quickly and for free with hundreds of people. Due to its heavy road traffic, many blockchain conferences do not take place in Jakarta. Now that people are locked in with this thirst for learning and these tools to massively share their knowledge and vision, such an obstacle is no longer necessary.
To finish Justin Sun, what are the next steps for your products?
Justin sun : Regarding TRON, we are focusing this year on the DeFi (decentralized finance). We have been working on it since last year and have launched the token JUST (JST) which is a key element of the ecosystem Challenge of TRON. The broadcast ofUSDT on the blockchain TRON brings a great innovation for us, the stablecoin being particularly appreciated by the community. Almost 400,000 users use it every day on our network, which represents nearly 5 million transactions since its launch. This use is only in its infancy and looks exciting for the future.
While many companies are being hit hard by the health, social and economic crisis we are going through, the blockchain sector seems to be benefiting on the contrary. The emergence of DeFi and the increasingly intensive use of stablecoin are shaping a new economic future where banks could step out of the equation. And it is not Binance with the launch of its own 3 stablecoins this year, (BUSD, BKRW, BIDR), respectively backed by the US dollar, the South Korean won and the Indonesian rupee that will contradict us.
Engineering student, Community and Bounty Manager, I have been sailing the turbulent oceans of blockchain since 2017.
Aware that blockchain will change our future, I too want to participate in the revolution. Find me on Bitcointalk and on LinkedIn