Running a regional crypto business from home

Ben Rose explains his company’s unique digital first work culture and shares his take on the future of crypto, blockchain and Web3.

I’ve worked in a number of companies during my career in which I’ve managed teams abroad, but my role with Binance is the first one that I’ve done largely from home.

And it’s not just me – our entire workforce is remote and digital first. On any given day, I might work with a policy specialist from London or a comms specialist from Tokyo, and we work together based on expertise rather than location.

Just like cryptocurrency itself, Binance was deliberately set up six years ago to be decentralised, with people all over the world. This was before Covid and the wider cultural move to work-from-home.

Binance is the largest cryptocurrency exchange by trading volume globally, and we have a bold vision to transform the world of finance. Adoption is growing. Bitcoin is now 12 years old and people find it less scary than they once did. While penetration in New Zealand is still low, across the ditch in Australia it’s far higher.

Like with anything, education is key. Binance is about to embark on a university tour across New Zealand and Australia to introduce people to the basics of crypto, blockchain and Web3 careers.

I believe it will become mainstream, and it will be seen as just another investment asset or another way of paying. Legacy players will realise that there is demand from their customers and they’ll get involved. Already, there is a KiwiSaver fund in New Zealand which puts up to ten percent of some portfolios into Bitcoin (shout out to Kōura!). Career opportunities in the sector will, in turn, increase.

Digital-first strategy

Much of Binance’s remarkable growth can be attributed to its distinctive corporate culture; the driving force is our highly motivated people who are focused on our users. The secret is our digital-first strategy, because from a talent perspective we compete with the likes of Google, Amazon and Uber. So, rather than employing people based in a particular location, we look for talent, skills, attitude and experience first, irrespective of where that person is.

I came on board a year and a half ago as employee number one in New Zealand. As General Manager of Australia, New Zealand and, more recently, the Pacific Islands, I have people in places like Perth, Wanaka and Auckland. The hours they work are ones that suit them.

One of my colleagues lives on the Gold Coast and without fail, goes surfing every day. Another is caring for a sick relative and I myself am hands-on with my kids.

We balance this by being very clear on what each person is accountable for, and we have high performance expectations.

It’s about teamwork

This way of working does mean that we have to invest more in team building and get-togethers.

The benefit of working in an office is that people get to know one another and what’s going on almost by osmosis. So, we do a lot of team building, both online and in-person, whether that’s going for a mountain-bike ride after a customer event, or sharing a meal.

When working, our focus is on regular short, sharp stand-ups, and a high accountability culture. This comes straight from our founder and CEO ‘CZ’ (Changpeng Zhao). He has established a very unique way of operating and corporate culture. I’ve learned a lot about the importance of output in this role. For example, at Binance we don’t do PowerPoint presentations. Instead, we work from a basic document with a few bullet points, because the focus is on getting stuff done.

Another thing I’ve learned is the power of being a first-mover. Doing things well, but doing them quickly. In such a hyper-competitive sector, New Zealanders’ tendency towards achieving perfection can hold us back.

We’re also winning in the war on talent. The traditional brain drain that tends to happen after Kiwi students leave university and head out into the world to find opportunity has often left the country short on talent. An upside of working the way we do is that it is ‘anti-brain drain’.

Previously, if someone wanted to succeed in a regional role, they would have to be based out of Sydney or Melbourne. But now that’s not the case.

Our staff get the opportunity to work for a cutting-edge global business, helping to deliver exciting new products and services, without ever having to leave their kitchen table, let alone the country.

At Binance Ben Rose (pictured above) is the General Manager for Australia, New Zealand and the Pacific Islands.

Below: The Binance New Zealand team.