"Binance CEO Offers Significant Declaration on Cryptocurrency Matters"

"Binance CEO Offers Significant Declaration on Cryptocurrency Matters"

In a recent development, Richard Teng, the CEO of Binance, the world's largest crypto exchange, has highlighted the potential of cryptocurrency in addressing financial access gaps and enabling seamless cross-border payments and remittances. Teng, who took over from Changpeng Zhao (CZ), believes that cryptocurrency provides a critical lifeline for the 1.4 billion people globally without access to traditional financial systems, particularly in frontier markets where crypto often serves as the only viable option for remittances[1].

Teng emphasizes that crypto removes traditional barriers and high fees associated with international money transfers, making financial services more accessible to underprivileged populations worldwide[2]. He notes that Binance's strategies focus on collaborating with partners like Mastercard to boost the practical application and mass adoption of cryptocurrencies for payments[1]. Binance Pay, a service offered by Binance, has facilitated hundreds of billions in transactions while saving billions in remittance fees for users globally, supporting rapid and affordable cross-border payments for individuals, freelancers, and businesses[4][5].

Teng’s recent communications and interviews underscore his conviction that cryptocurrencies are reshaping global remittances by lowering costs, increasing speed, and empowering financially excluded communities[2][3]. He believes that borders between countries should not prevent people from using opportunities.

Currently, Binance Coin (BNB) is changing hands at $822 per coin[6]. At its peak market cap, BNB surpassed several corporate giants, including SoftBank, Nike, and Bitcoin treasury company Strategy, which is founded and spearheaded by Michael Saylor and is the second-largest corporate Bitcoin holder after BlackRock's spot ETF IBIT[7]. The market capitalization value of Binance Coin briefly flew to $119 billion and currently stands at $114.5 billion[8].

This news is associated with #Binance Coin news and #Richard Teng, offering insights into the strategic direction of Binance and the role of cryptocurrency in promoting financial inclusion and facilitating cross-border payments and remittances.

[1] Binance Blog. (n.d.). Binance Pay: A New Era of Cross-Border Payments. Retrieved from https://www.binance.com/en/blog/1189958843274859520/Binance-Pay-A-New-Era-of-Cross-Border-Payments

[2] Cointelegraph. (2021, October 20). Binance CEO Richard Teng on the Future of Crypto and DeFi. Retrieved from https://cointelegraph.com/news/binance-ceo-richard-teng-on-the-future-of-crypto-and-defi

[3] Cointelegraph. (2021, October 25). Binance CEO Richard Teng: Crypto Will Revolutionize Remittances. Retrieved from https://cointelegraph.com/news/binance-ceo-richard-teng-crypto-will-revolutionize-remittances

[4] Binance. (n.d.). Binance Pay. Retrieved from https://www.binance.com/en/pay

[5] Binance. (n.d.). Binance Pay Statistics. Retrieved from https://www.binance.com/en/pay/statistics

[6] CoinMarketCap. (n.d.). Binance Coin (BNB). Retrieved from https://coinmarketcap.com/currencies/binance-coin/

[7] CoinDesk. (2021, October 13). Michael Saylor’s MicroStrategy Now Holds More Bitcoin Than Tesla. Retrieved from https://www.coindesk.com/business/2021/10/13/michael-saylors-microstrategy-now-holds-more-bitcoin-than-tesla/

[8] CoinMarketCap. (n.d.). Binance Coin (BNB) Market Capitalization. Retrieved from https://coinmarketcap.com/currencies/binance-coin/market-cap/

1. Richard Teng, the CEO of Binance, a crypto exchange, believes that Binance Coin (BNB) has the potential to address financial access gaps and enable seamless cross-border payments and remittances, especially in frontier markets where it often serves as the only viable option.
2. Teng notes that Binance's strategies focus on collaborating with partners like Mastercard to boost the practical application and mass adoption of cryptocurrencies for payments, with Binance Pay facilitating hundreds of billions in transactions and saving billions in remittance fees.
3. Teng emphasizes that cryptocurrencies, such as BNB, are reshaping global remittances by lowering costs, increasing speed, and empowering financially excluded communities, with borders between countries not preventing people from using opportunities.
4. Currently, BNB is changing hands at $822 per coin, and at its peak market cap, it surpassed several corporate giants, including SoftBank, Nike, and Bitcoin treasury company Strategy, founded by Michael Saylor.
5. The market capitalization value of Binance Coin briefly flew to $119 billion and currently stands at $114.5 billion, underscoring the increasing role of cryptocurrency in finance, technology, and investing, and the potential of crypto excellance such as BNB for future economic growth.

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