Binance recently established a new Crypto team for web3 based development works. At the beginning of April 2022, Binance announced that it had appointed Rohit Wad as its new Chief Technology Officer. As far as the public knows, Wad was still working with Microsoft as its corporate VP by the time this announcement was made.
It was announced that Binance also poached Mayur Kamat, a senior executive at Agoda, to be the new Vice President of product. He brings to Binance 20 years of experience in tech and product. He will lead the time in the creation of products that will bring mass adoption to cryptocurrency. He is also responsible for driving innovation within the Binance ecosystem.
All this information was confirmed in a blog recently published by the exchange.
What is Binance?
You are probably reading this article wondering who or what Binance is. Simply put, Binance is not only the largest but the most popular crypto exchange platform. It conducts the most number of cryptocurrency trades daily. It also caters to users all over the world by offering high-quality services and exciting experiments.
It is the largest cryptocurrency infrastructure by trade volume. It is dedicated to according true financial freedom to its users. Additionally, it features an unmatched portfolio of products which include:
- Investment and incubation
- Data and research
- Social good
- Infrastructure solutions
For more information, visit: https://www.binance.com
Who is Rohit wad?
Rohit Wad is an American Engineer of Asian descent with an outstanding resume. Between 1985 and 1989, he attended the Indian Institute of Technology in Bombay. There he studied for a Bachelor of Technology in Computer Science. Afterward, he transitioned to the University of Virginia where he studied for a Master of Science in Computer science.
He first started working at Microsoft in 2000. Thanks to his exemplary performance he grew in ranks and positions. By the time he was leaving in 2011, he was already a senior official. After he departed from Microsoft, he was with Google briefly for about a year as a senior official. Not to mention his past job as the Engineering Director at Meta.
He later moved to Facebook where he worked as an Engineering Director for slightly over 4 years. In 2016, he went back to Microsoft where he worked as the Corporate Vice President for Product and Engineering. He worked on major projects like Microsoft’s Excel, SharePoint, Skype, and Bing.
His exemplary experience and professionalism make him the perfect choice for Binance.
What are his new roles?
Wad will also be taxed with the role of ensuring continued liquidity, security, and stability of the exchange. He will also focus on expanding the engineering team to grow the organization.
He believes that Web3 based projects hold a lot of potentials so going to Binance was a great move. He claimed that their team is growing as rapidly as Web3 is. He claims that they have hundreds of Engineering and product roles open across the globe.
What necessitated this move?
As it stands, Cryptocurrency remains largely unregulated in most parts of the world. People are beginning to recognize digital coins and what they are doing for the world. World governments and regulatory bodies are also doing their best to catch on. Yet, a lot of work still needs to be done.
While Binance has been on an upward trend, it continues to deal with uncountable regulatory issues. Several regulatory agencies have alleged the platform for illicit trading and money laundering. Last year they tried to redeem their reputation by hiring executives from IRS and Interpol.
Therefore, hiring wad was not a coincidence but rather a calculated move. Some of the things that Binance hopes to achieve from this move include:
- To win the trust of the mainstream finance, particularly the regulators – What better way to win the trust of many than by hiring someone that has worked with mainstream companies for over 30 years as your CTO? Rohit’s new role is to help Binance exchange deal with regulatory compliance.
- A rebranding of some sort – for years, Binance has tried to expand the role of crypto into the mainstream economy. However, most people and even regulatory officials view the platform as a rebel. This step was therefore an attempt to shake that image off.
- To push for mass adoption of crypto – Wad is responsible for fast Web3 services and solutions. The goal is to build products that will lower the barrier to accessing Web3 technology.
- To create a link with the non-crypto market – Binance’s CEO announced that they intend to identify individuals in every economic sector and try to bring them into crypto. This spree of acquisitions will bridge the gap between the crypto and non-crypto sectors which have continued to exist separately.
- To diversify its investment portfolio – Binance is looking to invest outside of crypto. The exchange recently purchased a stake in Forbes magazine worth 200 million euros.
If you can’t beat them, join them
It seems as if Binance is growing out of the renegade phase and working towards being a loyalist brand that can be trusted. One could argue that the renegade phase served the company well. For the past 4 years, it was the home of unconventional investors. It was able to capture users from all corners of the world.
Now that it has built a name for itself and a huge following, it might be time to get on everybody’s good side. They are dedicated to improving inclusivity, and financial freedom and to bringing the benefits of Web3 to the masses.
I believe that Binance is strategizing new ways to remain relevant in light of the efforts to regulate Crypto. By diversifying their investment, they will always remain at the top.
Wad and Kamat’s appointment has caused quite the stir within the crypto sphere. In many ways, this is the beginning of the perfect integration of the world of crypto and the traditional financial ecosystem. Are you excited about this integration?