Amidst the Spree of Layoffs, Binance Is Expanding Hiring

Vignesh Karunanidhi
Amidst the Spree of Layoffs, Binance Is Expanding Hiring
Source: Unsplash

With companies displaying a layoff spree, Binance seems unaffected and is continuing to expand hiring. Crypto companies are laying off staff in droves, with, Gemini, Coinbase, and BlockFi all announcing layoffs and hiring freezes.

Other companies, such as Bitso, Mexico’s largest crypto exchange, have just let off 10% of their workforce. Buenbit, a cryptocurrency exchange based in Argentina, has laid off 45 percent of its workers.

Amidst the harsh crypto market, Binance seems sturdy and robust as the company is looking to expand its workforce.

Binance CEO says, “We have a very healthy war chest”

Changpeng Zhao, the CEO, and founder of the world’s largest exchange, believes that crypto winter is the best time to increase the company’s investment in acquiring new talents.

“We have a very healthy war chest, we in fact are expanding hiring right now,” .His company is also “kicking into high gear in terms of M&A activity.”

Binance CEO said via video at the Consensus 2022 conference

CZ spoke about the expansion plans when he was asked about Coinbase’s recent hiring halt. Except for Binance, Gemini and Coinbase seem to have been affected by the market sell-off and inflation.

CZ expressed that Binance has been cautious to avoid promotional spending, including the SuperBowl ads, or to get naming rights in different sports venues. The comment was made as and FTX had spent a considerable sum to put their names in the Super Bowl ads with celebrity promotions and to host various NBA franchises and venues.

Source: CoinDesk

“During bull markets, everyone’s starting their own projects, everyone’s paying everyone ridiculous compensation. Now the market is more balanced, he added, and if we are in a crypto winter, we will leverage that, we will use that to the max.”

Zhao said in the Consensus interview

Binance is also planning to increase its investments in various companies, primarily beginning with its $200 million investment in Forbes to spread the usage of blockchain technology.