Interview with Former Chief Monetary Officer of Binance, Now CEO of – Wei Zhou


Final yr former Binance Chief Monetary Officer Wei Zhou purchased, a cellular pockets and digital foreign money change, from Indonesian expertise firm Gojek., additionally referred to as the Coinbase of Southeast Asia, was based in 2014 and was one of many earliest crypto wallets and exchanges within the Philippines. It later shifted its focus to offering broader monetary companies.

Zhou had beforehand left Binance for private causes. He had labored there for 3 years.

BCN: How do you’re feeling about governments making an attempt to manage crypto platforms, which appears to be the development over the previous couple of years? Do you assume there’s a actual menace of misuse and cash laundering practices of unregulated platforms?

Wei Zhou: “I’m all for rules. The results of a scarcity of rules may be dire and final yr, the crypto business bought a stark reminder of this. FTX is the very best instance of why we want rules; being an offshore firm, the corporate wasn’t underneath the jurisdiction of regulators in most nations it operated in. 

At Cash, we now have been working with regulators all through our 9 years of existence. We have been the primary Digital Asset Service Supplier (VASP) to carry each the Digital Foreign money and Digital Cash Issuer licenses from BSP. We proceed to work with the central financial institution and different regulators and are continuously audited to guard our customers.”

BCN: You posted a YouTube video about belief (During which you discuss concerning the FTX collapse and other people dropping belief within the man behind the corporate Sam Bankman-Fried), so I believe this topic may very well be essential to you.

Do you assume belief is crucial factor on this business, or are different key elements corresponding to excessive inflation, rising rates of interest and battle are extra essential key elements within the success crypto is anticipated to have in 2023?

Wei Zhou: “Restoring belief in crypto is essential, however it’s on no account the one issue that can decide the success of crypto this yr and sooner or later. Whereas inflation, rates of interest and the political local weather will play a giant function, I imagine that good rules would be the greatest consider restoring belief in crypto. 

I’ve been within the Asian crypto marketplace for a number of years and Philippines regulators undertake a development mindset in terms of crypto rules. As a result of reputation of Play to Earn video games, crypto has a web optimistic case for Filipinos, because it opens alternatives to earn further revenue.”

BCN: Are you able to inform us extra about your organization, a cellular pockets and digital foreign money change? You acquire the corporate final yr, proper at a time when the crypto market was nonetheless in cheap form. What has modified on your firm and what are the prospects for 2023?

Wei Zhou: “Whereas the crypto market has seen a downturn amid the collapse of some world giants, our focus at Cash hasn’t modified. I took over this change with the imaginative and prescient of bringing monetary liberation to a whole lot of tens of millions of individuals in Southeast Asia, beginning within the Philippines.

This yr, our goal is to turn out to be the Web3 gateway of alternative for the area. With play-to-earn gaming being so large right here, we not too long ago launched Cash Arcade to leverage this curiosity. Our revamped Cash Professional is Bangko Sentral of the Philippines regulated and licensed, and it gives the very best charges within the area for PHP to crypto merchants. Moreover, our QR PH integration was launched to supply further utility and use case for customers to scan and pay for his or her day by day purchases with hundreds of offline retailers throughout the nation.” 

BCN: Are you anticipated to make any adjustments inside your organization in 2023? What are your long-term plans and expectations?

Wei Zhou: “Cash envision a brand new manner for customers to stay and earn on-line and to stay and spend offline and in the actual world. In 2023, we goal to develop companies for Filipinos to expertise Play to Earn gaming and to allow low-cost Pesos remittance transfers by way of blockchain expertise. 

To ensure that Cash to bridge this gateway into crypto and to facilitate these funds, Cash must collaborate with companions to supply deep liquidity in Pesos. Therefore, we’re in search of long-term companions interested by constructing Pesos remittance rails.

We’re additionally trying to additional develop our product into new markets past the Philippines.”

BCN: Basically, do you imagine in a optimistic future for crypto and why?

Wei Zhou: “I imagine that we’re nonetheless very early within the development and adoption of cryptocurrencies. 

To completely admire simply how a lot room for development crypto has, I believe one simply wants to watch the Southeast Asian area. Whereas the West has targeted on hypothesis with crypto, this area is leveraging crypto for remittances, slicing down the prices and time taken to obtain their funds drastically. The Philippines is the world’s fourth largest recipient of remittances, and with platforms like Cash, tens of millions of Filipinos can now obtain funds from abroad in seconds and for a fraction of the associated fee they’ve paid for ages.

Southeast Asia can also be the world’s play-to-earn gaming trailblazer. Axie Infinity confirmed the facility of P2E gaming and tens of millions of Filipinos have been capable of feed their households by way of the sport. Axie and different video games nonetheless proceed to see tens of millions of customers for this area regardless of the general market downturn, proving that crypto’s greatest market lies in real-life purposes that ship worth to their customers, not simply hypothesis.”

BCN: Thanks on your time. Good luck along with your endeavours!


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