Part I: English Version
Part II: Chinese Version
Part I
Time: 2021.03.02
Interviewer: Mable Jiang (Multicoin Capital), Ling Zhang (Binance)
Guest background
Bachelor of International Politics, Economics and Business Administration at Peking University, Master of Public Policy at Harvard Kennedy School, and then suspended her studies to join an AI company invested by Google.
Joined Binance Lab in March 2018 and entered the M&A business in the second half of 2019. He is currently responsible for the entire investment sector of Binance, including M&A, Binance Lab and Binance Launch Pad.
After leaving school and returning to Beijing, what were your thoughts at the time?
In my senior year, I had contact with venture capital companies in Beijing. A very big touch for me in the United States is that many students who studied abroad in the past hope to stay in the United States after completing their studies and find a relatively stable job or a job in a large company. But when I was in school, I felt a big touch to me was that at that time I participated in some of our school's clubs, including MIT-CHIEF, and some of the activities of these organizations in harvard. The biggest feeling for me is that at that time we invited many domestic entrepreneurs to the United States to talk about their entrepreneurial experiences. I found that a more obvious trend is that in the past, many overseas students may choose to stay after graduation. But since then I have seen a more obvious change. Many overseas students are more willing to choose to return to China to start a business after completing their studies. I think in the past two years of 15/16, for the entire Chinese venture capital circle, I felt the rise of a very strong venture capital atmosphere. During the period, I met the CEO of my last company. At that time, I was moved by his vision and pursuit of technology, so I decided to return to Beijing to join this startup.
It's actually quite touching for me, because we two should have graduated from undergraduate at the same time.
Can you tell us why you chose Binance at that time?
The vision of the founder (cz, He Yi): freedom of money.
Globalization: No industry is as global as the blockchain industry from day one.
Disruptive: No other industry has ever challenged today's financial order from the foundation like the blockchain, and it may even affect the pattern of international finance.
The team is young and strong: When joining Binance, the transaction volume and user scale have grown to a relatively top position, probably No.1 or No.2, but after joining the company, I found that the entire team is less than 100 people. And so far, the average age of our entire team is under 30. This is a very dynamic, thoughtful and effective team.
In the second half of 2017, Binance made a decisive and significant decision to focus on overseas markets, so at that time we quickly moved the domestic team to overseas headquarters. Later, we actually didn't have the concept of the so-called headquarters, because the team was very decentralized.
What stages has Binance gone through to this day? In each stage, what are the main growth points you see?
Product aspect: From pure ToC products to ToB field gradually.
2017-2019:
ToC. From the perspective of C-end products, we have moved from only providing spot transactions to now gradually building an end-to-end user service system. In the second half of 2019, we established a channel for buying currency with legal currency, and launched derivatives trading markets, wealth management products, and staking. A series of C-end product functions were completed in the second half of 2019.
Consolidate the market share of the mainstream market.
2020:
Explore ToB business. Including broker, Binance Card, etc.
Exploring the growth space of emerging markets, including Latin America, Southeast Asia and India, we provide services to local users in different ways in these markets, such as WazirX in India, which is the No.1 local trading platform we acquired at the end of 2019 , Today has grown into India’s No.1 exchange; we incubated and invested in Africa’s No.1 wallet; and invested in Indonesia’s first compliant exchange in Indonesia.
From a macro perspective, what are the general directions Binance has done right?
In terms of values, users are paramount. To give a small example, everyone will say that our co-founder sister is the chief customer service, because she is real, and none of us know when she will take a break. Because as long as users have any feedback about the product in different groups or communities, you can see that the first sister will respond or answer in time, or relay the corresponding suggestions to our product managers.
Do the right thing at the right time. For example, Binance only started to launch derivatives trading in the second half of 2019. But before that, most trading platforms already had functions and services for derivatives trading. But before that, our internal team had always believed that we needed to maximize the user experience of spot trading until we felt more satisfied and stable, and then we would go further to make other products.
End-to-end closed-loop user experience.
Solve the problem of buying and depositing coins. At present, we cover the purchase service of legal currency in more than 40 countries around the world on the main website.
Different wallets have been incubated and invested in the ecological field as entry-level products for Xiaobai users.
What are the core acquisitions in 2020? Binance's three major footholds for strategic investment and mergers and acquisitions in 2019-2020
Expansion of new markets.
Latin America, Southeast Asia, India, etc.
The establishment of a new product line.
Sometimes internal resources are relatively tight, and investment and mergers and acquisitions are used to quickly promote the online business.
In the second half of 2019, a team was acquired, and later the team was mainly responsible for the construction of Binance Cloud.
Acquired the wallet company Swipe and now it becomes the leading team of Binance Card.
Acquired DappReview, the leading data platform for decentralized applications in China at that time, and now the founder of DappReview is leading the CoinMarketCap product.
Acquisition of new users.
Swipe: Their users are spending cryptocurrency when they swipe visa or mastercard.
Travala: Provides services in the field of crypto-based travel.
What are the new strategic goals for 2021?
Based on the scale and speed of institutional admissions in the second half of 2020, we may make further investment arrangements in institutional business.
token: Focusing on the development of DeFi, Binance Smart Chain was launched in the second half of 2020.
From making products to making ecology.
Polkadot ecology. We recognize that the launch of Polkadot and the development of technology will have more positive impacts on the entire blockchain industry, which is parallel to our BSC investment.
Before in 2019, you launched Binance Chain and Binance Dex. At that time, you should be more focused on the DEX itself. So what kind of opportunity did you decide to embrace the decentralized ecology and become a BSC that can be evm? Some people would think that a centralized exchange to do a decentralized chain is actually destroying its own life. Because there is so much liquidity, doing business on the chain will inevitably affect the business of the exchange.
Binance's goal is not to be a leading exchange, we hope to be an industry infrastructure provider. We acquired Trust Wallet, a decentralized open source wallet, in 2018. This is our first step on the road to decentralization. Binance Dex and Binance Chain are the second step on our road to decentralization. We don't feel that we are reviving our own lives. We feel that in the process of building industry infrastructure, with the gradual improvement and maturity of the infrastructure, we will move further towards our goal.
Have you considered how to combine the advantages of centralized exchanges, and then to better serve the finance on the chain?
Regarding supporting the ecological construction on the chain:
Investment perspective:
accelerator fund, which supports early projects willing to come to BSC in the form of seed funds.
Liquidity program, we will inject liquidity into the better DeFi projects on BSC.
The builder program, based on the monthly growth of the project and the contribution to the entire transaction volume of BSC, will share the handling fee with the builder.
Product perspective: How to integrate CeFi and DeFi? There are several starting points:
How to lower the threshold for users to participate in DeFi.
How to integrate the existing better CeFi experience into DeFi products? For example, we have built a launchpool platform to help users participate in farming on a centralized exchange. After BSC went online, we matched the cooperation between DEX and launchpool on BSC. For example, while users are mining new tokens on centralized exchanges, we also synchronize ifo on pancakeswap or bakeryswap on BSC. This is a typical How do we educate and guide users to participate in DeFi.
Combine centralized user groups and decentralized products. Designed mainly from the wallet entrance, such as Trust Wallet, Math Wallet, etc., to help users transition from CeFi to DeFi.
I had known Maizi a long time ago, but then what really inspired me to think it was worth investing was a small point: at that time there was an asset called Rune on Binance Dex. I wanted to try Binance Dex to see if it worked. I found that only Math Wallet integrates tron and eos chains. Then I realized that maybe for a user, he needs a front end that integrates a variety of commonly used chains and solves the last mile problem.
Today we released the news of Binance's investment in Multicoin. First of all, thank you very much. Then I would like to take this opportunity to ask, because this is your first investment fund project. I want to know why you want to invest in a fund, and what is the synergy effect for you?
We have several expectations for fund projects:
Early opportunity capture. We hope to gather more outstanding forces in the industry to shape the ecology. For example, in terms of project mining, we still have room for improvement in the discovery of earlier projects, but Multicoin can use its own advantages to make up for these shortcomings.
Added value after casting.
The investment ecology is complementary and develops together.
What do you think of the current macro environment?
Challenges and opportunities coexist.
Opportunity: Mainstream financial institutions are constantly entering the market, and they can help make the industry bigger.
Challenge: Competition becomes more intense.
Part II
时间：2021.03.02
访谈人：Mable Jiang（Multicoin Capital），Ling Zhang（Binance）
嘉宾背景
北大国际政治经济和工商管理本科，哈佛肯尼迪学院公共政策硕士，后休学，加入了一家Google投资的AI公司。
2018年3月左右加入Binance Lab，2019年下半年进入M&A业务，目前负责Binance整个投资板块，包括M&A、Binance Lab和Binance Launch Pad。
休学回到北京，当时的想法是什么呢？
大四接触过在北京的创投公司。在美国给我一个非常大的触动是，过去很多出国念书的学生，很多在学成之后都希望留在美国，找一份比较稳定的或者在大公司的工作。可是在我上学的时候，我觉得给我一个很大的触动是，那个时候我参加了一些我们学校的社团，包括像 MIT-CHIEF，还有 harvard 的一些这些组织的活动。给我一个最大的感受是那个时候我们邀请了很多国内的创业者到美国来讲述他们的创业经历。我发现比较明显的一个趋势是，在过去很多的海外的学子可能都选择毕业之后要留下来。但是从那个时候我就看到了一个比较明显的变化，很多的海外留学生更愿意选择在学成之后回国创业。我觉得15/16年这两年，对于整个中国的创投圈来说，我感觉到了非常浓厚的创投氛围的兴起。期间我遇到了我上一个公司的 CEO，当时被他对于技术的理想和追求所打动，所以我决定选择回到北京，加入这家初创公司。
对我其实挺有感触的，因为咱们俩应该是同一个时间本科毕业的。
能不能介绍一下为什么当时会选择了Binance？
创始人（cz，何一）的愿景：freedom of money。
全球化：没有一个行业像区块链这个行业一样从第一天起就是全球化的。
颠覆性：从没有一个其他行业像区块链一样从基础上挑战今天的金融秩序，甚至有可能影响国际金融的格局。
团队年轻强悍：加入Binance时交易量、用户规模等已经增长到比较顶尖的位置了，大概是No.1或者No.2，但是加入公司后我发现整个团队还不到100人。并且至今为止，我们整个团队的平均年龄都在 30 岁以下，这是一个非常有活力有想法且有执行力的团队。
2017年下半年Binance做出了一个具有决定性意义的重大决定，专注做海外市场，所以那个时候我们把国内的团队迅速的搬往了海外总部。到后来我们其实已经没有所谓的总部的概念了，因为团队非常的去中心化。
Binance成长到今天都经历了哪些阶段？在每一个阶段里面，你看到的主要增长点分别是什么呢？
产品方面：从纯粹的 ToC 产品逐渐向 ToB 领域涉足。
2017-2019年：
ToC。从 C 端产品看，我们从仅提供现货交易，到现在逐渐的去打造一整套端到端的用户服务体系。我们在 19 年下半年搭建了法币买币的渠道，并推出了衍生品交易市场、理财产品，以及staking等等。一系列的C 端产品功能都是在2019年下半年完成的。
夯实主流市场的市场份额。
2020 年：
探索ToB业务。包括broker、Binance Card等。
挖掘新兴市场成长空间，包括拉美、东南亚和印度，我们在这几个市场通过不同的方式给当地用户提供服务，比如印度的WazirX，这是我们2019年年末收购的当地的No.1的交易平台，今天已成长为印度No.1的交易所；我们孵化和投资了非洲No.1的钱包；在印尼投资了印尼第一家合规的交易所。
从宏观角度，Binance哪些大方向上做对了？
价值观方面，用户至上。举个小例子，大家都会说我们的 co-founder 一姐是首席客服，因为她是真的，我们大家都不知道什么时间她会休息。因为只要用户在不同的群里或者社区有任何关于产品的反馈，你都能看到一姐会及时去响应或者解答，或者把相应的建议转述给我们的产品经理。
对的时间做对的事。比如 2019 年下半年时Binance才开始推出衍生品交易。可是在这之前，大部分的交易平台已经有提供衍生品交易的功能和服务。但是在那之前我们的内部团队一直认为我们需要把现货交易的用户体验做到极致，直到我们觉得比较满意和稳定的前提下，我们再去进一步的去做其他的产品。
端到端的闭环用户体验。
解决了买币和存币问题。目前在主站上我们覆盖了全球 40 多个国家的法币的购买服务。
在生态领域里孵化投资了不同的钱包，作为小白用户的入门级的产品。
2020年的核心收购案是什么？Binance 2019-2020年战略投资和并购的三大立足点
新市场的拓展。
拉美、东南亚、印度等。
新产品线的搭建。
有时候内部资源较为紧张，会使用投资并购的方式快速推进业务的上线。
2019年下半年收购了一个团队，后来该团队主要负责币安云的搭建。
收购钱包公司Swipe，现在成了Binance Card的主导团队。
收购DappReview，当时国内比较领先的去中心化应用的数据平台，现在DappReview的创始人主导CoinMarketCap这个产品。
新用户的获取。
Swipe：他们的用户在刷visa或者mastercard的时候就在消费加密货币。
Travala：提供基于crypto的出行领域的服务。
2021年有哪些新增的战略目标？
基于 2020 年下半年发生的机构入场的规模和速度，我们可能会在机构业务上做出进一步的投资布局。
token：关注DeFi发展，2020年下半年launch了Binance Smart Chain。
从做产品到做生态。
Polkadot生态。我们比较认可接下来波卡的上线以及技术的发展会对整个区块链行业有更多的积极影响，这个跟我们BSC的投资并行。
之前在2019年的时候你们launch了Binance Chain、Binance Dex，当时应该比较专注于DEX本身，所以后来是一个什么样的契机决定拥抱去中心化生态，做了可以evm的BSC的？有人会认为一个中心化的交易所去做去中心化的链，实际上是在革自己的命。因为流动性就这么多，做了链上业务的话势必会影响到交易所的业务。
Binance的目标不是做一个领先的交易所，我们希望做一个行业基础设施的提供者。我们在2018年收购了去中心化的开源钱包Trust Wallet，这是我们去中心化道路上走的第一步，Binance Dex和Binance Chain是我们去中心化道路的第二步。我们不觉得是在革自己的命，我们觉得是在搭建行业基础设施的过程中，在基础设施逐渐完善和成熟的情况下，我们再进一步走向我们的目标。
你们有没有考虑说怎么样去把中心化交易所的优势结合起来，然后去更好的服务链上金融？
关于支持链上生态建设：
投资角度：
accelerator fund，即以种子基金的形式支持愿意来BSC的早期项目。
liquidity program，我们会给BSC上比较好的DeFi项目注入流动性。
builder program，根据项目每个月的增长情况和给BSC整个交易量的贡献，把手续费拿出来跟builder分享。
产品角度：如何整合CeFi和DeFi？有几个出发点：
怎么降低用户参与DeFi的门槛。
怎么把已有的比较好的CeFi体验结合到DeFi产品中。比如我们搭建了launchpool平台，帮助用户在中心化交易所参与farming。等BSC上线后，我们撮合了BSC上的DEX和launchpool的合作，比如用户在中心化交易所在挖新token的同时，我们也在BSC上的pancakeswap或bakeryswap上同步进行ifo，这是一个典型的case我们怎么教育和引导用户去参与到DeFi中。
结合中心化的用户群体和去中心化的产品。主要从钱包入口进行设计，如Trust Wallet、Math Wallet等，帮助用户从CeFi过度到DeFi。
我以前很早就认识麦子了，但是后来真正激发我觉得值得投资的是一个很小的点：当时在 Binance Dex上有一个资产叫 Rune。我当时想尝试用一下Binance Dex 买它看行不行。我发现只有麦子钱包集成了tron、eos这些链。然后我就意识到可能对于一个用户来说，他需要一个集成了各种各样的常用的链的、解决最后一公里问题的前端。
今天我们发布了Binance投资Multicoin的新闻，首先非常感谢你们。然后我在这里也想借此机会问一下，因为这是你们第一次布局投资基金类的项目。我想知道你们为什么想要去投资一个基金，然后对你们的协同效应是什么呢？
我们对基金类项目有几个期望点：
早期机会捕捉。我们希望聚集更多行业的优秀力量来塑造生态。比如说从项目挖掘来说，我们在更早期的项目的发现上仍然是有提升空间的，但是Multicoin可以发挥自身优势弥补我们的这些不足。
投后附加值。
投资生态互补，共同发展。
你怎么看待现在的宏观环境？
挑战和机遇并存。
机遇：主流金融机构在不断进入市场，他们能够帮助把行业做大。
挑战：竞争更加激烈。