Binance founder Changpeng Zhao (CZ) has made headlines on projects he praises in the cryptocurrency world from time to time, but this time he expressed regret over his failed attempts.
CZ said in his rating that messaging platform Reachme did not meet his expectations. Zhao said the lesson learned from this experience is that crypto projects should not issue tokens without ensuring product market fit.
Reachme was a “Pay-to-Reach” messaging app built on the BNB chain. The system that allowed users to pay to send messages directly to influencers was intended to reduce spam. However, contrary to expectations, the app ended up bringing out more junk content rather than useful links.
This project, which did not issue tokens, was unable to find a fit in the product market and was closed as a small experimental venture.
Drawing the lesson from this process, CZ issued the following warning to the crypto entrepreneur: “Don’t hurry to issuance a token. Only take into consideration it once the product has really generated interest.”
*This is not investment advice.
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