Binance [BNB] token has been observing a good run since its launch as it climbed up the CoinMarketCap list and entered the top 10. Binance’s CEO, Changpeng Zhao has repeatedly expressed himself on the success of the coin and the future of Binance and cryptocurrency world. Changpeng Zhao also known as CZ, in a YouTube’s Venture Coinist interview, said that the crypto’s killer app is already here.
CZ noted the success of Tron’s BitTorrent Token [BTT] launch as a sign that ICOs will return and remain a powerful new way for companies to raise money. CZ said:
“ICOs got a little bit of a bad name because it’s total freedom. So there’s quite a lot of chaos. It was too hot. You could write a five-page white paper and raise $10 million. And of course, the founders want to do nothing other than write the next white paper. So it was getting too hot and with the bear market in 2018. A lot of people lost money and it gave a bad name to ICOs.”
He also said that if we look past this, raising money on the blockchain, blockchain fundraising, is a killer app which has many advantages and impactions to entrepreneurs, reported Daily Hodl. For this to happen, CZ informs that there is a need for best entrepreneurs and legit projects while making sure that the token economics makes sense. CZ added:
“So we need to make sure they don’t raise too much, keep the initial prices lower because the project is not out yet. So there’s a strong structure to raising properly, and that’s what we want Launchpad to do.”
As per the CEO, entrepreneurs are going to build the crypto industry and this could be instrumental for the cryptocurrency industry at large. CZ affirms that it will not only be the crypto industry who will be using this application but also other platforms. CZ concluded saying:
“The projects we support go through very detailed due diligence, and we want to make sure those are all legit, proper projects. Not every project will be successful in the end because there are many other factors that can cause startups to fail.”
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