Binance, the Leading cryptocurrency exchange platform, just revealed that 90% of her employees receive their salary in Binance coin (BNB). The native token for the exchange was released in 2017 to garner enough funds to finance the operations and development of the exchange. Binance has since then managed to successfully set the pace for crypto companies.
Notably, BNB witnessed a successful run in the market so much so that Binance has been buying back BNB from holders with profits generated by the business. Changpeng Zhao, the CEO of Binance, told Michael Arrington, TechCrunch founder at the Liechtenstein Cryptoassets Exchange (LCX), and the latter Twitted:
“JUST ONE OF THE INTERESTING THINGS @CZ_BINANCE TOLD ME THIS WEEK AT LCX EVENT: 90% OF BINANCE EMPLOYEES CHOOSE TO RECEIVE THEIR SALARY IN BNB TOKENS. SMART PEOPLE,”
The disclosure by Arrington adds Binance to the very small list of commercial businesses in crypto that pays cryptocurrencies to a majority of its employees. Additionally, this announcement secures Binance as one of the pioneers of mainstream adoption among cryptocurrency and blockchain companies.
Japan’s GMO Group offers payment in a similar format. Since the establishment of its cryptocurrency mining, the employees have the option to choose cryptocurrencies.as their payment mode. The company stated last December:
“THE GMO INTERNET GROUP WILL CONTRIBUTE TO THE DEVELOPMENT OF VIRTUAL CURRENCIES IN THE WORLD BY PROMOTING EFFORTS RELATED TO VIRTUAL CURRENCY THROUGHOUT THE GROUP,”
For years now, Overstock.com has been known for offering employees the option of being paid in Bitcoin.
Over the last few months, the company’s intent to lead the way for massive adoption is suggestive via their various announcements, project launch, and developments. Some groundbreaking projects to aid the massive adoption of cryptocurrencies have been lead and launched by the Binance team within the last few weeks.
Just last week, Binance launched its Decentralized exchange. This week, Binance launched the Binance LCX as part of the extended ecosystem of The Binance LCX exchange is the first fiat to crypto exchange offering to trade between Swiss Francs (CHF) and Euros (EUR) against major cryptocurrencies.
Other companies within the crypto industry will have to take follow in the precedent set by Binance, to ensure that cryptocurrencies are widely adopted by the public. Crypto enthusiasts and analysts have been applauding Binance’s step along with the willingness of the employees to receive payments in BNB.
For cryptocurrencies to achieve mainstream stature, companies will need to see it as a valid form of compensation and not just as a means of getting rich quickly or making untraceable transactions.
The idea of expressing one’s views and reviews through words is beyond intriguing. What started as a creative let out has now become a passion and a profession for Arshmeet K Hora. In her own words ” with every word, every article that I write, my passion towards this medium has grown stronger.” Arshmeet covers latest crypto news and updates as well as what happening new revolving around Blockchain Technology.