The crypto industry has encountered several bear markets throughout its existence. However, following increased adoption and value, this ongoing bear market posed to be more detrimental than the previous ones. This, alongside the increased number of bankruptcies, left the crypto community in grave fear. Binance, however, brought in some respite to the market after CZ assured the platform’s survival.
In a recent memo addressed to his staff, Changpeng Zhao, the CEO of Binance pointed out that the exchange is in a financially strong position. He further affirmed that the exchange “will survive any crypto winter.”
Given the conditions of the current market, CZ highlighted how the industry is undergoing a “historic moment.”
Furthermore, elaborating on the future of the firm, CZ wrote,
“While we expect the next several months to be bumpy, we will get past this challenging period – and we’ll be stronger for having been through it.”
As seen over the last couple of months, the bear brought down a plethora of well-established projects. Binance, however, managed to thrive through this. At press time, Binance took over as the world’s largest crypto exchange in terms of the trading volume. With a daily volume of $15,997,326,455 and a 75 percent surge over the last 24 hours, the exchange was ranked 1.
Coinbase stood second with its daily trading volume at $1,865,198,992.
Will Coinbase manage to “shine” through the crypto winter?
Similar to CZ, Brian Armstrong, the CEO of Coinbase penned down a memo to his staff. While Coinbase’s shares were at an all-time low, employees expressed fear. However, Armstrong was quite optimistic. In the memo, he says,
“This is our moment to shine – and it is a validation of the strategy we have pursued over the past ten years. It was not always easy, as we saw competitors skirt rules and rocket up in value and media attention.”
In addition to this, the Coinbase chief revealed that it would “serve as a leader” to aid the industry in getting back on its feet. It should be noted that this memo was written in light of the large withdrawals that were taking place on Binance. He added,
“We don’t know exactly how this will play out, but let’s be prepared to serve our customers…during this potentially volatile period.”