Binance chief executive Richard Teng believes crypto is the future of money and financial services.
In an interview on The Wolf of All Streets YouTube channel, Teng says that crypto “needs two elements to come into play” to enjoy widespread adoption.
“Firstly, you need more regulatory clarity. Because for the early adopters, people are embracing it without clarity. But for mass adoption to come through, they need to understand that the regulators are looking into this space, they feel adequately protected for mass adoption to come through.
Secondly, you need institutions. Because without institutions, if it’s mainly retail play, the price action is going to be extremely volatile.
So with more institutions, with more buy-and-hold users, and investors with a different time horizon, then the price movement will become much less volatile and the market cap will become much bigger over time.”
According to the Binance CEO, increased crypto awareness will lead to more individuals and institutions embracing the industry. Teng says Standard Chartered’s recent move supports his view.
Last month, the multi-national lender announced that it had entered a joint venture with other firms to issue a stablecoin pegged to the Hong Kong dollar.
Explains Teng,
“Stablecoins, for example, you see Standard Chartered being one of the first in terms of traditional financial institutions to say ‘I embrace that.’ Because it makes perfect sense. Instead of doing a payment and sending money overseas, only getting it two days later…
…crypto is instantaneous. You can do minting of stablecoins and send it instantaneously. It solves so many problems. It’s so efficient, it’s so cost-effective that financial institutions will start to embrace different parts of crypto.”
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