Crypto Exchange CEO Changpeng Zhao: “Binance Doesn’t Have to be in Competition With Coinbase”

Recently, Coinbase released a statement saying that it had officially launched its brand new crypto-to-crypto trade feature on its native platform— as a result of this, many people took to Twitter to say that a “war” had officially ensued between the premier altcoin-exchange and Binance.

The Backstory

Even though today Coinbase doesn't get the same attention like it once did, many people conveniently forget that it was once the go-to place for buying/selling crypto assets. Not only that, over the years, Coinbase has garnered an amazing reputation for being one of the “safest trading platforms” in the market. However due to its high processing charges and limited asset availability, many people have moved on to other similar avenues such as Binance, Bitfinex, Bithumb, and OKEx in recent times.

With that being said, it is worth noting that Coinbase CEO Brian Armstrong recently became part of a niche’ list of crypto billionaires in the world today. Not only that, he has even helped his company grow substantially by continually increasing Coinbase’s native offerings and suite of products. For example, a couple of months back, his firm released the “Coinbase Pro” exchange that has been devised exclusively for professional traders.

Binance is Still The Alpha Of The Trading World

While Coinbase has recently entered the world of crypto-to-crypto trading, Binance has been in this field for quite some time now (with the exchange providing customers with more than 400 active markets to choose from). Not only that, the firm’s native BNB token offering is also among the highest capped altcoins in the market today.

To elaborate further on the usability of BNB, the token can be used not only for facilitating fee payments on Binance but can also be used for the payment of goods and services on various websites.

Zhao Says Binance Does Not Need To Compete With Coinbase

Doesn't have to be a competition. Market is still small. We are so far away from saturation point. While we have some overlaps, we are different on: strategy/product/geography/even tweeting style. Brian and I chat from time to time, on growing the industry together, like USDC. https://t.co/whTALqXhNt

— CZ Binance (@cz_binance) December 18, 2018

Following the aforementioned news of Coinbase launching its latest trade offering, many people asked Zhao as to how he now plans to take on the competition. His response was swift and curt:

“We do not need to be competitors. Instead, we can work with one another to make the crypto community stronger”.

Also worth noting is that Zhao is not the only one to echo such sentiments as recently, even Alejandro de la Torre of BTC.com was quoted as saying:

“We all have to work together, we’re still in very early days when you think about users.”

Final Take

Even though Zhao is preaching the importance of “community and togetherness” right now, it remains to be seen how his firm continues to evolve its business operations from here on out. However, for the time being, things are looking good for both Coinbase and Binance.