Binance reportedly adds Former Brazilian Economy Minister on its advisory board

Despite the present bear market, Binance, the biggest cryptocurrency exchange in the world, keeps growing its workforce. Henrique Meirelles, a former economy minister and president of the Brazilian Central Bank, is said to have joined the exchange as an adviser.

Henrique Meirelles has joined Binance’s advisory board, according to the daily O Globo. The economist held the position of President of Brazil’s central bank throughout his career. In addition to serving as Economy Minister, he also ran for president of the South American country in 2018.

The article states that “Binance confirms Henrique Meirelles’ participation in the company’s new global Advisory Board and reports that it will release more information about this initiative soon.”

Binance taking advantage of the bear market

Binance has not been overly concerned by the recent downturn in the crypto market or the subsequent outflow of investors. The exchange has a “healthy war chest,” according to CEO Changpeng Zhao, who also said that crypto winters are actually the best time for companies to expand staff.

Recently, it appears that the company’s footprint in the Latin American region has grown. The rising inflation in Brazil, Argentina, and Mexico has terrified the people, and interestingly, some of them have begun to focus on digital assets.

The economic turmoil in the region, according to Binance Latin America’s top executive Maximiliano Hinz, is one of the primary reasons the exchange has been gaining customers lately. 

“Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like bitcoin, as a way to protect themselves from inflation,” he said.

Unlike Binance, many top cryptocurrency platforms made the decision to reduce staff numbers in order to save money during these hard times. One is Coinbase that cut its workforce size by 18%, as TheCoinRise reported. Cryptocurrency exchange run by billionaire twins Cameron and Tyler Winklevoss, Gemini also laid off 10% of its workers. Other exchanges including Crypto.com, Bybit, and Huobi also announced some layoffs.