Binance Coin [BNB] a perfect example of how cryptocurrencies have changed fundraising, says CFO Wei Zhou

2019-6-7 10:30

Wei Zhou, Chief Financial Officer at Binance, spoke at the Money 2020 conference and outlined how tokenization has changed the way to raise money. Zhou stated that tokenization has gained traction ever since Bitcoin started going mainstream.

He added that the world had entered a tokenized world ever since Bitcoin gained mainstream attention, which happened over the last few years. Zhou further said,

“I think what we witnessed through the Ethereum blockchain enabled by the ERC20, it has enabled the creation of the smart contract and what has allowed for at least one type of use-case, is basically raising capital on the blockchain.”

ERC20 is one of the most most significant tokens today, considered as a technical standard used for almost all smart contracts on the Ethereum blockchain for token implementation.

Additionally, Zhou said that ERC20 tokens have not only allowed for users to raise capital on the blockchain, but it has also led to the development of many types of tokens like the utility token, security token, and payments token. Further, Binance Coin is one such utility token that serves multiple use-cases, one of them being a 50% off when trading.

Zhou added,

“We have more tokens in the world and that is something that did not exist in the world prior to the ERC20 chain, and what that has allowed companies to do is to use a different form of fund raising.”

Unlike the traditional way of raising capital, cryptocurrencies have changed the way to raise a token, Zhou said, adding that Binance Coin was a perfect case study for the same.

Binance Coin was an ERC20 token previously, but it has since migrated to its own chain and has allowed Binance to conduct one of the most successful IEOs in the cryptocurrency ecosystem. Projects that have migrated have seen a massive surge in trading volume of their respective tokens.

Binance Coin has been the best performing asset in 2019 so far. It has surged by over 350% since the start of the year, and is currently sitting as the seventh largest cryptocurrency on coin charts.

The post Binance Coin [BNB] a perfect example of how cryptocurrencies have changed fundraising, says CFO Wei Zhou appeared first on AMBCrypto.

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