The world’s largest cryptocurrency exchange, Binance, is proving its worth as to why it’s the largest as the exchange is gearing up to hire for almost 2000 roles while other firms are busy with layoffs.
Binance CEO Changpeng Zhao said last week at the Consensus 2022 conference that the company had the resources to expand its hiring and move on to new acquisitions.
Zhao stated that unlike other firms, Binance has mostly avoided massive marketing costs such as Super Bowl ads or naming rights to sports venues, which has aided its capacity to grow amid rocky market conditions.
“We have a very healthy war chest; we in fact are expanding hiring right now. If we are in a crypto winter, we will leverage that, we will use that to the max,” CZ noted.
According to CZ, Binance is also aiming to continue investing in other companies in addition to new hires and acquisitions.
“We currently have more than 2,000 roles open from engineers, product, marketing to business development,” Binance co-founder Yi He noted.
Yi He added “The crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent.”
Binance isn’t the only crypto exchange that will be hiring amid the current bear market. FTX CEO Sam Bankman-Fried indicated on Twitter that the exchange would “keep pushing forward” by hiring.
Binance’s action comes amid high volatility in the cryptocurrency market, as investors flee riskier assets in fear that rising inflation would compel the US Federal Reserve to raise interest rates rapidly, tipping the country into recession.
The current market status surely is impacting multiple big firms like BlockFi who announced laying off about 20% of its total employees, and even crypto exchange Coinbase announced laying off its workforce by 18%.
