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Binance CFO talks about Facebook's Blockchain developments

Binance CFO talks about Facebook's Blockchain developments

Back in March, Facebook publicised their creation of a research group dedicated to Blockchain, with more than 60 staff working on the project.

The CFO of Binance, Wei Zhou had this to say about Facebook’s announcement “I suspect it’s going to be a closed Facebook ecosystem,” followed by “Their goal is to wall off other people from coming into their system, their goal is not to open up their system to other people.” Doesn’t seem like he’s a fan does it? He also said that Facebook’s decisions are made by one single person, not by a community as a whole and that Crypto and Blockchain is an “open system where anyone can use it if they spend the time to adopt the technology”.

Wei Zhou and Mark Zuckerberg worked with each other back in 2004 when Facebook was initially created as a college based social network and he was among the first 2000 people to sign up for the site, however he says that nobody who helped to establish Zuckerberg’s creation get and representation anymore, he says that “this is why people are leaving. We’re not stakeholders in that business anymore.”

Zhou also believes that Facebook won’t be innovative when it comes to using Blockchain technology. He has suggested that Crypto should be used to reward the users of social media platforms such as YouTube and Instagram, instead of the owners of the companies reaping all the rewards for themselves. He says that, “I don’t think it’s going to come from Facebook because I don’t think it’s in Zuckerberg’s DNA to let go,” he said. “The mindset is very clear from day one if you’ve read the book, watched the movie, see what he does. Even the way he lives — before he moved into the neighbourhood he bought every house in that neighbourhood.”

It really doesn’t seem like Wei Zhou has much faith in Facebook to make much of an impact in the Crypto world, however, he does believe that other companies will adopt Blockchain technology saying that “I think all consumer facing companies are to a certain extend going to have their own token.”

Zhou’s comments are not to be taken lightly, considering he stands at the top of one of the biggest technology startups in the past few years.

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