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The world of Web 3 is expanding and moving faster than expected, with multiple entities such as NFTs, blockchain, avatars, the metaverse, and cryptocurrencies. And cryptocurrency exchange Binance is striving to ensure it remains the leader and trusted figure in the alternative currency world.
In recent weeks, the world and cryptocurrency users have been dealt a major blow when FTX, the world’s second-largest cryptocurrency exchange by volume, filed for bankruptcy. As all the drama unfolded, what existing and potential buyers of the digital currency feared most was breach of trust. When Binance’s potential mega-bailout for Sam Bankman-Fried’s FTX fell through, the latter is now the undisputed leader in the space with $4,953 trillion in volume, CoinGecko reports.
However, Changpeng Zhao, widely known as CZ, the co-founder and CEO of Binance, has had his own share of backlash. Recently, speaking at Abu Dhabi Finance Week, Turkish-American economist Nouriel Roubini questioned why Binance was given the green light to operate in the UAE and CZ was included in the “bad actors” category.
While Binance’s flagship gave an appropriate response, he set his priorities. And that is to build trust among cryptocurrency users through transparency. After the FTX debacle, “Proof of Reserve” emerged as a means of maintaining and declaring the health and safety of funds and investments, with Binance sharing details of its hot and cold wallet addresses.
In tweets to his 7.8 million followers, CZ revealed his adoption of practices, including Merkle trees, to gain public trust. Said data structure technology is used for verification and synchronization, with each leaf having a cryptographic data hash.
CZ is confident that the collapse of FTX will not be the end of the crypto spectrum and shares the same with his latest tweet at the time of writing.
This is not the end of crypto. far from it. This is the beginning of a new chapter.
I just noted today’s crypto price for future reference. pic.twitter.com/WvOhqkncYK
– Check? Binance (@cz_binance) November 24, 2022
“This is not the end of crypto. Far from it. This is the beginning of a new chapter. Just noting today’s crypto price for future reference,” he tweeted.
On Friday, Binance launched the Web3 Industry Recovery Initiative, joining forces with major industry players to commit over $1 billion in support of promising and high-quality businesses. He also provided the public address for the company’s initial $1 billion pledge to Web3 at 0x043a80999cEe3711D372FB878768909fbE7F71E6. CZ also shared that Tigran Gambarayn and Matt Price joined the Binance team to fight cybercrime and promote privacy and security of its users and funds.