Underscoring the role of India in web3 and the metaverse, Binance Founder and CEO Changpeng Zhao said the nation is a “natural frontrunner” in the evolution of the next generation of blockchain applications.
“India is a huge market, as well as a leader in technology, and therefore will be a natural frontrunner for web 3 startups. We are looking forward to working with outstanding startups in India,” he told Inc42 in an interview. “India will be fundamentally important in the evolving crypto narrative,” he added.
CZ on Web3 and India
Speaking about how the web3 narrative will unfold, CZ said the tokenomics are more fluid and accessible by users compared to equities in web2.
“So overall, I think that web3 will be much more user-powered and user-owned compared to web2,” he said.
According to him, the extent of decentralization of web3 will depend on multiple forces. “If the current financial system becomes less restrictive, more freedom driven, low cost, and less inflation, then there is less incentive for users to move to decentralization,” CZ explained.
Reaffirming his commitment to web3 and metaverse, Zhao said he believes blockchain technology will power the future of the internet and digital lives.
“Web3 and the metaverse will create more financial freedom, transparency, secure information delivery, and other unique experiences,” CZ said.
Binance as Blockchain and Crypto Infrastructure
As web3, NFTs, and Defi assume greater significance, the world’s biggest crypto exchange positions itself as a one-stop solution for such infrastructure.
“We are no longer just an exchange – we are now the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider,” Zhao informed.
Dismissing concerns about Binance’s frequent troubles with some watchdogs, Zhao said the crypto exchange licenses in Dubai and Bahrain demonstrate the company’s commitment to regulatory compliance.
“I’m also proud to say that we’ve grown our international compliance team and advisory board by 500% last year alone…. We understand the importance of regulation and we look forward to growing the industry in a responsible way,” he explained.
In January 2022, CZ, with $96 billion in net worth, was ranked the world’s 11th richest person. At the time, he said he owned only BTC and BNB.