Yele Bademosi Addresses Potential Conflict Between Binanc and MT Roles

Serial investor, Yele Bademosi, has addressed fears about a potential conflict of interest between his latest role as a director at Binance Labs and as Managing Partner of VC firm, Microtraction.

Recall that Mr Bademosi recently announced his latest appointment with the crypto giants. A major responsibility of his office would be developing Africa’s blockchain ecosystem as well as leading the hunt for blockchain projects and solutions across the continent.

https://technext.ng/2019/01/14/startup-investor-yele-badamosi-joins-binance-labs-venture-arm-worlds-largest-crypto-exchange/

This inadvertently raised concerns about a potential conflict of interest. Binance Labs pursues investments in crypto start-ups, same way Mr Bademosi’s VC firm, Microtraction does. And with Binance turning its focus on Africa, Microtraction’s own primary market, such concerns become very valid.

“Hey, there is no conflict of interest,” Mr Bademosi says in response to a query by our reporter.

https://technext.ng/2018/06/28/cryptocurrencies-crashing-microtraction-betting-bitkoin-africa-succeed/

Microtraction has a number of healthy crypto start-ups under its belt. They include Bitkoin Africa and BuyCoins Africa.

Buycoins, just like Binance is also a crypto exchange platform. This is another possible point of conflict because of a potential situation where Mr Bademosi’s insider knowledge could prove beneficial to his portfolio startup. But he stated clearly in his response where his investments into crypto activities will be.

“My investment activities in crypto/Blockchain will be with Binance Labs,” he says.

It is however still unclear whether Bitkoin and Buycoins will still remain portfolio start-ups under Bademosi’s Microtraction or whether they would be transferred to Binance.

https://technext.ng/2018/07/31/bitkoin-africa-new-buycoins-app-good-place-buy-sell-cryptocurrencies-nigeria/

Yele Bademosi hopes to clarify things with an announcement in the future about Microtraction’s partnership structure. He also assures our reporter that this is also an exciting time for Microtraction as well.

Indeed it should be an exciting time for them. Mr Bademosi’s entry into the Binance Labs team is a big recognition, considering the VC firm is barely two years old.

We wish them the best.