Binance Appoints A Senior Microsoft Executive As CTO.
Binance has revealed that it has hired top executives from Microsoft and Agoda, a leading travel company.
Binance said on Friday that Rohit Wad, a 30-year veteran of Microsoft and other Silicon Valley giants, has been named its new Chief Technology Officer.
The move comes as Binance, the world’s largest cryptocurrency exchange, works to shed its former renegade image and expand currency’s involvement in the mainstream economy. Wad’s hiring looks to be a crucial component of that strategy.
Binance said in a release announcing the news:
“Wad will be responsible for engineering scalable, compliant and fast Web3 services and solutions. He will guide the team to build products that will bring mass adoption to crypto and lower the barrier to entry to Web3 technology.”
Wad began his Microsoft career in the early 1990s, assisting in the development of essential software products such as Excel and Bing. He returned to Microsoft in 2016 as Corporate VP of Product and Engineering, following experiences at Google and Facebook.
Binance also announced on Friday that it has hired Mayur Kamat, a senior executive at Singapore-based travel firm Agoda, as its new vice president of product.
All of this comes only a month after the platform’s CEO, Changpeng Zhao, declared the company’s intention to go on a buying spree aimed at non-cryptomarkets firms. He said:
“We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto,”
Binance looks to be rich with cash, and CZ’s personal fortune is said to be close to $100 billion, putting the business in a position to expand its already substantial crypto footprint.
However, regulatory requirements have plagued Binance, as authorities in the United States and throughout the world investigate claims of criminal trade on the exchange and probe its anti-money laundering policies.
In the last year, the corporation has made a concerted effort to improve its image by employing executives from the IRS, Interpol, and the political sphere to show that it is serious about regulation and compliance.
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