A former Uber executive has joined Binance to help the crypto exchange expand into new markets.
Matt Shroder was named vice president in charge of Global Expansion Operations by Binance on Thursday. He was previously Uber's Global Head of Product Operations.
Shroder's role at Binance will include helping the exchange scale its operations and services, especially in emerging markets.
Speaking to CoinDesk, Shroder said he would build on Binance's market-leading position by helping the exchange "develop more at a local level and differentiate products to further meet the needs of the diverse consumer base."
Binance has used fiat currency on ramps to expand into new markets before. As part of its charm offensive in Russia, where the exchange wants to establish a developer office, Binance added support for the ruble on its peer-to-peer facility, giving Russian citizens feeless trading with selected cryptocurrencies.
“[Shroder] is able to anticipate local challenges on the ground and how [Binance] can better serve people at a local level across the globe," said Binance co-founder Yi He. Schroder's experience in product strategy and operations would allow the exchange to "continue to improve and innovate," He added.
Shroder served in multiple roles at Uber after joining the ridesharing giant in 2013. According to his LinkedIn profile, he left Uber in December 2019.
Shroder told CoinDesk there are parallels between Binance and Uber: both are global companies that face most of their competition from smaller, local providers. There is also a similar dynamic in how both companies must tailor their offerings to suit regulatory requirements on a country-by-country basis.
"My time at Uber gave me experience in building products and teams that take advantage of the efficiency you gain by being larger, However, you need to know when it’s important to have a local presence in order to stay familiar with consumer and market needs," Shroder said.
Binance CEO Changpeng Zhao agreed, adding: “Matt has tackled many similar challenges at Uber – a company that was leading an entirely new industry, the sharing economy – which we feel resembles our industry today."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.