Arrington posted on Twitter that, “just one of the stimulating things at LCX event this week, Binance CEO said to me: 90% of employees at Binance receive their salaries in BNB tokens. Smart people.”
BNB, widely known as Binance Coin, is the local token of the world’s major cryptocurrency exchange Binance. The exchange launched BNB in early 2017 to bring in funding for backing the development and operations of the exchange. The company has been utilising the profits made by the business to buy back BNB tokens.
Zhao in a conversation with Arrington revealed that 90% of Binance employees prefer to be paid in BNB for their services to the company. Binance is one of the few businesses that pay a majority of their employees in crypto.
Apart from paying its employees in crypto, the Binance group has managed many initiatives together with the advancement of a decentralised exchange and a project accelerator for blockchain to develop the sustainability of the global cryptocurrency ecosystem.
In the last few months, many leading companies have attempted to create an example by adopting cryptocurrencies and decentralised applications. For instance, since early August, the largest Ethereum conference and meetup in Germany, ETHBerlin has swapped all of the centralised services at the event with dApps to live stream its activities, conduct raffles, and book hotels for speakers.
The ETHBerlin staff reported that “As an answerable international community, in continuous evolution, as is our ecosystem, we must understand that it is sufficient to absorb these foundations and teachings and reproduce. The huge adoption of blockchain and crypto-based solutions will only work out if companies, projects and initiatives in the cryptocurrency areas start the adoption methods.”
Japan’s GMO Group, one of the nation’s largest technology firm is the only multi-billion dollar company that is said to be providing its employees with a choice to be paid using cryptocurrencies. “The GMO Internet Group will dedicate to the improvement of digital currencies in the world by making efforts related to digital currency in the group,” the company stated in December, last year.
Cryptocurrencies, the consensus-driven digital assets are managed by a decentralised group of entities with no central authority in between to command the usability, value and adoption of virtual assets. For the wider adoption of cryptocurrencies, the companies will have to start setting an example to determine the potential of decentralised systems.