Binance CEO Richard Teng stated in a recent Q&A session that cryptocurrencies and traditional financial systems (TradFi) are not competitors but rather complementary to each other. He emphasized that cryptocurrencies play a vital role in enhancing financial inclusion, reducing costly remittance fees, and accelerating transaction speeds. While traditional finance has provided essential services for decades, approximately 1.4 billion adults worldwide remain unbanked. Remittance fees can reach 15 to 20 percent, posing a significant burden on users, and transaction speeds are often slow. Teng highlighted that cryptocurrencies can transform this landscape by enabling nearly instant, low-cost global money transfers and promoting greater financial access.
Discussing Binance’s future plans, Teng revealed the company’s ambition to develop a “super app” powered by cryptocurrency. This app would allow users not only to send money to friends but also to shop, earn passive income, read news, and make donations. Teng assured that the app would be user-friendly enough for his mother to use it with ease. Binance, the world’s largest cryptocurrency exchange, is expanding beyond simple crypto trading to become a comprehensive financial platform bridging traditional and digital finance. With the growing popularity of cryptocurrencies and digital transformation in financial services, such initiatives could enhance global crypto adoption and financial inclusion. However, challenges related to regulation, security, and consumer protection remain critical to address.
Source: binance
