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Chuck Reynolds   My Press Releases

CEO Calls ICOs Necessary..

Published on 5/8/2018
For additional information  Click Here

Binance CEO Calls ICOs Necessary And ‘100 Times Easier Than Traditional Venture Capital’

 

 

 

Changpeng Zhao, the CEO of digital currency trading platform Binance,

said in a blog post May 7 that initial coin offerings (ICO) perform far better than venture capital funds (VCs), even with a high risk of failure. In a blog post titled “ICOs?—?Not Just ‘Good-to-Have,’ But Necessary,” Zhao expressed his support for ICOs claiming they are

“100 times easier” for raising money than traditional VCs:

“Through my own experience, and watching hundreds of other projects at a close distance, I would say raising money through ICOs is about 100 times easier than through traditional VCs, if not more. With the ease of raising money increased, logic says there may be 100 times more startups, well-funded startups, where ICOs are allowed.”

Zhao said that while some VC investors are real experts in their field, the great majority of “professional VCs” have “no clue” about the projects or fields they invest in. According to Zhao there is a notable absence of startup experience and insufficient understanding of projects’ technologies. Zhao admitted that the ICO market is in its early days and therefore is encountering problems, including scams and failures. He still believes that “compared to ‘traditional VC invested projects,’ a larger ratio of ICO projects will succeed.”

He wrote:

“Most ICOs are new startup projects, and have a high rate of failure, just like in traditional startups. This is nothing new. Most ICO investors already know this. ICO investors are early adopters (and learners).”

Zhao concluded by mentioning that many VC groups are now investing in ICOs. He said that VC groups “have their nose on the money”, adding that they are more “nimble” than other large organizations which are responsible for public wealth; “the faster movers will reap exponential benefits.” Cointelegraph previously reported that American venture capital firm Sequoia sued Changpeng Zhao for allegedly breaching an exclusivity agreement during negotiations of an investment deal. The deal was for an $80 mln, 11 percent stake in Binance which broke down last year.

Article Produced By
Ana Alexandre

Total change in her career took Anastasia into the world of analytics and business information as a researcher and translator in 2010. Some time later she got into FinTech, a dynamically developing segment at the intersection of the financial services and technology. Ana joined Cointelegraph in September 2017.

https://cointelegraph.com/news/binance-ceo-calls-icos-necessary-and-100-times-easier-than-traditional-venture-capital

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