Changpeng Zhao: "Binance will help crypto market participants in difficult times"

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The founder of the world's largest cryptocurrency exchange, Binance, supported the initiative of the head of the FTX exchange, who believes that large platforms “are responsible for saving” market participants.

Changpeng Zhao shared on the blogthe company's plan of action to save some of the players in the cryptocurrency market. Zhao confirmed his intention to support the initiative of FTX head Sam Bankman-Fried, who believes that during an economic downturn, the stronger should help the weak survive.

"Since we are one of the largestindustry players with significant cash reserves, we have a responsibility to protect users. We also have a responsibility to help industry players survive and hopefully thrive. This is necessary even if there is no direct benefit for us or we get a negative return on investment,” Zhao explained.

The businessman called for “approaching salvation” from a pragmatic point of view and not wasting time and money on obviously failed projects:

“In any industry, there are always unsuccessful projectsmore than successful ones. Unfortunately, some of these token bad ones have large numbers of users attracted through inflated incentives, creative marketing, or Ponzi schemes. There is no point in saving them. Let them fail, and others, better ones, will take their place.”

Cryptocurrency projects that broughtquality consumer values, but made growth mistakes, the head of Binance believes it is possible not only to help, but also to ensure that changes are made to eliminate the problems that initially led to the current situation.

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Changpeng Zhao gave an interview to a British publicationTheGuardian stated that after the current collapse of the cryptocurrency market, Bitcoin will be able to jump over its historical maximum of $69,000 no earlier than 2024.