Binance co-CEO Richard Teng called the merger of crypto with traditional finance the big theme for the industry this year on Tuesday. Teng, in a detailed thread post on X highlighted that more crypto firms are opening doors to offer TradFi products like stocks and more TradFi firms are integrating crypto products like ETFs — testifying to the coming together of the two sectors.
The team behind Binance, led by Teng and co-CEO Yi He, is looking to transform the crypto exchange platform into a super app. This all-in-one platform would offer its existing crypto trading and holding services with AI-powered market tools, social features, and on-chain services.
The Binance chief said that the exchange seems to be headed in the right direction with its super-app vision now that AI, traditional finance, and crypto are all standing at an intersection as the future of finance shapes up.
Teng credited the ongoing regulatory evolution around digital assets among major reasons why the traditional trader communities are becoming more open to exploring the crypto sector. With banking majors also stepping-in to offer exposure to the digital assets categogy, the investors are fearlessly moving forwards to adopt this new category of financial assets.
“Users want it, tech is ready, regulations and markets are catching up. Two worlds are meeting in the middle,” he said. “For millions of people around the world, buying U.S. stocks used to be hard – limited banks, high fees, or no access at all. Crypto is fixing that with 24/7 trading. It’s opening doors that were closed before.”
Amid an ever-growing sea of apps, people have started to look for those that support multiple features and services within a single interface. Teng said, this is the segment of users that Binance wants to tap into with the super app idea and offer banking, investments, and payments for crypto, stocks, and savings within its own platform.
Source: X/ @_RichardTeng
The exchange is already working on revamping its platform. Earlier this month, it said its app now uses a four-layer framework comprising of an intelligence layer, a growth and yield layer, a community and social layer, and a foundational layer. Together, the layers aim to place market reading, trading, earning, payments and asset access in one system.
Not just Binance, other prominent players from the crypto sector are adopting this all-in-one app approach.
Coinbase, for instance, recently acquired a UK investment services authorization, allowing the crypto exchange to prepare a broader product lineup for users in the country. The platform is also working to become an “everything app”. In order to cater to service needs around banking, brokerag, savings and crypto wallets, Coinbase plans to offer crypto, stablecoin payments, savings, borrowing, derivatives and equities through one login.
Elon Musk has a similar vision for X. With the ongoing gradual roll out of his X Money platform and the existing Grok capabilities, Musk is also making visible progress to transform X from just another social networking platform to an everything-app.
