Binance CEO, Chanpeng Zhao or “CZ” for short, recently commented that giant eCommerce retailer Amazon will soon begin to issue their own cryptocurrency to be used for purchasing and selling its products.
It all started when the founder and CEO of Binance tweeted about not understanding the reasons behind any e-commerce business not accepting crypto payments and not reaping benefits that the cryptocurrencies have to offer over traditional payment methods.
A twitter user, “Crypto Dan, The Crypto Bull” tweeted in response to CZ’s tweet that once Jeff Bezos, the founder, chairman, CEO of Amazon will start accepting Crypto, the world will follow.
This comment prompted Zhao to sort off go on a rant against Amazon, claiming that Amazon will have to issue a currency sooner or later.
Adoption has always been an issue in the cryptocurrency industry. Even if cryptocurrencies have proven useful in many aspects of societies, there is still the issue of slow adoption. This is primarily due to two factors: a lack of scalability and high volatility.
The CEO of Binance, Changpeng “CZ” Zhao said that he does not understand what is stopping internet businesses from accepting cryptocurrencies. He believes that every business owner should have enabled the cryptocurrency payment option by now.
CZ went off to say that cryptocurrencies are much cheaper and easier to utilize for payment than traditional fiat currencies which require tons of processes to successfully finalize payments.
He further stressed out the fact that using cryptocurrencies will open the door for wider inclusion of customers from all over the globe rather than just those who have access to traditional payment solutions.