Head Of Binance Confesses Of A Possible Burst For ICO Bubble
It is really not a surprise that the head of Binance’s $1 billion venture fund has in a recent press release stated that it is going to be good news for the industry if the ICO bubble bursts. He, in fact, noted that the ICO market is already in its bubble stage and that the company is hoping that it bursts soon.
Ella Zhang is the official head of Binance Labs and she has recently reaffirmed the statement, explaining how much good the bubble burst will do for ICOs. She ascertained that it will help attract more interest for the ICO, resulting to a level of unreasonable valuation of funds.
Ella further claimed that despite the positivity level that the bull market has maintained because of its stable inflow of members over time, the ICO bubble burst will still do so much good even as it will open the industry to lots of projects that are truly valuable to the industry’s existence.
ICO Raises Over $9 Billion in 2018
According to reports from CCN, 2018 has so far been an exciting year for ICOs, having seen a rise of more than $9 billion already over all of 2017 revenue. This rise has come despite the increased scrutiny of regulators on the industry and consumer’s declining interest in investing in it.
It was quite a surprise when Zhang revealed the stance of Binance Lab on the whole ICO bubble issue. She further made strong assertions that despite the concern over the bubble from many quarters, Binance Labs has gone ahead to invest directly on four different projects, she even further insisted that the company does not have any problem making direct investments in crypto tokens and company equity.
In the interview which was indeed an eye-opener into the concept of the expected crypto bubble burst, Zhang further revealed Binance’s plans to invest in a new program referred to as “Community Governance Initiatives” with a main aim to help the company to massively reduce the level of scam and to be able to force projects to begin to live up to all their promises.
Ella Zhang has not been the only one to predict a sudden burst as lots of other cryptocurrency experts have since been pointing out how much of a bubble Bitcoin may be and how it is on the verge of bursting.
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