In a year marked by chaotic events and challenges, Binance CEO Changpeng Zhao (CZ) took stock of the company’s achievements and outlined its plans for the future in a letter published on December 28, 2022.
Despite the industry facing numerous hurdles, Binance has remained afloat in the face of bankruptcies and liquidity crunch that has affected its major rival FTX alongside other firms such as Voyager Digital and Three Arrows Capital.
Binance CEO Looks Back at 2022
CZ noted that Binance maintains a substantial reserve heading into the new year. The Binance boss emphasized that the company will continue to invest in potential projects and increase its workforce, as well as focus on building tools that are useful to people.
In the letter, titled “A Letter From Our CEO: 2022, the Year of Resilience,” CZ said that Binance is well-prepared for whatever 2023 may bring, thanks to its dedicated team, expert management, and robust business model.
“No matter what 2023 brings, we are prepared. Binance has a stellar team of diverse and mission-driven professionals, an expert management suite, and healthy reserves. At the core, we run a simple business model that is robust in the face of external shocks. Above all, we are driven by a long-term vision and a set of fundamental values, which helps us focus on building despite any potential FUD (fear, uncertainty, and doubt),” said CZ.
He also acknowledged the importance of compliance with local regulatory authorities, stating that Binance has obtained operational licenses in 14 jurisdictions across five continents. He also disclosed that Binance served approximately 1.2 million customers worldwide in 2022.
Blockchain Adoption on the Rise
Looking ahead to 2023, CZ acknowledged that the industry would be dealing with the aftermath of the FTX debacle for some time. He also said that there is a need for the crypto industry to demonstrate that it is not defined by high-profile bad actors such as Do Kwon and Sam Bankman-Fried.
Despite the challenges, CZ pointed out that the past year saw increased adoption of blockchain technology by major companies such as KPMG, JPMorgan, Rakuten, CVSHealth, Tencent, Fidelity, Baidu, Tesla, Cloudflare, PayPal, American Express, Accenture, Christie’s, BlackRock, Nasdaq, McDonald’s, Google Cloud, Mastercard, Sony, and Nike.
“One of the key metrics with which our industry measures its success is adoption rates. Amid all challenges of 2022, blockchain adoption never stopped, with individuals and institutions across the globe continuing to jump into the fray,” said CZ.
