HUB is an online interview program initiated by Cointelegraph China that focuses on the leaders in the blockchain and cryptocurrency industries to discuss the development opportunities and challenges of the various sectors in the industry, as well as how enterprises can break through the current situation and lead the future. This interview was hosted by Cointelegraph China’s CEO and co-founder, Vadim Krekotin, and featured by Binance’s chief compliance officer, Samuel Lim, and the co-founder of Alchemy Pay, Shawn Shi.
The topics of this interview are: “BUSD and Alchemy Pay, Binance’s EcoPartnerships and the future of crypto payments.” The guests discussed BUSD’s launch background and its plan for 2020; the compliance, regulations and market prospect of stablecoins; how Alchemy Pay is licensed in different countries and regions; Alchemy’s product and technical advantages; the eco-construction of BUSD; and the cooperation between Binance and Visa, BUSD and Alchemy, etc.
The highlights:
1. The year 2020 is going to be a year of quick stablecoin development because of the sharp volatility of the market, the outstanding risk avoidance demand and the increase of market demand. On the other hand, stablecoins have been widely used in leveraged trading, lending and other fields. The development of BUSD relies on Binance’s ecological support; it will also invest in more resources to build the BUSD application scene. Now, BUSD and Alchemy have a strong partnership.
2. The New York State Department of Financial Services has approved the issuance of BUSD and supervised BUSD custody. The Fed and other agencies have been closely watching the development of digital currencies. Regulators are likely to issue appropriate regulatory rules and incorporate the management of stable currencies into an original financial market management system.
3. Cryptocurrency institutions and supervision are not a relationship between police and thieves, but more like a love relationship. The two parties go from strange to understanding to mutual recognition and combination — and ultimately achieve a win-win collaboration. To overcome the challenge of the current regulation circumstances, Alchemy has been cooperating with QFPay, benefiting from its nearly 10-year history of fiat currency payment operation in 13 countries around the world.
4. Technology needs to respect reality. There is no shortage of good products or advanced technology on the market, but there aren’t that many enterprises with advanced products and technologies in this market, and there are fewer organizations that can integrate good products and technologies. What Alchemy has to do is become a universal adhesive, compatible with as many existing products and needs as possible.
5. In the future, every new service and business endeavor of Binance will cooperate to try to use BUSD. The company still has a long way to go, but it has been working hard to implement all the parts of this ecosystem. Meanwhile, BUSD has been building a “one core, three support points” ecosystem.
6. The world economy has never experienced a period of stability. Payment is the blood of the economy and the channel of asset circulation. The reform of encrypted payments is the transformation of the genes of human society. Alchemy Pay has continued and will continue to expand its strategic partners and promote the globalization of encrypted payments.
7. The competitiveness of stablecoins is in their security and liquidity. BUSD has Binance’s support with its largest market share in the world as a background and strictly abides by the 100% reserve policy.
