Here’s How Binance Saga Will Impact a Web3 Career

The guilty plea of crypto titan Changpeng Zhao (CZ) and the money laundering accusations against Binance have heralded a new era for crypto, argues Coinbase CEO Brian Armstrong. But it also leaves developers in Web3 facing some uncomfortable prospects, but the tokenization of assets and collectibles still holds promise.

Binance’s revealed its new Web3 wallet at an event in Turkey about two weeks ago. Around 2,000 people crammed into a venue on the border between Asia and Europe, with Web3 firms Animoca Brands, Trust Wallet, Chiliz, and several others in attendance, as CZ promised to invest more in decentralized finance (DeFi).

Will DeFi Hit a Roadblock With CZ Arrest?

Fast-forward a few weeks, Zhao has pleaded guilty to criminal charges related to money laundering. Under a plea deal, Zhao cannot manage the company for three years and could spend 18 months in prison. Richard Teng, Binance’s former head of non-US regional markets, will take charge in the interim. 

In the meantime, Zhao reiterated his support for Web3 projects, but details remain scant on his exact plans. A new bill proposed by US lawmakers imposes rules diametrically opposed to the governance philosophy of many decentralized protocols. Moreover, the anticipation of a spot Bitcoin exchange-traded fund may boost institutional investment in the crypto space, but not necessarily in DeFi.

Exciting Web3 Career Opportunities

But all is not doom and gloom. There are still promising areas that Web3 aspirants can explore.

Blockchain tokenization is an emerging technology that needs developers to represent assets on a blockchain for fast settlements. Swarm, a regulated DeFi company, allows these assets, which could be tokenized bonds or investments, to be used in decentralized finance protocols.

Read more: What is Tokenization on Blockchain?

Swarm stores tokenized assets with a custodian like Coinbase and then transfers them to its own network via a digital trustee. The withdrawer then receives the asset in their Web3 wallet.

Read more: What is The Impact of Real World Asset (RWA) Tokenization?

Another promising field for a Web3 career is the reimagining of the NFT space that treats digital collectibles as assets that should be held onto for their sentimental value. The technology offers developers a chance to design social networks that build communities around collectors. These networks also allow creators to forge social bonds with their fans.

Read more: Here Are More Web3 Career Leads to Get You Started

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