Exchange giant Binance aims to leverage current market conditions to expand hirings

In contrast to other crypto exchanges that are laying off their workforce in the current crypto market conditions, crypto exchange Binance believes it’s the best time to hire new people and expand.

As the crypto downtrend is closely following the equity market, the negative sentiment is increasing. Many are calling it a global recession. Despite the ongoing negative sentiment in the crypto industry, the founder and CEO of the biggest crypto exchange platform Binance, Changpeng Zhao, said that crypto winter is a great time to ramp up investment in talent and acquisition. 

During the Consensus 2022 conference, Binance’s founder stated that the Binance is “kicking into high gear in terms of M&A activity.” He added:

“We have a very healthy war chest; we, in fact, are expanding hiring right now.”

CZ said that the exchange had been cautious while investing money and stayed away from big promotional spending like FTX did to secure a Super Bowl ad spot.

During last year’s bull market, everyone started their own projects and received “ridiculous compensation,” according to CZ. Binance, on the other hand, wants to “leverage that” and use that now that the market is in a downturn.

In February, Samuel Bankman-Fried, the CEO of FTX, also said that the platform would continue onboarding new staff as they had during the days of positive market conditions.

Several exchange giants downsizing

The recent remarks are followed by yet another crypto winter, which has resulted in hiring freezes, layoffs, and job offers being rescinded in the industry. Several exchanges have announced that they are halting hiring new employees, and many even suggested downsizing their staff due to market turbulence.

The Africa-based exchange Bitfinex laid off 25% of its workforce. As TheCoinRise reported, American crypto exchange Gemini also trimmed off 10% of its staff in response to unfavorable market conditions. Even the biggest crypto exchange in the United States, Coinbase, also halted the hiring of new staff in the wake of the current crypto bloodbath.