A recent report released by Binance, the world’s largest cryptocurrency exchange in the world, talked about the coin burn that will be conducted by the organization as well as Changpeng Zhao’s comments on the current roller coaster market. The report stated:
“For the sixth iteration of the burning of Binance Coin, we at Binance are burning 1,623,818 BNB. This recent burn corresponds to the period between October 1 and December 31, 2018. This figure is quite close to the 1,643,986 BNB amount we previously burned in our fifth BNB burn.”
The circular by Binance revealed that the final quarter of 2018 also brought significant changes in the cryptocurrency landscape. The main example used to prove the point was the dollar value of the sixth BNB burn being $9.4 million while the previous period recorded $17 million.
Binance’s Chief Executive Officer, Changpeng Zhao opined:
“I am not much worried about this market-driven movement. Markets always overreact. Around this time last year, the market overreacted too much on the positive side. I am hoping that this year, the market overreacted too much on the negative side, but you never know. I do know that, in the long run, the BUIDLers win. People who consistently work hard to create value, day in and day out, during both bull markets and bear markets, will eventually win. That’s our focus, it’s long term.”
CZ further stated that Binance did not over-hire during the peaks of last week and neither did the company conduct any layoffs during the recent bear market. He claimed that Binance was most excited about the impending launch of the company’s latest products: Binance Chain and Binance DEX. The Binance DEX has been talked about quite a lot in the cryptocurrency space with CZ being a main proponent of the product. He had earlier said:
“The Binance DEX also lives on the Binance chain that allows you to trade in a decentralized manner… Cryptocurrency is supposed to be cheaper to transfer as supposed to be instantaneous, I think initially it did that but… I think the current decentralized exchanges are either slow or have relatively difficult to use UI.”
The creation of the new exchange came in the wake of the CEO claiming that the Ethereum blockchain, on which the BNB token earlier worked on, was too slow to be adopted by the masses.
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