BREAKDOWN: Binance US CEO Catherine Coley Explains Why Crypto Exchanges Are Rushing Into Staking
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 29 January 2020
⏱️ 23 minutes
🧾️ Download transcript
Summary
The competition around staking is heating up, and the latest entrant is Binance.US, who will begin to offer staking on two assets with plans to roll out more in the future.
On this episode of The Breakdown, Catherine talks with NLW about:
- How the company prioritizes both new features and which audiences to build for
- Why staking is important both for allowing people to do more with their crypto assets as well as help build and secure the networks those assets run on
- How staking is part of a much larger mission around education, financial literacy and lowering the barriers to entry for participation in crypto.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW. |
| 0:15.0 | The Breakdown is distributed by CoinDesk. |
| 0:20.0 | Welcome back to The Breakdown. |
| 0:22.5 | It's Wednesday, January 29th, and today we have a very special guest, |
| 0:27.4 | Catherine Coley, the CEO of Binance U.S. |
| 0:30.9 | Binance U.S. has just announced they will be adding staking to the platform. |
| 0:35.3 | And I invited Catherine on to talk about not just the news itself, |
| 0:39.7 | but the broader philosophy of how Binance US thinks about the market right now, why they're |
| 0:45.8 | interested in adding staking, and what their goals are for the year to come. For me, staking is |
| 0:51.9 | interesting as it represents two things. One, it's a way for people to |
| 0:56.4 | get yield, get value from their crypto assets without having to buy and sell and trade them. |
| 1:03.2 | Second, it's a way for people to actually participate in securing the network. In this way, |
| 1:08.3 | I see staking as something that is both the natural evolution of the space, |
| 1:12.9 | but which is also a fulfillment of the original goals and the motivations of decentralization |
| 1:19.1 | that pulled so many people into this space. |
| 1:22.0 | At the same time, I think that the biggest barrier to participation in networks through staking |
| 1:27.4 | is going to be around |
| 1:29.1 | UX and high barriers to entry. And so I think it's particularly interesting when an actor like |
| 1:35.2 | Binance comes in and actually gets involved. By the end of this interview, Catherine and I are |
| 1:41.2 | really not so much focused on staking, but on this broader idea |
| 1:45.4 | of lowering the barriers to entry and what it means in terms of where our goals should be for |
| 1:50.4 | 2020. |
... |
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