Changpeng Zhao is the CEO of Binance, the famous crypto exchange platform. 90% of the employees of his company asked to receive their salary in BNB. This is Binance Coin (BNB), the own cryptocurrency of platform.
Binance Employees paid in BNB
The BNB, also known as Binance Coin, is the native digital asset of Binance, the largest cryptocurrencies trading platform.
This digital currency was launched last year to allow the startup to reap the funds necessary for its development.
In return, it has repurchased the BNB on several occasions, using the profits that it has been able to generate in the course of its operations.
Michael Arrington, the founder of TechCrunch, reported recently the confidences of Changpeng Zhao on Twitter.
“One of the interesting things I heard this week by @cz_binance at @lcx: 90% of company employees decided to receive their salary in BNB tokens. They are smart.
Note that the Binance Coin is one of the few digital assets not to have plunged this year. It can also be seen that the BNB has, since its arrival on the market in July 2017, outstanding performance. The price of the token rose from 0.11 to nearly 10 dollars.
The evolution of the Binance Coin (BNB)
Binance recently partnered with the Liechtenstein Cryptoassets Exchange (LCX) to create a new entity, Binance LCX. It will be a “fiat to crypto” trading platform that will allow, like a Coinbase, to convert fiduciary currencies (euros, dollars, …) into cryptocurrencies.
The Changpeng Zhao company has also recently set up a blockchain accelerator. With a budget of one billion dollars, it will accompany young shoots of the ecosystem. All financing will be realized through the BNB token.
Binance, Lead by example
In recent months, several entities have also tried to set an example and encourage the adoption of digital assets.
Thus, the Japanese conglomerate GMO Internet Group decided last year to offer to its 4,700 employees the opportunity to receive part of their salary in Bitcoin.
The GMO Internet Group develops several activity among Internet infrastructure system. But also Media and online Advertising, Finance and Cryptocurrencies businesses.
The company wants to contribute to the development of the digital currencies around the world. Indeed they want to support initiatives related to virtual currency even within the group.
We can also notice the initiative of ETHBerlin. This is the co-organizer and part of the Berlin Blockchain Week. The largest Ethereum conference. They voluntarily replaced its centralized services with decentralized alternatives. Since the beginning of the month, its organizers have started using dApps to “stream” their event, book hotel rooms for speakers, or to organize draws.
ETHBerlin organization considers itself as a responsible and global community, in constant evolution.
They understand that it is not enough to assimilate these new digital knowledge and to simply replicate them.Adding the massive adoption of blockchain-based solutions will only happen if crypto-sphere companies like Binance themselves start leading the way.
Decentralized applications could fully benefit from the support of ecosystem actors. This nascent sector, with examples as Binance and co, could certainly attract a larger number of users.
How is this still relevant when a month passed from the tweet?
Before trying to post the same subject, debating if its a good idea we decided to do it after a month. The reason behind it is quite simple: instead of creating more “HYPE” we wanted to see the natural course of action. So let’s talk about how Binance coin behaved after the tweet up to present. Its important to understand that binance coin is the second most stable after Tether. The volume traded on the week of the tweet was $48,7 millions and today we are looking at almost half. Keep in mind that we are talking about traded volume and not the actual market cap. On that chapter binance coin got little above $1 billion on 28 of August and siting well over $900 millions today.
Before concluding if its a good idea or not lets understand that employees wanted to get paid in BNB. Probably they know something we don’t and that was a signal for the rest of us to buy binance coins.