On Wednesday, Binance—the world’s largest cryptocurrency exchange—announced a new feature that will allow its community to easily provide the company with comments and feedback.
Binance’s community tool will enable user feedback to directly impact product development.
Listening to the Community
In a press release shared with CryptoPotato on Wednesday, Binance said its main goal for the new tool is to gather community input about what features it should implement.
Binance will collect feedback from the community and publish a public roadmap of its product plans in March.
After Binance releases its roadmap, the community will vote on which proposed features they want to see added.
The community will be updated about the development status of new features, and users can provide feedback on proposed enhancements if they have already been launched.
“Binance has always built feedback into the product development process,” said Binance Head of Product Mayur Kamat in the press release. “On average, we get around 1000 pieces of feedback every month – now we have a dedicated place for the community to make suggestions and leave a lasting impact on future Binance product developments.”
CZ’s Appeals to the Public
Binance CEO Changpeng Zhao (CZ) is highly active on Twitter, where he interacts with other users and frequently comments about cryptocurrency news. He has been especially vocal in the public conversation about FTX’s collapse, and Binance’s relationship to it.
Binance’s decision to implement a “proof of reserves” system at his community’s request came in part as a response to FTX’s fallout. Proof of reserves involves verifying the security of customers’ assets using on-chain data, which is made possible by blockchain metadata protocols such as OP_RETURN and Protocol Buffers An audit may be incomplete without a review of the company’s liabilities.
Though the exchange published a brief proof of reserves in December, it was taken down days later as auditor Mazars Group abandoned its work with crypto companies.
Binance has tried to stand out from other crypto companies by hiring its workforce during the bear market last year. While Coinbase cut 20% of their staff in January, CZ announced plans for Binance’s expansion: 30% more workers!
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