Binance CFO: Binance Coin (BNB) Is The Optimal Example of How Cryptos Have Transformed Fundraising
The Chief Financial Officer (CFO) of Binance, Wei Zhou, has recently participated in the Money 2020 conference. During the event, he outlined for the audience how the tokenization provided by cryptocurrencies was a real gamechanger in how people raise money these days.
According to him, tokenization started to gain traction when Bitcoin was starting to become mainstream some years ago. After that, the Ethereum blockchain started the ERC20 standard and the industry developed from that point.
With Ethereum, the industry was able to develop smart contracts and to move the tokenization forward a lot as many use cases were created then. Right now, the ERC20 standard is still very powerful and it can be considered the most significant standard on the market.
Zhou admitted that the ERC20 tokens allowed people to raise money using the blockchain technology and that they led to the creation of several kinds of tokens, including utility tokens and securities, as well as loyalty tokens and the ones used for payments.
Obviously, he would not lose the chance to talk about his own token, Binance Coin (BNB). According to the CFO, Binance Coin can be used in several use cases and to allow people to raise funds in very interesting manners.
Now, more than ever, he believes that people will have a choice. In the beginning, they only had Ethereum and the ERC20 standard. There was simply not a lot of choice in this matter. Later, however, the market was able to come up with several new initiatives such as BNB.
Zhou affirmed that BNB represents the perfect use case for the technology as it has changed the way that people can fundraise. Initially, BNB was an ERC20 token, but now it has migrated to its own chain, which is faster than the Ethereum one.
This has turned BNB into one of the greatest assets of the market today. The token is up 350% this year and it is currently the seventh largest token by market share. This means that it has been more successful than even Bitcoin, a feat to be proud of.