The CEO of Binance exchange has announced that the company is expanding its hiring process amidst the market downturn.
According to Bloomberg News on June 13, Binance CEO Changpeng Zhao (CZ) stated that the bear market is a fantastic moment for crypto businesses to hire more workers and raise investments.
He said this in Austin, Texas, during the Consensus conference. When asked about Coinbase’s hiring freeze, he responded:
“We have a very healthy war chest; we in fact are expanding hiring right now.”
Zhao talked extensively about the benefits of crypto winter, claiming that during the bull market, there are a lot of projects and compensation demands are usually high.
In a bear market, however, the market is more balanced. “If we’re in a crypto winter, we’ll utilize it and use it to its full potential,” he said.
Binance is trying to expand its investment portfolio, which already includes a $200 million investment in Forbes, according to his claims.
Cryptocurrency companies lay off staff amidst market volatility
While Binance may be mulling fresh investments and hiring, the crypto ecosystem as a whole is in a different mood. Several firms in the industry have recently announced hiring freezes or employment cuts.
Coinbase stated last week that it will be halting hiring. Several employment offers accepted by potential employees were canceled as a result of the Brian Armstrong-led exchange.
Gemini, a crypto exchange founded by the Winklevoss twins, recently stated that it is laying off 10% of its workforce, citing the market collapse as the reason.
BitMex, a cryptocurrency derivatives platform, and Buenbit, an Argentine exchange, have laid off 75 and 80 employees, respectively. In April, even Robinhood laid off 9% of its full-time staff.
Crypto.com, another cryptocurrency exchange, announced the layoffs of 260 staff earlier today.
