Cryptocurrency exchange Binance has hired former Microsoft executive Rohit Wad as chief technology officer, according to an announcement on Friday.
Wad has more than 30 years of experience at Silicon Valley giants. The new appointment is hoped to extend the role of crypto into the mainstream economy, legitimising Binance as a major player.
In a statement announcing the news, Binance said: “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’s career started in the early 1990s, when he assisted in core software projects like Bing and Excel and popular social media sites; Google and Facebook. In 2016 he returned to Microsoft in the role of corporate VP of product and engineering.
Now that Wad is moving into his new CTO role, Mayur Kamat, senior executive at Agoda the Singapore online travel agency will take on Wads’ former role as VP of product.
The changes come a month after Binance CEO Changpeng Shao (CZ) announced the company’s plan to make several acquisitions outside of the crypto space.
CZ said at the time: “We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto.”
With the CEO’s fortune close to $100bn, Binance seems to have enough cash to survive the potential pitfalls of the acquisition spree.
It doesn’t come without regulatory queries. The company has been under the microscope of agencies worldwide conducting investigations into illicit trading allegations all the while scrutinizing its anti-money laundering practices.
However, over the last year Binance has evolved in many ways, moving sharpish in securing its reputation by hiring successful executives in the political world as well as IRS and Interpol.
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