.cz_binance was on TechCrunch touching on recent industry events and Binance's Industry Recovery Fund aimed to help industry players through current market conditions. Read the full interview ⬇️
In that case, FTX was a single point of failure. Many users lost some money because of that centralization.
But CZ doesn’t necessarily see that as an existential risk. According to him, there will always be centralized entities and decentralized technologies in the crypto industry. “Today, if you ask everybody in the world who does not have crypto to hold crypto on their own, they are not technically capable of doing that,” he said. “So if we just force people to go from banks directly to DeFi, Most of them will lose their own money because they misplaced it, or they lost their keys, or they don’t know how to encrypt it, etc. That’s not the best way to grow the industry.”
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