Market decline

Binance seeks to hire 2,000 employees amid latest market decline

Image source: Getty Images

While many crypto businesses need to make cuts to stay afloat through crypto winter, Binance CEO Changpeng Zhao said Binance plans to hire more employees. Zhao co-founder Yi said, “We currently have over 2,000 positions open, from engineers, products, marketing to business development… The crypto space is still in its infancy, and bull markets tend to be more price-conscious while bear markets have more value-conscious teams that continue to build the industry. We consider this a great time to recruit top talent,” according to Fortune.

The current downsizing trend

This comes at a particularly surprising time as most crypto companies are currently moving in the opposite direction. Coinbase recently announced that it would be laying off 18% of its workforce and suspending hiring for the foreseeable future. Last year, however, Coinbase entered the sports arena with deals to make it the “exclusive cryptocurrency platform partner” for the NBA and WNBA.

Other crypto companies are in similar situations to Coinbase., for example, bought the naming rights to what was once the Staples Center for a whopping $700 million. Unfortunately, today it is experiencing winter and also has to take downsizing measures, reducing its workforce by 5%.

Zhao referenced these companies and said that Binance avoids this type of huge expense and is part of the reason the company has been able to continue to grow in today’s market. He said, “We have a very healthy war chest; we’re actually ramping up hiring right now…If we’re in a crypto winter, we’ll take advantage of it, we’ll use it to the fullest.”

It’s certainly nice to see a company that has kept its stores ready for the winter.

Earn a $50 bitcoin bonus

Our updated list of the best cryptocurrency apps for 2022 is packed full of best-in-class choices. The cryptocurrency apps that landed on our shortlist include perks like $0 commissions and a choice that offers a $50 bitcoin bonus. Check the list here and start your crypto journey, today.

Get the best choices

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts.Katie Clinebell has no position in the stocks mentioned. The Motley Fool has no position in the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.