At the Liechtenstein Cryptoassets Exchange (LCX), Binance CEO Changpeng Zhao told TechCrunch founder Michael Arrington that 90 percent of the exchange’s employees receive their salaries in BNB.
“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,” Arrington said on Twitter.
Setting an Example
BNB, also known as Binance Coin, is the native token of Binance, the world’s largest cryptocurrency exchange. Binance released BNB in 2017 to garner enough funds to finance the operations and development of the exchange and in return, the company has been buying back BNB with profits generated by the business.
In a discussion with Arrington, CZ disclosed that 90 percent of the employees at Binance choose to be paid in BNB for their contributions to the company, making Binance one of the few commercial businesses in crypto that pay the majority of its employees in crypto.
Throughout the past few months, various companies and projects have attempted to set an example to the mainstream by leading the adoption of cryptocurrencies and decentralized applications.
For instance, ETHBerlin, the biggest Ethereum meetup and conference in Germany, has voluntarily replaced all of the centralized services the event previously relied on with decentralized alternatives. Since early August, ETHBerlin has started to use dApps to livestream its events, book hotels for speakers, and to conduct raffles, among other operations.
“As a responsible, global community, in constant evolution as is our ecosystem, we need to understand that it is not enough to absorb these teachings and foundations and just replicate,” the ETHBerlin team said, adding that the mass adoption of crypto and blockchain-based solutions will only take off if projects, companies, and initiatives in the cryptocurrency sector kickstart the adoption process.
Outside of compensating its employees who prefer to be paid in crypto with BNB, the Binance team has led various initiatives including the development of a decentralized exchange and a blockchain project accelerator to improve the sustainability of the global cryptocurrency ecosystem.
Convincing the Mainstream
The only major multi-billion dollar conglomerate that is said to be offering employees an option to be paid using cryptocurrencies is Japan’s GMO Group, one of the country’s largest technology corporations.
Since the establishment of its cryptocurrency mining business and its Bitcoin mining equipment manufacturing venture, GMO has been offering to compensate its employees in crypto.
“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,” the company said in December of last year.
Cryptocurrencies are consensus currencies that are operated by a decentralized group of users, node operators, miners, and developers. No central authority exists to dictate the value, usability, and adoption of digital assets.
In order for cryptocurrencies like bitcoin and ethereum to be widely adopted by the mainstream, companies within the crypto sector will have to begin setting a precedent in an attempt to demonstrate the potential of decentralized systems.
Featured image from YouTube/Piergiorgio Borgogno
Last modified: March 4, 2021 3:56 PM