The CEO of the world’s leading cryptocurrency exchange has declared a “competition-free” atmosphere between itself and its perceived rival Coinbase. When crypto trader alias The Crypto Dog requested that traders choose an alignment, suggesting that both exchanges are the topmost competition in the business of cryptocurrency exchange, CZ was quick to counter the notion and bury all forms of rivalry.
In a tweet that has garnered over 300 likes, 40 retweets and a truckload of comments, The crypto dog said;
“the battle for $crypto is set between @binance and @coinbase Who do you align with? Choose carefully.”
Upon seeing the tweet, CZ responded in a manner that conveyed his intentions for Binance as more than just a competitive platform, hinting that the market is still in its infancy and although both exchanges are built on very different strategies, the market will best function with each exchange actively applying their different expertise, despite their shortcomings.
He tweeted, saying ;
“Doesn’t have to be a competition. Market is still small. We are so far away from saturation point. While we have some overlaps, we are different on: strategy/product/geography/even tweeting style. Brian and I chat from time to time, on growing the industry together, like USDC.”
Meanwhile, a quick look at The Crypto Dog’s tweet shows that both exchanges seemed to have almost an equal support rate as commenters highlighted the different reasons why both exchanges were preferable for their individual needs.
One user was quick to point that Coinbase is solely focused on ‘shilling coins’ it has a stake in. This user’s response is one amongst a thousand others who believe that Coinbase ’s announcement to list 31 new altcoins is yet another move that will be at the detriment of traders, seeing that most of the aforementioned cryptocurrencies are still underdogs, they may be a great risk for buying and selling.
Despite this, the exchange had revealed that its aim is geared towards diversification. In the same fashion, the exchange has recently launched it’s newest crypto to crypto trading feature that will enable traders to exchange BTC, ETH, ETC, LTC, ZRX and BCH coins for either of the listed coins.