Binance CZ talks about the outlook for this year, including measures to strengthen “asset proof”

Last Year’s Achievements and This Year’s Outlook

Changpong Zhao (CZ) CEO and Product Manager Mayur Kamat of Binance, the largest crypto asset (virtual currency) exchange, will look back on the company’s product development in 2022 and show the outlook for 2023 on the 15th. Live streamed.

Looking back on 2022

First, they focused on improving the Know Your Customer (KYC) process for 2022. Until then, almost every country had the same process, but in 2022, we will work with local vendors to make it country- and region-specific. It is a form of enhanced legal compliance.

Other improvements include the addition of Binance Feed, which allows users to view news from Binance official and influencers, login with Google and Apple accounts, and improved biometric authentication.

Priorities for 2023

For our 2023 outlook, we prioritized reliability, transparency and compliance in user protection.

Mayur said the team is working together to develop a new solution to also enforce proof of solvency, following the “Proof of Reserves” program launched last year. bottom.

Solvency is financial solvency, generally indicated by the total outstanding reserves being sufficient to cover the total liabilities of the company.

As a background, the bankruptcy of the major virtual currency exchange FTX, which went bankrupt last year, has greatly shaken trust in the entire centralized exchange, including Binance, and has led to a series of asset outflows. Binance has started proof of assets with Bitcoin (BTC) first.

However, some point out that the disclosure method is incomplete. For example, Kraken CEO Jesse Powell said that “customer accounts with negative balances should also be included in the valuation,” a drawback of proof of assets such as Binance and CoinMarketCap not including such liabilities.

The “proof of ability to pay” that Mr. Mayur plans to work on in the future is considered to be an attempt to make proof of assets even more robust, with such criticisms in mind.

Relation: Asset disclosure of virtual currency exchanges, start of reporting on coinbase, etc.

Relation: Accounting firm Mazars stops providing audit services to cryptocurrency companies

On legal compliance, Mayur said the product team will continue to work fully with regulators, which CZ supported.

Metaverse entry?

During the livestream, Mayur and CZ also answered questions from viewers.

For example, when asked, “What is the next major product that Binance will announce?” he said that there will be one related to proof of assets and proof of payment, and another related to Know Your Customer (KYC). In addition, we will continue to invest in DeFi (decentralized finance) to make it more accessible to users.

When asked if Binance plans to build its own metaverse, and if so, would it use the BNB chain? However, he made a remark suggesting that the possibility of constructing an original metaverse is low at present.

“Because Binance currently does not develop games and does not have a game building team, investing in third-party VR (virtual reality) and metaverse projects is more realistic,” it said. .

Mayur said that by 2023, a “Binance-backed Metaverse” could spread.

Binance CZ talks about the outlook for this year, including measures to strengthen “asset proof” Our Bitcoin News.