In the ever-volatile world of cryptocurrencies, success stories still have their place in this industry, as news of yet another fintech firm planning to expand and diversify its operations has hit the public limelight.
Binance, the world’s leading cryptocurrency platform, is the latest cryptocurrency exchange to announce plans to bolster its employee base, as well as to delve into new markets. The news was revealed in an interview with the company’s CFO, Wei Zhou, in which he also confirmed that the firm’s crypto to Singapore dollar service will be available very soon. Plus, he hinted that the firm plans to expand into additional fiat currency-related business ventures, but did not divulge any details regarding the matter.
Binance has been in operation for little over a year now. Since its launch in 2017, there have been 381 trading pairs formed, which are made up of 148 tokens that can be traded on the platform. It also offers fiat-to-crypto services in Liechtenstein using Euros and Swiss Francs, plus it has recently established a fiat-to-crypto exchange in Uganda.
It seems the startup is one of the very few to have beaten the odds in light of a dismal cryptocurrency market. Since January 2018, along with many other declining digital currencies, Bitcoin (BTC) has seen 66% of its value wiped off and Ethereum (ETH) 70%. Incredibly, the Binance management team’s strategic planning and understanding of the crypto market has seen the company grow to become the world’s largest crypto exchange by traded volume.
The Exchange Has Created Over 50 Additional Openings
Roles will be required within operations, customer services, and compliance teams. The planned employment project is predicted to create over 50 jobs in nations across the globe, including Singapore and Malta, where Binance’s primary offices are located.
With Binance’s latest links to the Malta Stock Exchange in a blockchain tech project to support fintech and crypto startups, it makes sense why the platform is seeking fresh blood. It is said that 50 jobs are to be made available in the small island nation off the southern coast of Italy.
As for the creation of jobs in Singapore, this seems more obvious after Wei Zhou announced plans to offer fiat-to-crypto exchanges to the domestic market in the opulent city-state.
Additional jobs could be created globally on top of the planned 50 positions, or the company’s staff list could expand further should ambitious plans to acquire fiat projects go through, which are likely to be linked to Forex markets.
Binance job openings could also arrive in Canada, where the firm is already involved with local company Libra Credit (LBA) in a bold new plan that involves former general manager of PayPal’s Financial Innovations, Dan Schatt. The project is a crypto loan program in which the Binance Coin (BNB) is used as collateral against fiat and crypto loans.
Binance Joins List of Exchanges Showing Continued Growth
In the space of a year, Binance has had to adapt to numerous negative external influences. The crypto firm upped and moved from China, where the company was founded, to make a foray into Japan just before China’s September 2017 ban on cryptocurrencies. Since then offices have been opened in Malta, as well as Taiwan, which is where the company appears to have settled.
Other exchanges that have recently announced expansion include Coinbase, which has recently doubled its staff from 250 to 500. Also, BitMEX has been busy after the company signed a contract to upgrade its premises, moving its offices into the Cheung Kong Center skyscraper, which has the most expensive rent per square foot in the world.
In the current gloomy climate of falling cryptocurrency prices, some exchanges seem to remain unaffected and even flourish. Or at least the ones that are succeeding show resilience and diversity, which could be the reason why they are able to survive the current downturn in the digital economy.