Rachel Conlan, the Chief Marketing Officer at Binance, highlighted the importance of community input in determining which cryptocurrencies make the cut for listing on their platform.
In her view, while feedback from users plays a vital role, it does not guarantee any results.
Speaking during an interview with Cointelegraph at the Aus Crypto Con 2024, Conlan noted that the surge in popularity of memecoins has led to increased scrutiny on crypto exchanges, necessitating a thorough evaluation of projects to weed out any that seem untrustworthy and protect users.
Rigorous Vetting Process
Conlan elaborated on the rigorous vetting process her team undertakes when assessing potential listings.
This diligence includes scrutinizing the backgrounds of project founders and key team members, as well as evaluating the feasibility of their business plans.
When asked what factors Binance considers for cryptocurrency listings, she made it clear that there are no certainties.
Her research team examines various criteria, placing significant weight on community sentiment and prevailing trends.
Importantly, she dismissed the idea that hype alone drives decisions, emphasizing a more grounded approach.
Addressing Memecoins
Addressing the common criticism around memecoins, Conlan pointed out their general lack of practical applicability, which has often led to a negative perception.
However, she expressed optimism, noting that some new memecoins are starting to demonstrate real-world usefulness.
This development, she believes, is essential for keeping community interest alive.
Looking to the future, Conlan feels confident about the potential for significant growth within the cryptocurrency community in the next 18 to 24 months.
She stressed a shift towards projects that focus on practical applications, marking a change in the landscape.
Future Outlook and Challenges
This aligns with the views of Changpeng “CZ” Zhao, Binance’s former CEO, who has voiced a growing disinterest in the memecoin niche.
He has championed the need for blockchain technology to support genuine applications instead of simply riding the waves of speculative trends.
Despite the challenges that the memecoin environment presents—scams and fake projects being among the biggest concerns—there have been noteworthy success stories.
Some users have indeed struck it rich, reflecting the unpredictable and often volatile nature of this part of the crypto market.
Source: Cointelegraph
