Changpeng Zhao Binance CEO and Founder Binance looks to hire 2,000 employees amid a slump in the market

 

Despite the carnage in the cryptocurrency market, Binance Exchange, one of the world's largest and most popular Cryptocurrency Exchanges by trading volume, does not intend to roll back its expansion plans and looks to hire an additional 2,000 employees.

 

Binance exchange is possibly living up to its position as the largest digital currency trading platform in the world as it has unveiled its plans to hire as many as 2000 new workers despite the current slump in the crypto market.

 

The company’s founder and Chief Executive Officer, Changpeng Zhao, confirmed the reports. He said that the company made a very thoughtful decision to turn down “Super bowl ads, stadium naming rights, large sponsor deals” a few months ago, the decision has contributed mainly to its solid financial position amidst this unprecedented “crypto winter.”

 

 

"We currently have more than 2,000 roles open from engineers, product, marketing to business development," Binance co-founder Yi He told Fortune. "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."

 

Also Read: Crypto Investor Sues Binance U.S. Exchange Over Stablecoin Collapse

 

With only a few platforms disclosing information to deduce whether they are overly impacted by the current market slump, the likes of Nasdaq-listed trading platform, Coinbase Global Inc announced that it has downsized its workforce by as much as 18% or 1,100 jobs. BlockFi and Crypto.com have also cut hundreds of jobs, while Meta Platforms and Intel Corp also tapped the brakes on hiring.

 

While the move by Coinbase Exchange placed the feather on the exchange’s cap as other company executives had been hinting at slowing the hiring for quite some time now, a related retrenchment move was announced by Gemini exchange a few days ago.

 

While the current market slump is hitting exchanges differently, cryptocurrency lending platform Celsius seems to be reeling more under the crushing weight of the cryptocurrency price slump. The lender paused withdrawals earlier this week and declined many offers for help from Swiss-based competitor, Nexo.

 

Also Read: Binance CEO CZ Is The Richest Crypto Billionaire At $96B

 

In a blog post published on June 14, Coinbase CEO Brian Armstrong admitted that the firm had “over-hired” during the cryptocurrency bull run in 2021, and the slump in the market needed a “different mindset.” Coinbase further stated that it had reduced less than 10% of its Indian workforce and that operations in India were still a “strategic priority”.

 

Also Read: Building Big Empires: Biggest Crypto Exchanges Push For Global Presence

 

It remains to be seen whether the Binance Exchange will be able to sustain its hiring spree should the “crypto winter” last for much longer. However, its current gesture is evident that irrespective of the broader outlook, good cost-cutting measures can hugely benefit trading platforms, not just in periods of the market boom but also in periods of a market downturn as we are in at the moment.

 

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