Binance co-founder Changpeng “CZ” Zhao has revealed his crypto holdings to the community. This follows a new trader profile feature on Binance Square that allows users to disclose their digital asset holdings. Most users viewed this as a confidence boost amid the present market downturn taking a toll on crypto prices.
Bitcoin Account For 1.32%
According to the disclosure, the Binance CEO’s portfolio includes BNB, Bitcoin (BTC), EURI, and USDT. The Binance native asset accounts for 98.48% of holdings, while BTC accounts for 1.32%. EURI and USDT make up 0.17% and 0.03%, respectively. BNB leading the pack was expected, but the low Bitcoin share drew attention.
For some community members, the amount of Bitcoin should have been more considering its utility and market cap. It has been argued that Bitcoin is the safest bet after stablecoins in the crypto market with higher projections as institutional volumes surge. Binance has also seen increased institutional interest in the asset after it soared to multiple all-time highs last year.
The revelation by CZ comes after BNB donations for victims of Test and BROCOLLI rose to $1 million. On Feb 22, CZ asked for the community’s input on what to do with the newly added funds after previously donating $100k.
“I donated $100k (150 BNB) from this address. Now the address has received more than $1m back. I will not keep any of coins/tokens for myself. What should I do with it? Add to an LP pool? Airdrop? Donate to a charity? Send to a burn address? Any other ideas? Serious question. Limiting replies to people I follow to avoid spam. Will unfollow any spammers.”
Stablecoin Volume Soars
Although CZ holds a small amount of stablecoins compared to BNB, overall volumes have been on the rise. This follows a spike in general adoption both in institutional and retail players. Institutional holders see stablecoins as a safe asset when dabbling into the crypto market. This is due to the underlying asset, unlike other crypto with high volatility.
Furthermore, stablecoins are utilized as bridge assets on several networks to expose users to decentralized finance (DeFi) tokens. Last year, stablecoin transaction volumes spiked 20.3% reaching a new high of $1.41 trillion. As expected, USDT accounted for a majority of gains at 79.2%. However, centralized players like PayPal and other firms intensified competition in the stablecoin market last year.
