In a statement published on X yesterday, Changpeng Zhao (CZ), the former CEO of the crypto exchange Binance, revealed his plans to launch a new project that focuses on education.
However, CZ said that the project will not issue its token and promised to unveil more details in the near future. He then later posted a tweet explaining the project in a little more detail..
My next project. @GiggleAcademy (No logo yet)
Free basic (grade 1-12 ish) education, for all.
No revenue.
Gamified.
Adaptive.Read the Concept Paper at https://t.co/knqmZF0sQ8
We are HIRING. Small team, work directly with CZ.
— CZ ???? BNB (@cz_binance) March 19, 2024
Giggle Academy
Per the concept explainer on the Giggle Academy website:
Giggle Academy is a free online education platform aimed at providing accessible, adaptive, and engaging learning experiences to underprivileged children worldwide, particularly in developing countries. The platform targets children who lack access to traditional education systems, such as a 13-year-old who has never attended school.
Features of Giggle Academy include:
- Free, online courses covering topics from grades 1-12, including reading, writing, math, science, and even programming and entrepreneurship.
- Gamification to make learning addictive and enjoyable, using badges, points, rankings, and a systematic progression.
- Adaptive curriculum that encourages subject specialization based on a student’s strengths and interests.
- A certification system using Soul Bound Tokens (SBTs) on the blockchain to verify student progress and achievements.
- Anti-cheating mechanisms and AI-based content screening.
- Parental involvement through comprehensive reports, notifications, and incentives.
- Social and community support for students, including peer tutoring and mentoring.
- Potential job market integration, allowing employers to find students based on their certifications and skills.
- Opportunities for passionate teachers to contribute high-quality educational content and be well-compensated for their efforts.
The project, funded by CZ aims to create a scalable, high-impact solution to provide education to those who need it most, with the belief that education is fundamental to solving many global issues.
What Happens Next For CZ?
CZ’s announcement is among rare statements made after his resignation as CEO of Binance in November last year. In November, CZ announced that he stepped down as Binance CEO and admitted violating anti-money laundering requirements in Seattle federal court. The move was part of a $4 billion settlement offered by the US Department of Justice (DOJ).
Despite no longer serving as Binance CEO, CZ remains a key figure in the crypto industry. Previously, CZ said that he would take a break after a long period of non-stop work. He also revealed his intention to actively invest in blockchain, Web3, DeFi, artificial intelligence (AI), and biotechnology startups. CZ additionally shared his joy at spending more time on the DeFi field.
Binance’s new updates under Richard Teng
Binance appears to be shifting its focus towards compliance under the leadership of current CEO Richard Teng. Last week, the exchange introduced new token listing standards, likely aimed at investor protection.
As Bloomberg reported on March 15, projects seeking a listing on Binance now face stricter requirements. This includes a mandatory token lockup period that has been extended from 6 months to 1 year.
Additionally, projects will need to allocate a larger portion of their tokens to Automated Market Makers (AMMs). Finally, Binance will require a security deposit from listing candidates, which will be forfeited if they do not comply with their commitments.
More Oversight and Regulations
Binance’s stricter token listing requirements have ignited mixed reactions. Some anonymous company leaders reportedly expressed concerns that the new standards could harm Binance’s market share. Binance reportedly adopted those changes in late 2023.
Binance’s market share faced pressure starting in late 2023 following the legal battles with US authorities and the resignation of CZ. Despite these challenges, Binance remains the leading cryptocurrency exchange in terms of market share.
Earlier this year, Binance implemented stricter regulations to prevent information leaks before new coin listings. The exchange reportedly has a zero-tolerance policy, where any leaked information could lead to immediate delisting of the coin.
In a separate development, Binance Labs, the venture capital arm of Binance led by Yi He, has become an independent entity. This separation comes under the leadership of Richard Teng and ahead of CZ’s trial scheduled for April this year.
Despite settling with the US Department of Justice (DOJ) and its ongoing efforts to comply with existing regulations, Binance remains entangled in legal battles with the Securities and Exchange Commission (SEC).
The SEC lawsuit, filed last June, accuses Binance, its US affiliate Binance.US, and CEO Changpeng Zhao of violating securities laws and engaging in management misconduct.
The case’s core is Binance’s alleged control over assets belonging to Binance.US users. According to the SEC, this could lead to a similar situation with FTX. According to the WSJ, the SEC is still seeking evidence that Binance and former CEO Changpeng Zhao can control user assets stored on Binance.US.
