Binance CEO CZ recognizes India as a Web3 Startup Powerhouse

Changpeng Zhao said that Web3 and the metaverse would increase financial independence, transparency, and new experiences.

To emphasize India’s significance in web3 and the metaverse, Binance Founder and CEO Changpeng Zhao stated that the country is a “natural leader” in the development of the next generation of blockchain applications.

“India is a massive market and a technological leader, and as such will be a natural forerunner for web 3 startups. We’re looking forward to collaborating with India’s most innovative entrepreneurs,” he told Inc42 in an interview. “India will play a critical role in shaping the growing crypto narrative,” he said.

CZ said that tokenomics are more fluid and accessible to consumers than equities in web2. “In general, I believe that web3 will be far more user-powered and user-owned than web2,” he stated.

According to him, the degree to which web3 becomes decentralized will be determined by a variety of circumstances. “If the present financial system becomes less restricted, more libertarian, more affordable, and less prone to inflation, consumers will have less reason to migrate to decentralization,” CZ stated.

Zhao reiterated his commitment to web3 and metaverse, stating that he thinks blockchain technology will power the internet and digital lives of the future.

“Web3 and the metaverse will enable more financial liberty, transparency, secure information distribution, and other novel experiences,” CZ said.

As web3, NFTs, and Defi gain popularity, the world’s largest cryptocurrency exchange presents itself as a one-stop shop for such infrastructure.

“We are no longer simply an exchange; we have evolved into the world’s largest blockchain ecosystem and supplier of bitcoin infrastructure,” Zhao said.

Zhao dismissed worries about Binance’s repeated run-ins with regulatory authorities, stating that the company’s licenses in Dubai and Bahrain reflect the company’s dedication to regulatory compliance.

“I’m also delighted to report that we more than doubled the size of our international compliance team and advisory board last year…. We recognize the value of regulation and look forward to responsibly expanding the sector,” he stated.

CZ was named the world’s 11th wealthiest person in January 2022, with a net worth of $96 billion. He said at the time that he held solely BTC and BNB.

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