Changpeng Zhao, also known as CZ, is perhaps one of the most recognizable names in web3, being the founder of the crypto exchange platform Binance, which has grown to become the world’s leading blockchain ecosystem today. Binance’s success did not happen overnight but it achieved its monumental growth in just a year after it was founded back in 2017. And even with stiff competition, the exchange, led by CZ, is still retaining its title as the leading brand in crypto. But what does it take to achieve and continue that success?
Fair, Ethical and Focused
Fairness is a broad principle covering many aspects of life as per CZ. From personal relationships, to work and business deals, it’s essential to get the right balance when treating each and being as objective as possible. Being fair also means being ethical. Never cross boundaries, and always do the right things. Always focus on what benefits all parties, a win-win relationship, and think long term. Just like how Binance is still the leader in web3 years after it was founded. CZ is a believer in the importance of long-term goals over short-term wins.
Teamwork makes the dream work
While CZ is the one that founded Binance, part of the platform’s success is with the support of the whole team behind it. CZ says that encouraging all members to put the team first can get the best long-term individual results. There are several ways to work collaboratively with the team and internal competition is one of them. Internal competition can allow opportunities for growth for the team in general. According to CZ, “controlled chaos is a type of structure”.
The adaptability allows Binance to work with different cultures and regulatory laws such as here in the Philippines as it pushes to promote web3, cryptocurrency, and blockchain adoption through proper education and support needed in the region. Understanding the world as it changes and adapting to it also allows for more flexibility over traditional concepts in organizations, especially with Binance’s global reach.
Be clear, be concise and be direct when communicating. The intention has to be clear and it is important to choose the most efficient tool for communication and deliver the right messages. CZ believes that it is a type of strategy to choose the right method of communication. As per CZ, “Don’t meet if a call is sufficient; Don’t call if an IM (instant message) is sufficient”. Go for efficiency over formality and, just like with most things, find proper balance when it comes to the levels of communication.
Rest, Stay Calm and Relax
Just like any other industry leader, Binance is not without any challenges so taking the stress off is important from time to time. This can be as simple as finding one’s sleep and life pattern to maximize the amount of energy one can recover and identifying which time of day the mind is most alert to know when to think about and make hard decisions. Allowing the team to also take breaks is also important and it can be as simple as a meal together where everyone can interact outside of work.
Holding oneself to high ethical standards also helps in promoting a calm outlook. Knowing that you are doing the right things and making a positive impact in the world not only means less stress but also makes it easy to deal with any negativity.
Read more on CZ’s principles and know how you can apply it Binance blog