Binance Exchange – Josh Goodbody: Is Brexit Good for Crypto? Stablecoins, DEX & Binance coin (BNB)!!

I think there will be a period of
suffering globally in terms of economies because of what's happening with the
coronavirus you know if you if you dampen consumer demand so much and
especially in China that is a consumer demand and debt led economy if you could
take away consumer demand you're gonna have a massive demand shock that's going
to have an impact and when China sneezes the rest of the world definitely catches
our cold Prime Minister has announced it's clear
that we're gonna have a recession is more severe than the global financial
crisis we are looking at other available options more and more people are buying
and holding Bitcoin Bitcoin Bitcoin let's take a look at Bitcoin some call
this digital gold everybody should probably have 1% of their assets in
Bitcoin everything dear crypto comedian
blockchain blades across the globe welcome back to another episode of
Cryptonites, the no BS blockchain channel built with the community and
for the community and here we are live from the Cryptocompare digital asset
summit 2020, an amazing conference and people showing up, lots of loving, great
great speakers and speaking of great people we have an awesome guest for
another timeless interview Josh goodbody director of growth at Binance.

A pleasure to have you my friend! This is a pretty spectacular setup
you've got here I love it. Can't complain not even that you have changed the color
of the Bitcoin thing I appreciate customization that was a lucky one real
for the show right right great to have you here buddy and just now we're
talking about one of your stories right which was quite interesting then how you
got into crypto do you mind just saying that again those yeah I mean you know
I'm a boring guy okay I'm a lawyer by trade okay I'm sorry so I spent the last
10 12 years being a lawyer and you know the wife of a lawyer is relatively
pedestrian and I was at a fin tech company and we were working with
precious metals and base metals and do all kinds of interesting technological
feats in the metal space and and one day one of our biggest clients came in and
said he's a Russian guy I'm not gonna even bother trying to do Russian accent and he said you know I've got X amount
of gold I've got a warehouse of aluminium in Hong Kong I've got some
platinum I got palladium I want you guys to tokenize this for me and this was in
early 2017 so this was before you know tokenizing metals was even a thing
before it was even cool and so we all sat there you know these relatively
old-school commodities traders and myself a lawyer and we said what the
hell is this guy talking about and so we took a little bit of a look at it right
and we thought okay we're gonna do this so we did the first-ever tokenization of
precious metals back in early 2017 and I can safely say that that was that was
the blockchain but for me that's when it hit me and I thought holy crap like this
do so many things in so many different sectors so that for me was the hook that
got me into all the things that I'm doing today that's really really
fascinating and by the way lawyers are cool man Harvey Specter suits right
except you have the cool suits and the cool time yeah we have cool seats yeah
so you saw that you heard that idea tokenization and all of a sudden you're
like what the hell is going on what have I been missing yeah I think you know the
the way that that we think from the traditional finance sector is we are so
conditioned in thinking in certain ways you know we we've been doing things in a
certain way for a long long period of time and we don't really question why we
do them we don't challenge that there could be better ways to do it or at
least the actual process of challenging that takes a long long time so you know
when I was a lawyer at State Street which is a large custodian we were
talking about blockchain you know we knew it existed
we knew Bitcoin existed will be anywhere near to doing anything with it no
because talking about it takes years and years so what I saw in that first kind
of exposure was you can do a hell of a lot of practical things with this
technology and you can really change the way certain industries work certain
asset classes can be traded or swapped or title transferred over blockchain
there's all manner of possibilities here so I think when I first saw that I
thought I want to be involved in that space I really want to give it a go at
least and thankfully I like this is very rarely the case lawyers in the
blockchain space were in demand at that time so thankfully there was a bit of an
angle to work there which is how the hell do we operate in this new industry
in a complete and utter absence of law regulation and clarity so for me that
was a bit of a boon in you know late 2017 it was a good way to get into the
space as a guy who practice law like when you hear like quotes like code is
law is that really hard to get when you hear that type of stuff you're like what
I mean it sounds great it's it's a lovely sound bytes what it actually
means in practice I'm not so sure yes you know we constantly get bashed on the
head by different people saying at some point you're gonna be redundant this
will all be done by a machine AI is developing into this wonderful
thing that will make lawyers redundant how great is that going to be
and we always say look you know to some extent maybe there will be elements of
what we did as lawyers that don't need to be done by humans anymore and that's
wonderful we can free up our time to do more impactful things the code is law
thing I'm not entirely sure what that means
I do understand some of the debate around you know smart contracts being
program proper program program yeah legal contracts that is absolutely an
error I think that's going to evolve over time so you'll end up executing
these kind of legal frameworks fire a smart contract and that's that's
fascinating in many ways but I don't think we're seeing the end of lawyers
just yet that's a really everyone is believing that it'll be fully automated
and yeah law but we're human beings right so yeah as long as we're emotional
human beings that that's a really good point and so when you jumped into that
so you knew about Bitcoin but it was a commodities that really got you
interested so are there any other asset classes that really felt like okay I'm
done I'm going into this crazy crypto space so I ended up first working will
be global actually in 2018 so I joined what be to help them build their global
business and set up an institutional business and as we met with
institutional counterparties you start learning about what are the things that
really caused them a hard time and very quickly we realized the entire payments
infrastructure is is it's really old and full of friction and full of fees and
layers of you know intermediaries it's just really bloody inefficient so over
time I realized well the whole stable coins industry is gonna boom and because
there are inherent benefits in making things easier to transfer cheaper to
transfer quicker to transfer that applies at a company level it makes
intercompany transfer is easier at a nation-state level that a peer-to-peer
level there are all these really transformational things that we can do
with this technology so for me it sounds boring but I thought stable coins and
the emergence of stable coins as a asset class of merits was really really
interesting that is fascinating she was a stable coins like there are some
decentralized or some centralized do you believe in
both in terms of the way stable coins operate as of today are you still
excited about that yeah absolutely I mean there's there's a time in a place
absolutely for Fiat back stable coins I think you know there there is absolutely
method in creating Fiat back stable coins that serve all kinds of more
highly regulated use cases but at the same time these decentralized stable
coin frameworks like for example equilibrium or like the maker build
those have interesting nuances that a Fiat stable coins simply doesn't meet
and I think as the sector expands you're gonna see Fiat stable coins being used
by certain sectors of business and industry and the centralized stable
coins being used by others because ultimately what what lots of these
decentralized stable coin frameworks want to do is create utility with your
assets so you don't want for example with maker you don't want your ethereum
just to sit there if you can accrue or create dollar value out of it and spend
that and do things with it and also receive some kind of interest bearing
product from it that's that's brilliant it makes your assets more useful so you
know there are various iterations of it but I think there's a place for both of
those models that's so true like this whole passive income earning interest is
massive topic for defy in terms of Defi itself are there any other use cases
that you see as very exciting or is it mainly stable coins as of today yeah I
mean at Binance we've been looking at Dex's yeah Binance you know we have a
Dex we are constantly increasing the you know the assets that we're putting on
there the functionality that we want to bring to the community via our Dex
and you know frankly speaking the the growth of that market has been quite
encouraging it hasn't been Big Bang it hasn't gone crazy overnight and we
didn't expect it to and there are there are obvious reasons for that the
benefits of centralization are user journey our ease of use conceptually it
makes sense you know who you're dealing with how it works where your money's
kept you know it's sitting in an exchange wallet you know what happens if
you lose your phone your exchange well it will still hold on to your keys for
you you know it's very from a psychological perspective extremely easy
to understand the decentralized world is a little bit
different so I think as an industry and especially finance ourselves we're
trying to create as much educational material as we can to talk about this
because there are huge benefits in elements of decentralization whether it
is you know controlling your own keys but also being able to via a Dex trade
with other people that's a no-brainer right you you remove elements of you
know being exposed to bad actors in the industry for example exchanges that
simply are not very well-run because you control your own keys so you know
violence we're super supportive of that and we think that that space will grow
and grow my personal view is it will grow slowly because this is you know an
already pretty drastic shift in a model that has taken a long while for people
to get comfortable with anyway so I think the Xers are here to stay but it's
gonna take a bit of time before they start to assert some of the centralized
exchanges that we see in the market right now I mean what you said you just
put it so well because you know like I do not want to hold all my cash and put
it under my bed or have it you know lose the chances of losing my private keys
which I can't recover if I'm not on a centralized exchange jail and I remember
like Ted Lin who came on the show last year he said that you know both will you
know where you can take the best of both worlds depending on your use case but
they both will survive he said you know like going to a public park with your
kid where he can have fun but he may fall and hurt himself or go to
Disneyland we have people giving you customer service and a smile and etc etc
is it kind of like I know it's a crazy analogy right
I like Ted Lin's analogy yeah is is how you see the future like people
just having two different options none is gonna beat the other just coexist I
don't think that one will be the other frankly I I i don't think that one space
will you know completely dominate the other space because they're really
pitched at the moment at different use cases and users getting your average
retail user to be comfortable holding their own keys in a way that you as an
educator for exam would be comfortable telling them how to
do it is a real challenge you know are we comfortable as an industry telling
someone right this is a noncustodial wallet that I'm giving you after you've
done this write down your key don't screen shot
your keys write down your keys on a piece of paper
put them in a vault or put that somewhere safe there are so many you
know things that can go wrong within that and I feel like telling everybody
that's how you must manage your keys is actually a bit irresponsible there are
certain services that some people should have and there are other services that
are more suited to those people so we really need to see a spectrum of
services remain that cater for each type of person as much as I'd love to see
everybody controlling their own keys and you know not being exposed to you know
infrastructure losses or hacks or whatever it's not a realistic goal at
least at this moment until someone brings out something that perhaps you
know is so wonderful and it's user journey that it is actually able to do
that that would be so cool some sort of digital identity they don't directly go
to your keys where you don't have to remember the code or I mean we're
thinking about stuff like that you know we we are but finances you know
constantly thinking about ways to make our decks experience better a part of
what we're doing is reaching out to community and saying right give us your
ideas and we'll incubate them we'll help you build them so we're hoping to create
that kind of community but of course this is a really kind of cerebral
exercise we're going through here a large amount of the population are just
getting comfortable with using these centralized structures so kind of
pushing them in the other direction and going play a little bit around with this
decentralized infrastructure that we've built is it's a challenge absolutely and
I think it's bound to people like us to kind of talk about it a bit more and say
you know as much as it sounds scary it isn't scary yeah that's so true like a
keyless world would be great you know with some sort of connection to identity
I hope you guys can innovate that on that and speaking of which why is
finance so good at innovating I mean obviously you guys are not the first
exchange you know came pretty late was it 2017 right yeah we're not even three
years old even three years old that's what the expansion has been mind-blowing
is it that creativity or that thinking outside the box is driving all this
innovation or yeah I mean by nuts is very rare
in the sense that the organization and a lot of people take the piss out of this
the organization is truly decentralized we do not have a headquarters as such we
simply don't people don't believe us but we don't and I tell you what it works
extremely well why does it work well because what the leadership team have
managed to do over the last couple of years is hire the right people and in
hiring the right people you empower them to get on and do things and so even
though I may not see another member of the executive team in six months I may
not have any face-to-face contact with them I'll speak with them every single
day and in doing that we're sharing ideas
swapping you know tips on how to do certain things and and building products
together and I'm at doing it here in London and someone may be doing it in
Singapore and it works very very well but to do that you have to have
like-minded people so I think the credit here really comes down to CZ and
and Hayley the co-founder in building this culture that allows people to play
to their strengths be a bit nimble in the way that they work in the sense that
if you can do it and we see you can do it you'll have the opportunity to do it
and so that kind of slightly unstructured environment leads to a lot
of innovation and don't get me wrong you know sometimes we're not able to kind of
keep track of all the things that we're innovating in and and that's certainly
not a problem yet but I think it's it's an area that we're trying to create a
little bit more structure around because we bring products to market all the time
we open you localized services all the time we've got a real focus on building
out our Fiat products globally and it's really been a call to arms across the
board in the company where we say guys these are our priorities if you have an
idea bring it to us we'll build this with you but you get to lead it so you
get the credit for this thing so we don't work in a siloed environment we
let people kind of take an idea and run with it and you know we as the the
leadership team try and support them in doing that I think that's really where
this innovation comes from because a lot of companies and all the places I've
worked previously have a bit of a versus yeah they have verticals and people sit
in their silo and you know someone would say to you that's not your job is it to
do this and if someone says that you know there's something wrong because
you're stifling other people innovation and creativity so we so far
have found a way to kind of foster that I'm sure we can do better and giving
people the support they need to be able to do these things but it is you know
it's finance 101 that is that is the kind of culture that's easy and hey
you've tried to create and it really means we're able to kind of grow very
quickly and some people call it blitzscaling that's really you know the
way that we we see our building we build fast build quickly and do it on as many
fronts as we possibly can it's incredible because yeah that speed of
innovation it makes sense this cross-divisional kind of breaking out of
these verticals that limit people you know really brings in new ideas and
fresh stuff and you guys the coin the decks always the first mover and every
single thing so that's incredible but you're just talking about like how
you're very decentralized across the world two questions came up to my mind
number one is what are the differences you've seen among the cultures in
general because you have such a great you know eye perspective and number two
were in the UK as you know brexit was a massive deal and a lot of people are
debating whether this is good or bad for crypto sorry many questions out all
right well let's talk about culture first I think we're a global company we
have members of staff in in over 100 different countries we were 800 strong
so we're a large company and within that of course inevitably you get a real
spectrum of cultures right and people do things in different ways and people work
in certain ways nonetheless you need to hire the right people that all work
together and will sing from the same hymn sheet right now when you apply that
to the business how do we grow our business from being present everywhere
but not necessarily being physically present somewhere we've realized that
this year we need to localize elements of our business we want to create a more
close connection to the communities that we have contact with we want to have
more people on the ground we want to have more support for our clients and
that means we set ourselves up in more in more regions and we really you know
going full full speed ahead on localizing that really is one of our
core strategies for this year the key for that is understanding the local
culture what a lot of corporates do when they
expand globally as they go this is how we run the business these are the
products we have and we take them to every place we want to build in and we
dump them and we say off you go sales team go sell this thing that doesn't
work as well so we end up taking a lot of time and sometimes we're slower than
others to build localized offerings you know we have to take into account all
elements of what it is to build a local product you know whether that is the way
that the user journey works whether it's the way our customer service look after
them whether it's the way that they you know have more transparency on for
example where we're set up or how their funds are kept there is a nuance to each
jurisdiction and so we're taking very much a particular view for each
jurisdiction that we're looking at and going we're going to build a localized
product for that that's a challenge for us because we've grown globally and now
we're localizing so the global right well yeah yeah yeah think think global
act local we have to do that and we know that and that's one of the core focuses
for the next couple of courses so then to go to your point about brexit and
it's actually quite nice that we haven't spoken about breaks it very much Reece
enough yeah I know it's got the buzz around it has excellent I think that's
refreshing but you know regardless of that breakfast challenge right because
it has created at least for the past few years a real hesitancy in certain
economies to come here in the best because this their question is what does
it mean what can I do what can tide you do I have access to the European market
how would that work there's a lot of ifs and buts and wins and those are unknowns
and there are still a lot of unknowns and no doubt about that at all but we
have certainty now that certainty is that we have left the European Union
we're in a transition period what the post transition period will look like we
do not know but that's okay because that comfort alone is enough for enough
people to come here and go I'm going to invest in not only because I think that
this is a great place to have a presence within the European area also London has
massive you know massive strengths in terms of you know the skill sets that
people have here coming out of universities the labor market we
the local infrastructure the entrepreneurial economy that we have
here the blockchain devs blockchain talent here and I saw a report this
morning actually where it said that the the second best fin tech hub has voted
by entrepreneurs is London so Singapore number one because it's
super easy to set up and it's very entrepreneurial minded London coming in
at number two and that's a theme that I'm seeing across the market you know we
go to the US and we speak to some clients there and we say you know what
are you guys up to where are you bringing your business and they go
actually we're going to set up in London so I think that clarity that breaks it
has brought ie it's happening is letting people think a little bit more long term
now so it's gone from being a bit of a shackle around the neck to being
actually a bit of a bit of a benefit because now we can talk about things in
terms of we know what the state of play here is as it pertains to regulation
right we know what regulation is in the UK we know what the laws are we know
what needs to be done in the blockchain economy here to build a business what we
don't know is how we'll be able to be a bit more nimble versus the European
countries in regulating deregulating changing regulation but ultimately
people know that in the UK we have a history of doing that so that has caused
a lot of interest I'd say especially in the airpipe market where people have
gone okay I can see to two power centers here Singapore in London and we're gonna
start investing in London so actually it's it's a really positive message that
we've seen from from a lot of the community which is we're gonna bring
business to London that sounds really good in BFC actually they classify
cryptocurrency is similar to a commodity right i to real estate right basically
like that was kind of their definition and well yeah yeah so the legal clarity
around what what what crypto is especially Bitcoin obvious example it is
it is legal title it's it's Edie's a it's an asset right it's an asset that
has the protection of the law so that's helpful I mean we already kind of knew
that but it's helpful having that you know declared in a court so people can
use that you know with with a bit of comfort the FC I've done a good
job really explaining where certain instruments would fit within the
existing infrastructure so what the eff say haven't done versus other
jurisdictions is create a framework specific to crypto they haven't done
that you've seen that done in Switzerland of course one of the early guys doing
that the AMF in France the Baffin in Germany as well have created a crypto
specific regime that's fine but where actually what the FCA have done is
they've said right we're gonna give you clarity on what's out there right now
this is what we believe utility tokens should look like this is what we believe
security tokens look and feel like this is what we believe payment tokens look
like and this is how they fit within the existing regulatory infrastructure so
it's almost a question if we haven't needed anything new we've just needed
clarity and a bit of reference points and so they've given that to the
industry so people kind of know where they are in the UK which is is
refreshing I think because they can start building their products knowing
what they are right and for those reasons you believe brexit is over a lot
overall a positive phenomenon for a crypto I think for crypto yes you know I
I wouldn't sound expert on on brexit as it affects other areas of the economy
but I do think for crypto it gives us a bit of an edge because we have the
opportunity at least to try and consolidate a really powerful FinTech
sector here and so far the signals from the government have been quite positive
they're listening to us you know they're asking us to come in and talk to them
about you know what does the digital economy look like how can we support a
digital economy so they're listening whether they'll do something is the next
question I'll have to see right but nonetheless it's looking quite
positive and we think at least from our perspective and by matters perspective
there's an opportunity there absolutely and you were just mentioning the utility
tokens you know a lot of institutions and you've dealt with many they really
struggle to understand the value of a coin or a token hmm
in your views like is this like a Bitcoin phenomenon or do you really see
crypto as an asset class as of today with different sub asset classes within
that yeah interesting question I think you know no doubt that even crypto is an
asset class in itself now a trader would probably break that down into okay
within all those within asset class you have sub asset classes
you will have some kryptos that behave like commodities sometimes not all the
time you have other crypto so that is simple payment tokens so yes it is an
asset class in the sense that it's an investable asset class you can say I
invest in crypto but I think a lot of we talked about institutions a lot of
institutions really are only interested in Bitcoin because they can understand
it more we've got more sophisticated products out there in the market whether
it's derivatives with futures options perpetual swaps you've got ETFs out here
in noir ET ends here in europe as well so you have a pretty diverse portfolio
or access to a portfolio of pretty sophisticated tools to get crypto
exposure in different ways that has started over the last year and a half
and continues to grow and we think that's going to be an area that you know
continues flourishing and you know buy an ounce put out it's it's futures
platforms at 10:00 last year you know we hit five billion dollars of daily traded
volume a couple of days ago that shows the the level of interest it's useful
for hedging so it has a utility value there it's useful for speculation as
well so we think that that as a theme derivatives are going to be a very very
big big theme for this year as well yeah derivatives have been massive right it's
been like the headline for many and do you feel like attracting these
institutional investors some people are worried that because institutional
investors don't really fully sometimes believe in Bitcoin as you know a new
form of money money 2.0 or digital gold but more their interests in price action
sure so you know if they see a little bit of a trend they will short they will
sell affecting bitcoins core you know non-correlated asymmetric risk return
asset what are the pros and cons did you see it or or is it just or am I kind of
exaggerating no you know I think that there is there's a there's a concern
that comes to the maximalists in the space that is all this mad speculation
around bitcoin kind of overlooks the fundamental utility that Bitcoin was
created for was it ever intended for a I don't know a Bitcoin future to be traded
on CMA I don't know does it really matter that I think
the question right you know we we see you know we see a lot of use cases for a
Bitcoin and we we see increasing demand to build products that are used for
speculation and I think that's the nature of the beast if you make a market
if you create an exchange it's gonna be traded and at some point when that
market gets big enough you're gonna have the bigger boys in the room come in and
they will be the hfts the prop traders the hedge funds so personally speaking I
I don't have a problem with them entering the space because I think
overall that creates a level of innovation that wouldn't be accessible
to retail users like myself without that investment going in at that kind of
institutional level knout anyone one way we differ from other exchanges what
we've seen across the crypto space especially in the spot markets is a bit
of a race to the bottom to provide as much as possibly can for institutional
investors so what I mean by that is right your innate hft trader your
number-one priority is to trade with low latency so that means you want to
connect straight into my older book you want to be in the same cloud environment
you want to be co-located you want to have zero latency right yeah that's fine
that's what institutions expect and you tend to see that in institutional
markets when they're you know getting co-located with a stock exchange or a
commodities market or whatever but the market they're connecting with is
primarily an institutional market what we're talking about here in the crypto
space is you've got a commingling of retail flow and institutional flow all
within one market if you look at what Binance has right now it's a retail flow
as well as institutional flow they live symbiotically together right now what we
haven't done is we haven't opened the floodgates of technology and said to
institutions you can co-locate with us and have low latency access to our spot
exchange and that sounds like such a small deal but it's not because it it
basically preserves the level playing field where people can trade on merit
and on the skills they have versus technological advantages that give them
the edge right so as a retail trader on bayonets you know that at no point will
you be competing on latency that's very important for us because we're retail
focused originator openi and we still really want to
support the retail markets as closely as we possibly can and so we want to keep
that level playing field and I want to just point that out because that's a
real difference place as other markets yeah and speaking of that level playing
fields you know in the future and obviously don't have a crystal ball but
a lot of people are worried that it's going to be the bad the Battle of the
bots so like at one point people will just be coding algos to be a better
trader than the physical person and it will just be people trying to code a
better I'll go and just fighting throughout goes in the actual job as a
trader will slowly start to fade out is that too far-fetched again or no
actually I don't think I I don't think we're gonna see a complete what's the
word I'd use a complete kind of lack of traders being needed in the market and
there will always be traders but the inevitable I think moved towards a more
algorithmically led market where bots are doing a large amount of the trading
volume I think is a natural consequence of where we're going now we've seen that
in many other markets you know we've seen that in in the FX space I've seen
that in the commodities space you know if you look at the trading floor of a
you know commodities trading house versus what it was 20 years ago you'd
have 50 traders now you might have three traders and then the rest of you know
quants and and developers creating electronic strategies and that is just
an inevitability of technological innovation and progress I don't think
human traders are going anywhere they will always be in existing illogical but
I think you know there will be more access especially at the retail level to
more sophistication so people will be building tools to give retail users the
ability to have access to these kind of technologies that they previously
haven't had access to and I think that's a good thing frankly yeah the more the
tools I mean the more interesting and there's so much to it to actually be
built and speaking of what's going to happen in the future and I know you
cannot disclose like internal news but if you could just tell us like a little
bit what is 2020 gonna be like for us if possible 2021
what'd he do 20 here what would you love to see like me more mutations and 20 21
is a long long finance we think you know three weeks ahead I think three weeks or
three months what are you gonna see this year from us a lot of growth we're gonna
be more present in a number of places we're gonna be boots on the ground in a
number of places both in Europe in Latin America in Asia we're supporting you
know all of the existing partner and infrastructure investments we've made to
date whether those are real exchanges likewise Eric's in India we're really
going to be building out our presence there and supporting emerging economies
that's a real theme so you'll see us do some quite interesting things in the
emerging economy space because we think the future is going to be in those large
countries which are primarily unbanked so watch what's that as a as a general
theme we're going to be doing some stuff in in that space which should be very
interesting we haven't forgotten about our retail clients at all where we're
building some very interesting retail focused products that we'll be bringing
into market in the next couple of months those will fundamentally change the way
that you'll interact with our our exchange so keep an eye out for that
can't give any more information either unfortunately and we'll continue
innovating in terms of the products that we're bringing to market you know are
our derivatives team a busy at work building new derivatives contracts
whether that's options or other futures contracts those will be coming to market
soon so I think the general theme that you've you noted earlier was with
building products all the time that's going to continue we're not slowing down
we're not stopping we're continuing to build so that's going to be a real theme
for this year but we're not just building the product we're gonna build
the teams as well and we're going to be a bit more present locally so ahead of
that 2021 I couldn't even try and predict where we'll be I hope you know
we'll we'll be a larger team you know we're 800 strong now inevitably we will
be hiring as we go we've got rolls all over the place right now that we're
actively hiring for so you know we're very much saying people get involved now
it's the time we're building even though the markets funny we're still building
you know so 2021 I believe we're gonna bother
guessing no I do I don't no idea it's true actually with everything that's
going on and you know some people see a financial crisis and are those little
concerns of yours like a financial crisis or recession as people all
worried about or or still it's it's not it's just a little obstacle yeah I I
don't know to be totally honest with you I I can see some serious headwinds in
the markets I mean god we've had the most monumental equities bull run for
the last god knows how many years the market is so was so overheated that
something had to happen there had to be a correction event now did we think the
correction that would be so severe as the one we've recently seen probably not
but I think there will be a period of suffering globally in terms of economies
because of what's happening with the coronavirus you know if you if you
dampen consumer demand so much and especially in China that is a consumer
demand and debt led economy if you could take away consumer demand you're gonna
have a massive demand shock that's going to have an impact and when China sneezes
the rest of the world definitely catches a cold right so I think we're gonna see
weakening global economies the markets are probably not going to pick up for a
long long time there's gonna be a lot of volatility so I think that'll be a bit
of a trend for for the foreseeable how long that is six months nine months I
really don't know but I think it will have an effect what will be interesting
is to see whether that has a knock-on effects in the crypto market I think the
jury's out is to how Bitcoin behaves no history is is Bitcoin a safe haven asset
well not today it's not behaving like that today fingers crossed I think you
know we're where we're going with that that debate is the consensus is kind of
Bitcoin may become a safe haven asset but it's not there just yet it behaves
in certain moments like a safe haven asset like I'll give you one example
that was quite cool that our research team pointed out recently we looked at
we looked at an event which shocks the market right when general Soleimani was
assassinated in Iraq so the Iranian Journal he was
assassinated by a US missile strike everyone thought especially the market
war is how we're a scam right so the markets went bonkers that day
what did Bitcoin do yeah when we extremely quickly and it followed the
kind of correlation with gold with other safe haven assets like tea bills that
kind of stuff so and then you zoom out a little bit and you look at all these
events within that crisis where there was some kind of announcement that was
negative or an announcement that was positive Bitcoin was quite broadly
correlated to to that and it behaved in a non correlated way to the equities
markets so in that one little segment that one scenario paved really nicely
yeah but unfortunately when yeah I know it was a big win yeah and then you look
at the weights behaved during the corona market unfortunately hasn't behaved like
a safe haven asset would I mean Gold's been more or less flat with a little
uptick you know hasn't behaved like that to expect it to behave like that it's
premature I think we're moving in that direction and as much as the adoption
continues to grow and more products get brought to market like ETFs it'll start
developing that kind of characteristic but it's not there yet yeah somebody's
to prove itself right anybody it's something that was really interesting
it's like Bitcoin corrected over the weekend and as you know markets actually
sleep my weekends but never sleeps but then Monday opening the markets
everything else crashes yeah almost like oh if you guys could see that I could
have shorted here yes isn't it yeah I mean what we've seen in the last few
days is Bitcoin behaving like any other volatile asset people have been
delivering people have people need cash or maybe they're more happy putting
things in cash right now than having it in a volatile asset so people have been
pulling their Bitcoin out of the market it'll be a very interesting couple of
days I think yeah really looking forward to seeing that and thank you so much
Josh for today if people want to get in touch with you what is the best way to
reach out yeah good question definitely Twitter twittering Twitter
I'm at Josh good body feel free to add me I'm not usually same tickly
interesting or wise things but I'm there so I'm fair games they do do
John aadmi if you won't say that's awesome and if people around the world
want to support Binance the team they're interesting working for by Nance
yeah what are some good channels to reach out yeah I mean look we post every
single job on LinkedIn so everything we're hiring fraud is is on LinkedIn
violating you have obviously access to our recruitment team who are super
lovely and we'll answer any questions you have about the job so if you are
interested in working for us awesome check it out on LinkedIn all the
job adverts are up there and we definitely encourage you to give it a go
yeah awesome thank you so much everybody maybe my very great pleasure and
pleasure educational guys if you liked don't forget to hit the like button
blast our bail notification don't forget to comment as well and join us every
Wednesday premiering at 8 o'clock GMT I have a computer near you thank you so
much guys

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