In every episode of Block Stars, Ripple CTO David Schwartz is joined by one of the most innovative and impactful thinkers on the blockchain to discuss the past, present and future of technology. David’s guest on the third edition of the podcast is Catherine Coley, CEO of Binance.US.
Katharina’s mission is to educate people about using cryptocurrencies to improve their everyday lives. That goal becomes increasingly relevant as events bring the world of digital assets to the fore, regardless of whether governments are printing more fiat currencies in response to Covid-19 or the imminent halving of Bitcoin.
“We now have a reality in our hands that indicates why you want a fixed supply of money and a deflationary aspect for a currency rather than an inflationary currency,” she notes, referring to current global economic spending.
Catherine says the upcoming third Bitcoin halving will “reduce the rate at which cryptocurrency units are given out. The closer we get to that [maximum Bitcoin supply of] 21 million, the harder it becomes to generate rewards from … Mining – Proof-of-Work. “
While the halving makes bitcoin mining even less sustainable, as the same amount of resources generates less reward, Catherine predicts the event will increase interest in Bitcoin and the wider digital asset market. However, the technology is inaccessible to new audiences due to the often impenetrable language used by advocates.
“One of the things that we focus on at Binance.US is to tear down those tough walls of jargon,” explains Catherine. “It stops [people’s] the ability to simply accept that we offer [a way] Exchange value between different forms of digital currency. Crypto doesn’t have to be cryptic. “
Catherine’s business is heavily focused on the United States, where the audience is in need of the most education. While new technologies tend to be introduced in America first, the country lags behind when it comes to digital assets.
“One of the reasons we’ve seen such better global adoption is because the pain point Bitcoin, XRP, and Ethereum solve is so much bigger outside of the US,” says Catherine. “Every flight from Hong Kong or Singapore is an international flight. This is a significant drain on your wallet when you travel to Malaysia, Singapore, and Thailand in an afternoon and have to manage four different fiat currencies. When traveling from Alabama to Washington to New York via Nevada, you can keep Uncle Sam dollars in your pocket. “
One of the strongest use cases for digital assets is making global payments and transfers faster, cheaper, and easier. Catherine believes that with more education and the growing demands of globalization, the US will eventually catch up with the rest of the world.
“It is my mission to make sure that every American can have financial trust and crypto literacy,” she explains. “The rest of the world gets it and is already using the world’s leading financial technology. It is time America got a part.”
Now listen to the third episode of Block Stars to learn more about Katharina’s thoughts on what the upcoming Bitcoin halving will mean and why it took her years to truly get cryptocurrencies.