The year 2020 will forever be remembered as the year of COVID-19, but the long-term impact the pandemic will have on the global economy is not known. Around the world, countries have been forced to shut down their domestic economies, and people have been forced to seek shelter in order to comply with the social distancing measures necessary to prevent the spread of the Coronavirus.
The immediate effect of these measures varied from country to country, but the general trend was that many companies and companies had to fundamentally change their normal business methods.
Those lucky enough to stay at work had to accommodate their home workers, with many offices shutting down to stem the tide. This “new standard” has been in effect for several months, and companies and individuals may reach an agreement with the status quo.
According to PwC, a multinational consulting firm, in its latest C-level executive survey, C-level executives around the world plan to digitize their companies and develop more flexible employee-focused work practices to help those who work remotely. Among these, health and technology companies are more likely to prioritize virtual business models.
The COVID-19 pandemic appears to have become a peculiar catalyst for a decentralized approach to work across a wide range of industries. The power of technology has definitely made this transformation possible, and teams can work and communicate effectively even through new media. The cryptocurrency and blockchain space has long been a supporter of decentralization, but the industry is also still feeling the effects of the ongoing epidemic.
Consequently, some of the largest cryptocurrency and blockchain companies and players have had to adapt to the new ways of working.
‘The new normal’
Cryptocurrencies traditionally operate in a specific country or region, but some of the largest platforms have evolved into global players with offices and users around the world. Binance has established itself as the largest cryptocurrency exchange by volume, going hand in hand with a steady drive to spread exchange support on the ground.
Exchange founder Changpeng Zhao told Cointelegraph that the company has been operating as an internationally decentralized team for more than three years. Telework is an integral part of Binance’s culture, with more than 1,300 employees working in 50 countries in various time zones, according to CZ.
Having a flexible work environment that already exists means that the Oslo Poor’s did not need to revise its working methods as much as other organizations did. But, as Czechoslovakia explained, this does not mean that COVID-19 has not affected his preferred methods of work:
“There is an effect: Before COVID, our teams were struggling. We travel a lot and team members meet by chance at conferences etc. COVID has limited these interactions. It really has a negative impact, especially on new team members. But we are dealing with it so far.”
Given that Binance did not have to rethink its work environment and operations, there were no major disruptions to the organization. However, the changes are noticeable, so it may take several months to return to normal. Czechoslovakia said companies are using digital tools to collaborate with team members, customers, and the crypto community:
“We certainly don’t have a chance to see each other face-to-face or communicate with our local communities on occasions, but we consider this to be temporary. Meanwhile, we are trying to turn on our webcams, initiate video calls, and do webinars.”
BitPay, a US-based Bitcoin (BTC) payment service provider, made the decision to move into a permanent home job in September after receiving feedback from its employees. The company has more than 80 employees in three global offices in Atlanta, Amsterdam and
Buenos Aires. BitPay Marketing Director Bill Zilke told Cointelegraph that prior to the pandemic, through February, employees were working in a normal office environment. he added:
“We put together a plan first, and we had to revisit many processes and work with employees to ensure they had what they needed to succeed at home. Daily standby meetings, broader communication and comprehensive virtual meetings were some of the new ways in which the company was run.”