Binance’s Zhao believes that the crypto sector is “healthier” After a “depressing” year

Following the challenging year of 2022, Changpeng Zhao believes the industry is in a stronger position.

After a “terrible” 2022, Binance CEO Chanpeng Zhao said that the sector is in a “healthier” position and that he expects 2023 to be better.

The CEO, who established a rehabilitation fund for distressed crypto startups in the aftermath of FTX’s demise, did not hold back the criticism of his former competition.

“FTX resembles Madoff more. It’s deceitful and a Ponzi scheme “Zhao stated. The fact that FTX occurred does not imply that every other firm is terrible.

Binance unveiled its proof-of-reserves mechanism earlier today, beginning with bitcoin, to demonstrate that the exchange is healthy and solvent. Binance has released a snapshot of the account balances and bitcoin reserves for bitcoin. It claims that it has 582,485 bitcoin in its reserves, while its consumers have a net balance of 575,742 bitcoin, giving it a margin of 6,743 bitcoin. It also offered consumers a link to authenticate their own bitcoin on the exchange.

Zhao said that Binance is in a strong position and is more concerned with expanding the market than generating a profit.

Today, we have sufficient income, he remarked. “Our goal is not to maximize revenues. We want sustainability.”

He also remarked that startup valuations were excessive a year ago but have recently returned to normal levels.

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