The Binance CEO, Changpeng Zhao, commonly called CZ, unexpectedly shows up at the Binance meet-up in Dubai. The meeting was comprised of the Binance community in the Middle-East and North Africa region. Discussions in the meeting were centered on NFTs and Binance vision for Centralized Finance (CeFi) and Decentralized Finance (DeFi).
When CZ was asked about the recent switch from decentralization to Centralized Finance, he responded with “Today, 99.99% of the value is still held in fiat. We have to have ways to bring that into the crypto space. To do that, we have to integrate with the existing financial system and] to do that, we had to become a centralized entity to get licenses.” Binance CEO considers DeFi as the future but the recent move towards CeFi is to get more countries to adopt cryptocurrency.
According to CZ, centralization is an important step to reach limitless decentralization. Responding to the question, he said “But working towards centralization does not mean that we don’t believe in decentralization. It means we want to progress on both fronts. We need to have a bridge to allow money to flow in and out, but the future is decentralization.”
For the full recap of the meet-up, you can check the recording on Youtube. This is the first Binance meet-up the Binance CEO has attended since the Covid-19 lockdowns.