Cryptocurrency Exchange giant Binance announced on June 5 via a press release that it has recruited a former strategic executive at Dell and the National Basketball Association(NBA), Gin Chao as its new global strategy officer.
The recruitment of the experienced strategist will help the organization maintain its position as one of the leading exchanges in the world.
Developing Global Business Strategy for Binance
Binance’s management stated that Chao will advance the global strategy of the firm, while also developing major strategies that will ensure that the exchange remains the biggest player in the industry.
Chao’s other major responsibilities include finding ways to bridge departments via new hires, while also contributing to the firm’s legal department. As an experienced strategist, his expertise will also be required in discovering virgin lands for Binance’s business partners.
Developing Strategies for Binance Labs, Binance VC Arm
The former Dell strategist will be expected to create and manage strategies for areas and projects within the company, which includes Binance Labs, Binance’s venture capital (VC) arm and its fiat-to crypto gateways.
With the increased competition in the crypto sector, platforms are springing up every day, and the only way for the established ones to survive is to sit tight, which is why analysts are of the opinion that hiring Chao is a great business coup.
Who is Gin Chao?
Gin Chao is a master strategist with a lot of experience under his belt. He holds a bachelor of science degree in Mechanical Engineering from the prestigious Carnegie Melon University before proceeding to the New York Stern School of Business where he earned a Masters in Business Administration.
Notably, Chao shot to prominence while working for Deutsche Bank’s investment banking group, where he raised over $2 billion for the company, spending close to 15 years in the financial sector. He left the United States and move to Asia, where he worked with Dell and the NBA.
His appointment as a chief strategy officer in charge of corporate development and legal department at Binance is stemming from his track record, as being a diligent and upright professional who always gives his best to his employers, irrespective of the role, sector or discipline.
A Global Strategy
Binance is strategically diversifying its operations, so as to meet the demand of its teeming customers. Bitcoinexchangeguide reported in June that the exchange platform’s native BNB token can now be purchased using Visa and MasterCard Based payment options.
The latest development represents a great leap of faith for the crypto world, as it will represent one of the few times that MasterCard will be partnering with any cryptocurrency organization.
Binance further revealed that the new relationship with Visa and MasterCard will is the step in the right direction, especially at a time when the fiat and crypto worlds are at loggerheads.
The giant strides by Binance in 2019 represents a great leap for the crypto industry and a further prove that the industry has come to stay.