Binance actively hiring despite other exchanges laying off staff

Despite the arrival of the so-called crypto winter, crypto exchange Binance appears to be optimistic about its future, announcing it is continuing its hiring efforts while many other crypto exchanges have announced layoffs.

Binance founder and CEO Changpeng Zhao recently shared his thoughts on the crypto winter and how Binance is responding to the recent market events, in a video at the Consensus 2022 festival in Texas this weekend.

The CEO of Binance noted in the video:

“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,” 

While a number of crypto exchanges have spoken conservatively of their activities with regards to hiring, Binance has gone the other way, with Binance co-founder Yi He sharing with Fortune that they have many roles still open, and view the bear market as an opportunity for expansion:

“We currently have more than 2,000 roles open from engineers, product, marketing to business development. 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.” Yi He said.

Crypto.com founder Kris Marszalek recently revealed Crypto.com will be laying off 5% of its workforce, totalling 260 employees, with Marszalek revealing via Twitter that the company’s approach is to “focus on executing against our roadmap and optimizing for profitability as we do so,” 

He added:

“That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce,” 

Gemini Trust has also made the decision to cut 10% of its staff, noting this decision was the result of “turbulent market conditions that are likely to persist for some time”.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.