Binance CEO Changpeng Zhao has said Binance, the world-leading cryptocurrency platform, presently has over 2000 job openings despite the present cryptocurrency crash.
The cryptocurrency market entered a full bearish zone in May as I earlier projected on the back of rising interest rates in developed economies and other global uncertainties that disrupted capital inflow into the cryptocurrency space.
Bitcoin has lost 24.09% of its value in the last 7 days while ETH, BNB, ADA and XRP have shed 30%, 20%, 19% and 19.48%, respectively. This broad-based decline forced cryptocurrency companies to start cutting down on operating costs.
On Monday, BlockFi and Crypto.com announced they were laying off 20% and 5% of their employees, respectively. That was after Coinbase, Gemini Trust., and Rain Financial announced in May 2022 that they were cutting down on manpower due to the current cryptocurrency crash.
However, Binance seems to be immune to the crash. Last week, Zhao said Binance has a healthy war chest and explained that the world’s leading cryptocurrency avoids spending big on promotions like competitors to avoid issues like this.
It should be recalled that Crypto.com spent paid a whopping $700 million in November 2022 to have Staple Center, the home of the Los Angeles Lakers, Clippers, and Kings, named Crypto.com. Coinbase also made a similar move when it inked a deal to become an “exclusive cryptocurrency platform partner” for the NBA and the WNBA, as well as for NBA affiliate leagues, and USA Basketball. The same company announced earlier this month that it was pausing hiring “for the foreseeable future”.
Binance on the other hand said it has over 200 vacancies for engineers, marketing, etc.
Binance co-founder Yi He said, “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.”
“We have a very healthy war chest; we in fact are expanding hiring right now,” Zhao said. “If we are in a crypto winter, we will leverage that, we will use that to the max,” he said, adding that the company is “kicking into high gear in terms of M&A activity.”