Putting users first: Binance’s approach to tech and innovation
Putting users first: Binance’s approach to tech and innovation
Michela Silvestri, Institutional Business Development Manager at Binance sits down with us for an exclusive Q&A.
Binance is a leading global blockchain ecosystem behind the world’s largest cryptocurrency exchange by trading volume and registered users.
The company is trusted by more than 200 million people in 100+ countries for its industry-leading security, transparency, trading engine speed, protections for investors, and unmatched portfolio of digital asset products and offerings from trading and finance to education, research,
social good, payments, institutional services and Web3 features.
Binance is devoted to building an inclusive crypto ecosystem to increase the freedom of money and financial access for people around the world with crypto as the fundamental means.
Joining us today is Michela Silvestri, Institutional Business Development Manager at Binance, to discuss the role of technology and innovation
the company in an exclusive Q&A interview.
Can you tell us a little about the role of technology and innovation within your role as Institutional Business Development Manager at Binance?
At Binance, we have long offered advanced products tailored to institutional investors' evolving needs. This comes amid a significant year for institutional crypto adoption. 2024 saw the introduction of the first spot BTC and ETH ETFs and tokenised funds from financial giants like BlackRock. These advancements have enhanced access, liquidity and market trust in digital assets.
I'm humbled to be part of the Binance VIP & Institutional team, which has consistently developed groundbreaking products revolutionising digital wealth and asset management. For instance, our Banking Triparty solution, piloted in late 2023, is a first-of-its-kind solution that allows institutions to keep trading collateral off-exchange with a third-party banking partner, mitigating counterparty risk and enhancing security. We're constantly engaging with our clients across the world, collecting feedback to better understand what pain points we can solve from product and service offering perspectives and how we can continue lowering entry barriers for more private clients and institutions to participate in digital assets.
How have new technologies (including crypto, DLT and blockchain) evolved over time, and how has Binance facilitated that evolution?
Crypto and blockchain are unique in that they were first embraced by retail players, or early adopters. Only in recent years have institutions begun recognising the technology's potential and applications.
As the market matured, the focus naturally shifted towards improving
security. As an industry leader, Binance has been at the forefront of this evolution, implementing rigorous security measures and leveraging state-of-the-art tools to ensure a safe trading environment.
Increasing focus has also been given to making crypto more user-friendly and accessible to the general public. This is crucial for the industry's goal of facilitating mass adoption. Binance has played a significant role in this by offering a user-friendly platform
equipped with a wide range of products and services, including trading, staking, and educational resources. Additionally, Binance VIP & Institutional was launched to make the adoption of crypto seamless for institutions in light of their increasing involvement over time.
The pace of crypto adoption has definitely accelerated in recent years. While we are still very early in the game, it is evident that there is enormous upside potential in the industry and a steepening adoption curve suggesting
“Remember, the more you invest in your education and network, the more you’ll grow in this dynamic sector. Stay passionate and committed to your journey, and success will follow”
that we are confidently headed toward the mainstream.
What are some of the key challenges coming with the adoption of crypto, and how is Binance helping to combat those challenges?
One of the key challenges in the adoption of crypto is regulatory uncertainty. Given how young the crypto industry is, many jurisdictions still lack clear regulatory frameworks, which can be an obstacle preventing widespread adoption. Thankfully, this has improved in recent years.
At Binance, we have been closely working with regulators globally to engage in dialogues, share industry expertise and help develop regulatory frameworks. We are proud to be the most regulated crypto exchange globally, with approvals in 18 jurisdictions.
Another significant challenge is the lack of infrastructure and institutional products. Unlike other sectors, crypto is nascent and does not yet have established infrastructure in
place. This is particularly true for the institutional sector. Although we've seen groundbreaking developments in recent months, there remains more work to be done.
Binance VIP & Institutional recognises this market gap and has launched numerous products over the past few years to cater to the diverse and evolving needs of investors, including several industry-first products.
Binance VIP & Institutional empowers institutions and private wealth clients with robust asset management infrastructure, personalised VIP services and advanced end-to-end institutional trading tools powering the world's most regulated and reliable trading platform. With deep financial services experience in both traditional and crypto markets, its global team of trusted experts provides VIP & Institutional clients with the support they need to confidently capitalise on the industry's deepest liquidity and tightest markets.
From a Binance perspective, what opportunities can the widespread adoption of crypto provide? The opportunities presented by the widespread adoption of crypto are immense. The potential of blockchain technology is vast, and I'm personally excited to see how the future unfolds and what innovative use cases emerge.
One significant opportunity is financial inclusion. Crypto can offer financial services to underserved or unbanked populations globally, providing them with access to essential financial tools.
Another key advantage is the reduction in transaction costs. Digital assets can lower the cost of cross-border transactions and eliminate expensive intermediaries, leading to significant savings and faster settlement times for both retail and institutional users.
Additionally, digital assets can enhance transparency in transactions, reducing fraud and improving trust. At Binance, we’ve seen this firsthand. In line with our user-focused philosophy, our team proactively helped in tracing, recovering and securing $73m worth of stolen funds for external parties in the first seven months of 2024.
Institutions can also leverage blockchain technology to streamline operations, improve supply chain management, and ensure more efficient and auditable business practices.
What do you see as the future of finance, and how do you see Binance factoring into that future?
The future of finance will see the continued adoption and integration of crypto, digital assets and blockchain into our everyday lives. Currently, global crypto adoption is estimated at 6.8%, but this figure will keep growing as the industry matures,
more governments embrace crypto and mainstream companies adopt blockchain technology.
We also foresee a seamless integration of crypto with traditional banking systems in the future. In 2024, recognised banks like BBVA, Raiffeisen, Morgan Stanley, JP Morgan and Santander are already opening their doors to digital assets. But there is still much more to come!
Binance has already made strides in this area through extensive partnerships with banks and financial institutions. We aim to further facilitate this integration by providing
infrastructure that bridges traditional finance with the crypto world.
Additionally, the demand for secure and compliant digital asset custody solutions will increase. Binance already provides institutional-grade custody solutions, and our continued focus on security and compliance positions us to meet the growing needs of institutions seeking secure storage solutions.
Reflecting on your career journey, what advice do you have for aspiring professionals in this sector?
My advice is to dive deep into understanding digital assets, Web3 and blockchain technology.
Continuous learning is key in this young and everevolving field. Stay updated with quality resources like Binance Academy, which offers comprehensive educational materials.
For women aspiring to be part of this sector, joining supportive communities like Women Who Code and Women in Web3 can be incredibly empowering. There are many Web3 communities nowadays! These groups offer useful resources, encouragement and networking opportunities – helping you navigate the industry with confidence.
Additionally, attend industry events and meetups to connect with professionals and gain valuable insights. Networking actively can open doors to new opportunities and collaborations. Stay curious, ask questions, and never stop learning. Embrace challenges as learning experiences and keep pushing the boundaries of your knowledge. Remember, the more you invest in your education and network, the more you’ll grow in this dynamic sector. Stay passionate and committed to your journey, and success will follow.
ADDED VALUE Recommended
reading
“Working in the fast-paced world of crypto means I need to stay sharp and perform at my best every day,” explains Michela. “Two influences that have really shaped my approach are Robin Sharma and Joe Dispenza.
“Robin Sharma’s books, The 5 AM Club and The Everyday Hero Manifesto, have been game-changers for me. They highlight how powerful daily routines and focused attention can be in achieving great results.
“Joe Dispenza’s Becoming Supernatural and You Are the Placebo have taught me the incredible benefits of meditation and understanding how to train our brains to produce the best results. These insights have truly boosted my well-being and productivity.”
Calendar highlights
“I’m really excited about a few upcoming events,” says Michela. “Education is a big part of Binance’s mission, and we’re hosting free workshops for wealth and asset managers in cities like Milan, Sofia, Zug, and Warsaw. These workshops will cover everything from portfolio diversification to staking and margin trading.
“I’m also looking forward to Binance Blockchain Week in Dubai this October. It’s always a fantastic opportunity to connect
Learn more at binance.com.
with brilliant minds from Web3, Web2, and traditional finance.
“Finally, our inaugural Binance Institutional Summit held in March was a huge success, and planning is already underway for the next one.”
Connect with Michela and Binance
“I’m active on social media, sharing personal insights and company updates. Follow me on X @MichelaSilvestr and on LinkedIn as ‘Michela Silvestri.’”
“For updates from Binance VIP & Institutional, visit www.binanceinstitutional.com, and follow us on X @BinanceVIP and on LinkedIn ‘Binance VIP & Institutional.’”
Connect with Michela
