There’s no doubt that the end of the year offers time for individuals of all kinds to reflect on the past 365 days. Thanksgiving urges us all to be grateful, and the holiday season also allows us to spend time with our family, friends, and loved ones. Similarly, it appears as though Binance founder and CEO Changpeng Zhao has taken the time to write a reflective letter regarding the past year.
Zhao recognized that it was a hard year for many, given the fact that cryptocurrency markets lost hundreds of billions of dollars in market capitalization. However, he struck an optimistic tone, as he noted that overall, the cryptocurrency market looks good entering into 2019.
List Of Thoughts
Zhao titled the letter the “2018 Binance Year End Review”, and the official Binance account tweeted a link to the letter:
The Binance CEO summarized some disappointments of 2018. First and foremost, he acknowledged that the cryptocurrency bull market of late 2017 caused some unrealistic expectations. In addition, he added that the ICO market in 2018 “didn’t deliver.”
Specifically, he stated, in a “short list off the top of my head”:
“– Price overswung on the up side in 2017.
– Many ICO projects from 2017 were expected to deliver in 2018, but didn’t.
– There were a number of security incidents at various exchanges.
– Regulatory uncertainty in many locations around the world stalled industry advancement.
– We, as a young industry, were not very united. There were fights between projects, between people, and stupid forks that triggered further drops in price.”
He ended this portion of the letter by stating “I guess with freedom comes a bit of chaos.”
Progress In Other Areas
However, it has been an incredible year for Binance, the world’s largest cryptocurrency exchange by daily volume. Even if the cryptocurrency markets were disappointing, Binance certainly has made its presence more known in more parts of the world than ever, in addition to making progress in other areas.
Some of the achievements that Zhao listed were the fact that Binance had made progress with its philanthropic arm, Binance Charity Foundation, and also with its Binance Labs, which aims to be an incubator for blockchain startups, as well. The company also launched the Binance Academy, which is an education portal to help the general public learn more about cryptocurrency.
The letter makes clear clear that Zhao is looking forward to more developments in 2019 regarding cryptocurrency and Binance.