For an industry that is supposed to be based on decentralization, it seems to be crowding in at the top, with several companies transforming themselves into tacit oligarchs, each exerting enormous influence – or at least that is what some critics argue.
One of the most notable crypto-currency companies operating today is Binance. In just three short years, Binance has enjoyed a meteoric rise to the top. Criticism of https://pacenet.eu/en/the-news-spy/ / https://pacenet.eu/en/bitcoin-billionaire/ / https://pacenet.eu/en/bitcoin-era/ / https://pacenet.eu/en/bitcoin-code/ / https://pacenet.eu/en/bitcoin-revolution/ / https://pacenet.eu/en/bitcoin-profit/ / https://pacenet.eu/en/bitcoin-circuit/ / https://pacenet.eu/en/bitcoin-evolution/ / https://pacenet.eu/en/bitcoin-trader/ / https://pacenet.eu/en/immediate-edge/, philosophical or otherwise, cannot fail to take into account the impressive stream of innovation that the company seems to channel. Led by Changpeng Zhao, the CEO-tuiter better known as CZ, Binance has a carefully crafted image of a firm that hopes to make cryptomonies a better place.
Such an unspoken narrative also helps set the stage for the company’s expansionist activity. When the company reported in 2018 that it had opened an office on the historic Mediterranean fortress island of Malta – known to some as „the crypto-island“ – Binance’s fight against Chinese fiscal policy could be seen by historically-minded analysts as a 21st-century sequel to one of Malta’s most defining historical moments: Suleiman the Magnificent’s failed siege of the beleaguered Knights Hospitaller, in which a small group stood firm on the tiny island, just beyond the clutches of a fearsome power.
But the story is written by the victor, and true to the confusing nature of a post-truth world, it is difficult to tell the same story as a simple story of good versus evil. In keeping with the natural arc of character of any hero who becomes a villain in the eyes of his detractors, Binance’s recent actions have drifted into a gray area, putting his image under fairly clean scrutiny after the purchase of the platform that classifies the CoinMarketCap exchanges.
Binance and CoinMarketCap become one
Against the backdrop of a global economy that is in a situation of petrified stagnation thanks to COVID-19, the two companies announced the agreement on 2 April. To fit in with the firm’s narrative, CZ defended the collaboration, telling Cointelegraph that the two companies share the mission of bringing cryptomonies to the masses. CZ prophesied that the two companies would play to their strengths and make the industry more transparent.
Almost two months later, it seems that only one of those aspirations has been fulfilled. CoinMarketCap is now tied up in a safe harbor after the Binance acquisition. Binance, on the other hand, now occupies the precarious position of being a major international exchange and owner of the most prominent rating platform.
In business, reputation matters. Thanks to the unique development of Big Tech in Silicon Valley, companies now enjoy messianic levels of support from both employees and businesses, and when companies led by these influential figures reach the top, they begin to shape the agenda in their own favor.