Binance, a cryptocurrency exchange, has not planned to launch Initial Public Offering (IPO).
In the cryptocurrency markets, rumours have been widely spread that Binance plans to introduce IPO. The rumours were spread after Wall Street executive Wei Zhou was hired as a Chief Finance Officer by Binance this week. Changpeng Zhao, CEO of Binance, clarified that this is not the case.
Changpeng Zhao tweeted: “Binance have no plans for IPO, but that doesn’t make those experiences less valuable in our new industry. On the contrary, those are very much needed. We are always looking for top talent, from traditional finance, internet … any industry and anywhere in the world.”
However, many cryptocurrency platforms have been planning to get into the mainstream markets and stock exchanges. Bitmain and cryptocurrency startup Robinhood, both have already shown its interest in IPO.
Binance is investing in startups like blockchain based sports platform ChiliZ. This cryptocurrency exchange is showing a huge interest in cryptocurrency business in order to develop the cryptocurrency economies of Malta and Bermuda. The firm has opened its first-ever fiat-to-crypto exchange in Uganda this year, according to a report by crypto ground.
According to a report by bitrazzi, Zhao was responsible for planning the landmark acquisition of a social networking platform named Grindr. Also, Wei has begun with its own version of a Goldman Sachs where investors moved to Asia so that they can focus on the organization’s special situations group.
Whenever any of the cryptocurrency exchanges hire candidates for the position of Chief Financial Officer (CFO), the media starts to explore the possibility of launching IPO. Same rumours came in the cryptocurrency marketplace for Coinbase when this cryptocurrency trading platform hired Alesia as its CFO. Changpeng has helped two startups named Zhaopin and Charm Communications with IPO on the New York Stocks Exchange and the Nasdaq, but Binance has no plan to file this process.