Rachel Conlan on Binance’s Expansion and Community

During ETHWarsaw, held on 5-6 September 2024, BeInCrypto had the exclusive opportunity to attend a special event organized by Binance, where key representatives shared insights into the company’s growth and future plans. Among the highlights of the event was an insightful interview with Rachel Conlan, Binance’s Global Chief Marketing Officer, who played a crucial role in shaping the company’s global marketing strategy.

The event, dedicated to select media outlets, offered an intimate setting for discussions on the crypto landscape, particularly in markets like Poland and LATAM. Rachel Conlan shared her thoughts on Poland’s growing role in the European crypto ecosystem, citing high adoption rates and a thriving tech-savvy population. This conversation, held against the backdrop of ETHWarsaw, also touched on the broader global trends impacting Binance, including increased institutional interest and the company’s focus on community-driven growth.

BeInCrypto Meets Rachel Conlan at ETHWarsaw

Jakub Dziadkowiec (JD): Hello Rachel! How are you doing today?

Rachel Conlan (RC): I’m well. How are you doing? Thank you for joining us today.

JD: Thank you. It was a pleasure listening to your speech at the beginning of our lunch here at ETHWarsaw. Could you briefly explain your role at Binance and share some of the most recent developments you’ve been covering?

RC: I am the Global Chief Marketing Officer at Binance. I’ve got the most fun role within the business, but it’s also one of the most challenging because I’m responsible for growing the industry. I’ve been in the role for a couple of years now, and I’m really lucky to work with Richard Teng, our founders, and the broader team.

Binance is in a strong position right now. After seven years, we’ve reached 219 million users, which is an incredible milestone. But it’s also a huge responsibility because it means we must continuously improve our products, optimize what we already have, and ensure Binance is always safe and secure for our users.

JD: That sounds like a lot of responsibility.

RC: It definitely is. But when we think about it, our user base is still in its early stages of growth.

The Growth Potential of Crypto Adoption

JD: Yes, this is one of the main points you often emphasize—that crypto is still in the early adoption phase, with a lot of room for growth. What’s your take on that? How much growth potential do you see?

RC: The potential to unlock is still enormous. Currently, global crypto penetration is around 5-6%, representing roughly 500-600 million users. Many users have second or third accounts, but the adoption is still in its early stages.

Recently, we’ve seen significant attention on the industry—since ETF approval in December, the Bitcoin halving, and the influx of institutions into the space. From a marketing perspective, this momentum is a dream.

I was with the Google team last week, and they mentioned that Bitcoin became the most searched financial product globally in the first quarter of 2024. This kind of spotlight is incredibly exciting, and we’re fully committed to supporting our existing community while engaging with the next generation of crypto users, who are entering for various reasons.

Traveling and Expanding Binance’s Global Presence

JD: You’ve been traveling a lot, given your global marketing responsibilities. Can you share some of the places you’ve visited recently, and what your plans are for the next few months?

RC: Over the past year, I’ve probably visited around 25 different countries with Binance. Most recently, I spent time in the LATAM region, which is an important and rapidly growing market for us. The crypto penetration there ranges from 12% to 20%.

People in LATAM use crypto for different reasons, from using stablecoins to protect their assets against high inflation and unstable governments, to institutional trading and high-level training.

However, I arrived here in Poland just yesterday, and it’s my first time visiting. I’m Irish, and I’ve had Polish friends for over 20 years, but seeing the appetite and curiosity for crypto and blockchain here is extraordinary. Poland is far ahead of much of Europe in terms of crypto penetration.

JD: That leads me to my next question. You’ve mentioned that Poland ranks in the top three European countries within the Binance ecosystem. Could you elaborate on how you perceive Poland as a market for Binance, both in Europe and globally?

RC: One thing I love about the crypto industry, having worked in traditional finance for a long time, is how it’s turning the global financial map upside down. When we grew up, cities like New York, London, Hong Kong, and Singapore were seen as financial hubs.

But now, we’re seeing places like Dubai and Abu Dhabi take leading positions in crypto. Poland is another prime example—its crypto penetration is at 11.7%, while most of Europe is at just 5%. That’s a significant difference.

Poland’s Role in the Global Crypto Ecosystem

JD: That’s quite close to the LATAM region penetration rates you mentioned earlier. What do you think drives this high adoption rate in Poland?

RC: I believe there are two main reasons, from an outsider’s perspective. First, Poland has an incredibly tech-savvy and digitally literate population that’s very engaged with the digital world—not just in terms of trading, but in the broader crypto and blockchain industry.

Second, this has led to the rise of incredible businesses and Web3 startups coming out of Poland. Even just walking around the ETHWarsaw conference, you can feel the energy and enthusiasm for the space.

JD: That’s true. As a Pole, it’s great to see how local events are becoming international ones, with esteemed guests like yourself and representatives from top global crypto companies. It’s amazing that we’re establishing new crypto financial centers for the future.

RC: Exactly! The landscape of financial centers could look completely different in the next few decades. Just last night, we had 500 crypto enthusiasts join us for a meet-up, and I got to hear their stories—how they got into the industry. Some were recent adopters, while others were OGs.

There’s so much potential here, and Poland has the appetite and infrastructure to support it. One interesting fact I learned this week is that Poland ranks in the top 10 globally for the number of crypto ATMs. That’s a significant achievement and a big part of making crypto accessible for the next generation.

Accessibility and Community in Crypto Adoption

JD: That focus on accessibility resonates with our traditional banking system as well. Poland has a highly developed payment system called BLIK, which allows users to send money instantly peer-to-peer, without the need for bank interference. This kind of technological development is a great foundation for the growth of crypto adoption.

RC: Yes, it’s a huge opportunity. You’re right — localization is key, not just having a presence but ensuring we’re speaking the local language and addressing the needs of each community. That’s something we’re focusing on at Binance as well. It’s not just about talking to these communities but engaging with them at a grassroots level.

JD: That must be costly, right? Establishing small, local communities requires specialists in each area. But I imagine it’s worth the effort to build these growing communities. For example, I recently met David Princay, who’s been a mastermind in growing Binance communities in France and other European markets.

RC: David is amazing! He was one of our former Binance Angels. Speaking of which, our Binance Angels program operates globally, and we have around 500 Angels who are early crypto adopters dedicated to sharing their knowledge. They volunteer their time, and their incentives are non-monetary.

Poland accounts for 2% of the global program, which is impressive considering we’re in 100 markets. These Angels support our educational initiatives, spending time both online and in person with communities, helping people understand how to navigate what can sometimes be a complex industry.

JD: Rachel, thank you so much for the interview. It’s been a pleasure talking with you.

RC: I really appreciate it. Thank you so much!