The cryptocurrency space is open for everyone, and people should learn to deal with it, says Binance CEO Changpeng Zhao while referring to the questions raised by some critics about Square’s growing involvement in the ecosystem with the launch of Square Crypto.
The Birth of Square Crypto (and Why Some People are Not Happy About it)
For those out of the loop, Twitter/Square CEO Jack Dorsey announced Mar 20 that Square was rolling out a new initiative dubbed Square Crypto to “make the broader crypto ecosystem better.”
A long-time vocal proponent of digital currencies, Dorsey said that Square is on the lookout for three to four crypto engineers and a designer who will be assigned the responsibility of overseeing a new cryptocurrency project. He added that it was a full-time job and he was open to paying the new recruits in Bitcoin.
#BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in bitcoin! Introducing @SqCrypto. Why?
— jack (@jack) March 20, 2019
While Dorsey’s new initiative drew widespread support from the broader crypto community, the move didn’t go down well with those wary of Big Tech’s growing interest in the decentralized economy.
These skeptics took to Reddit and other social media platforms to express their concerns over Square/Twitter’s real intention behind the move. They didn’t seem convinced by Dorsey’s promise that all work done by this newly constituted Square Crypto team will be open-source and independent of Square’s commercial interest.
Binance CEO Reacts to Square Crypto Criticism
Zhao’s comment came in response to a tweet by Singapore-based investment analyst and crypto enthusiast Gautam Chhugani who underlined how “the crypto narrative has moved very quickly from ‘institutions are coming’ to ‘FANGs are coming to crypto.’”
FANG is an acronym for the Big-4 in the tech industry: Facebook, Amazon, Netflix, Google.
Chhugani further implied that now that Square has gone knee-deep into the crypto space, the cut-throat competitiveness among the tech heavyweights could push other players to embark on similar initiatives.
(On a related note, Facebook is reportedly already gearing up to launch its own cryptocurrency, Facebook Coin. Although the project seems drastically different from what Dorsey is trying to do with Square Crypto.)
Square Crypto is the “catalyst for the next bull run,” he added.
In response, Zhao a.k.a. CZ Binance said that the crypto space is open for everyone and it makes no sense to oppose the attempts by “certain people/groups/firms to join” the ecosystem. Especially considering that those who raise such objections are usually the same lot that calls for “more adoption, [and] more decentralization” of the asset class.
Some #crypto people say they want more adoption, more decentralization. But they also object certain people/groups/firms to join.
Selective adoption, in a decentralized world. How does that work???
Everyone will be in crypto. Deal with it, or better embrace it. https://t.co/2niPuv5XrX
— CZ Binance (@cz_binance) March 22, 2019
Meanwhile, reacting to Dorsey’s offer to pay Square Crypto team members in Bitcoin, CZ said Binance is up for something similar too.
Failsafe, just in case if you don't get along with your future boss, @binance is hiring too. Won't be reporting to me, but we can pay in BTC or #BNB. Please apply on Binance homepage. https://t.co/EtPD2bFzOK
Some friendly competition for talent, lol. https://t.co/45wteTw8l8
— CZ Binance (@cz_binance) March 21, 2019
So which side are you on? Do you agree with CZ’s assessment that it’s futile raising objections to Big Tech’s growing involvement in the crypto space because the decentralized economy, by design, is for everyone to cash in on? Share your thoughts in the comments below.