Changpeng Zhao, CEO of leading crypto exchange Binance, has advised investors not to go all in on its created token BNB.
In a surprising post today, Zhao tweeted a picture of a conversation with a twitter user to buttress his point.
The user had messaged him privately and informed him of his desire to invest his entire life savings on BNB. Zhao replied by advising the user not to divert all his funds into BNB. He revealed that the volatility of the market means that it was unwise to invest all funds into a single coin.
Zhao further urged that he should diversify his assets by holding some BTC and non-crypto assets alongside BNB.
DM just now. My advice to most people.
This is a different/safer version of "don't do what I do, do what I say". pic.twitter.com/ftU1BtWeqV
— CZ Binance (@cz_binance) January 16, 2020
The initial reactions to the post have been mixed with some crypto enthusiasts praising Zhao for the advice. While others claimed that the conversation was a fake one.
Changpeng Zhao right about crypto volatity
The crypto market is very volatile and is the sort of market whereby losses can be gained within minutes. Bitcoin, for example, is currently valued at $8,971 which is way below its all-time high of $20,000 achieved in 2017.
It is therefore not advisable for an investor to spread all his funds on a single coin. Diversification as Zhao said is the best way to avoid the pitfalls that come within the crypto market.
Yahoo Japan’s Subsidiary, Z Corporation, and TaoTao to Forge Partnership with Binance
Z Corporation, a subsidiary of Yahoo Japan, TaoTao and Binance Exchange are already in a talk for a partnership that would result in the launch a Japan-centric cryptocurrency exchange, NewsLogical has learnt.
While the discussion is still in its early stage, not much is known about the collaboration.
According to Binance Holdings Limited, TaoTao Inc. (TaoTao), a regulated cryptocurrency exchange in Japan and and a portfolio company of Z Corp are collaborating with the Financial Service Agency.
“Through licensing Binance’s cutting-edge technologies, Z Corp and TaoTao will collaborate with the Financial Service Agency to ensure full regulatory compliance in the Japanese market,” Binance said in a post.
About Binance Coin (BNB)
Binance Coin (BNB) is regarded as one of the top currencies within the crypto market due to Binance. The token has seen a massive adoption with several merchants adding the coin as a means of transaction on their platforms.
It is currently ranked 9th on the coin rankings charts with a market cap of $2.51 billion. As at the time of writing BNB is valued at $17.91 with the coin gaining 7.57% to the USD in the last 24 hours.