Summary: Product AMA with CZ and Mayur

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CZ, CEO of Binance, and Mayur Kamat, Head of Product at Binance, participated in an AMA on Binance Live on January 14, 2023, during which they reflected on the progress made in 2022, and shared their plans for 2023.

In 2022, Binance focused on implementing numerous improvements such as the login feature with Apple and Google. We also improved local KYC processes, created more fiat channels, and launched Binance Feed .

By 2023, the product team wants to offer greater user transparency with Proof of Solvency, optimize systems to collect and incorporate user feedback, and improve internal operational efficiency.

There is no adoption without product. Binance aims to continue creating useful products and increase user trust in the ecosystem through education.



CZ, CEO of Binance, and Mayur Kamat, Head of Product at Binance, presented an AMA via Binance Live on January 14. In this session, CZ and Mayur looked back at the changes made in 2022, talked about their plans for Binance products in 2023 and answered questions from the community.

What was done in 2022
2022 was a year of great growth for our product team and for Binance as a whole. CZ and Mayur reflected on the wide range of improvements and products developed over the past year, such as their collaboration on improving account verification (KYC) processes. Prior to 2022, Binance had a global account verification program, using the same provider and process in almost all countries. But Binance's verification process was greatly improved in 2022. Now the KYC verification process is specific to each country and region through collaboration with local providers.

Binance Feed was also a new feature Ecuador Mobile Number List added to the ecosystem this past year, allowing users to interact with Web3 in a more meaningful way. Binance Feed is a one-stop shop for engaging content, updates and engaging social discussions about cryptocurrencies and Web3 – available right on the homepage in the Binance app. Other small updates made during 2022 were the ability to log in through Google and Apple, and improved biometrics.

Looking ahead to 2023
The discussion focused on 2023 and the product team's goals. Mayur stated that one of the big themes this year will be trust and transparency in the protection of users. There is a team working closely to offer a new solution based on zk-SNARK for the Solvency Test that provides continuity to the Reserves Test launched at the end of last year. Additionally, if the team can make it work as a totally new concept, Binance will most likely open it up and make it available to the rest of the industry.

Regulatory compliance will remain one of Binance's top priorities in 2023. Mayur stated that the product team will continue to cooperate with regulators across the board. CZ supported this, adding that optimizing the user journey and experience will continue to be a priority on the product team .

Community Feedback and User-Centric Products
Addressing the topic of how Binance listens to the community to create user-centric products, Mayur joked that CZ often hears about customer problems before product managers do, because he is so connected to the community.

"Listening to the community has been the cornerstone of how Binance has built its products from day one." - Mayur Kamat.

What sets Binance apart from other players on Web3, who have followed a more traditional user acquisition path, is that our product team assumes that users already know what they want at very early stages of their immersion in the industry. Therefore, the team incorporates user feedback into Binance products so as not to miss out on the next big thing.

Responding to the community
The Binance Live session ended with questions from the community.
       


1. How will product development help real-world adoption?
There are already many users in countries with high levels of inflation and economic instability, who lack access to their usual money and where cryptocurrencies are having real-world use and applicability. In these countries, we see that cryptocurrency adoption already reaches double-digit percentages, while global adoption is still in single-digit percentages. The current use cases already work, but they are not yet mainstream. The key is to ensure education, introduce relevant partners, and ensure that the platforms and products created by Binance can reach various types and profiles of users.

"There is no adoption without products. You can have a great technology or concept, but there have to be people who use the products. And when people use them, they don't think of them as products, but only as a tool that helps them solve a problem ". - Changpeng (CZ) Zhao.

2. What is Binance's next big product?
Binance's next big products aim to solve the aforementioned trust and transparency issues. There will be multiple product launches around Binance Proof of Reserves and Proof of Creditworthiness to provide more transparency and a roadmap that will be publicly released. As for DeFi, Binance will continue to invest in making DeFi more accessible and user-friendly. Finally, the product team aims to reach 1 billion verified Binance users by further streamlining the account verification (KYC) process.