Employees of the Binance cryptocurrency exchange reportedly receive their salaries in platforms’ own crypto, the binance coin (BNB). CEO of the company, Changpeng Zhao has reportedly revealed that 90% of employees choose to be paid in cryptocurrency in a conversation with a managing director of Arrington XRP Capital.
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.— Michael Arrington (@arrington) August 18, 2018
If confirmed officialy, this would make Binance one of the very few crypto businesses to pay its employees in the digital currencies. And for a good reason, but, BNB is perhaps one of the best currencies for that job if having to choose one.
Despite an overall market downturn due to which the BNB has also suffered, as in its height in January 2018 it was worth nearly $25 but since then dropped to as low as $10 - which is a 60% decrease. However, for the past 12 months, BNB has recorded around a 15% increase in price and although the recent fall may seem colossal - most of the major tokens saw a decline in excess of 70%.
Why is it important?
1. Although several small to midsize enterprises have come out to offer their employees salaries in crypto, very few large conglomerates have made that an option. The only one officially doing this is Japan’s technology giant GMO Group.
2. Binance has been an avid supporter of initiatives that seek to bring cryptocurrency payments into the mainstream, for example, it joined the Maltese startup accelerator programme.