Binance to Hire 2,000 Amid Wave of Crypto Layoffs

While other cryptocurrency companies are cutting staff, cryptocurrency exchange Binance said on Wednesday (June 15) that it was hiring for 2,000 positions.

“It wasn’t easy saying no to Super Bowl ads, stadium naming rights, big sponsor deals a few months ago, but we did it. Today, we are hiring for 2,000 open positions for #Binance,” CEO Changpeng Zhao said on Twitter.

This decision comes amid an extremely difficult time in the crypto world, with investors selling risky assets due to concerns that rising inflation will lead the Federal Reserve to raise interest rates, causing a recession in the process.

Cryptocurrency exchange Coinbase on Tuesday announced plans to cut around 1,100 jobs, the equivalent of roughly 18% of its workforce, the latest in a long line of companies shedding jobs as the industry goes into decline. its “winter”.

Read more: Crypto Crisis Evokes Memories of the 1998 Hedge Fund Crash That Crippled the Market

As PYMNTS pointed out, this is part of a broader trend that has its roots in November, when Bitcoin and the rest of the crypto market began their slide. However, it was the early May run and $45 billion collapse of TerraUSD, a fiat-backed stablecoin that was the third-largest digital asset by market cap, and its associated LUNA token, that led to the growing sense of panic.

And then there is crypto lending platform Celsius, which has reportedly hired restructuring lawyers. This week, the company stopped withdrawals, which helped trigger a panic in the market.

Learn more: Is $80 Billion Tether Owed on Judgment Day?

And major stablecoin Tether was forced to issue a statement strongly denying rumors that investments in the reserve fund backing the USDT dollar peg were backed by illiquid Asian commercial paper, a kind of short-term corporate debt, which was being sold at a deep discount. The company also denied losses in the collapse of Celsius.

“These rumors are completely false and are likely to be propagated to induce more panic in order to generate additional profits from an already stressed market,” Tether said, adding that 47% of its reserves are now in US Treasuries. and commercial paper holdings have been reduced to less than 25%.



On: PYMNTS’ survey of 2,094 consumers for The Personalized Shopping Experience report, a collaboration with Elastic Path, shows where merchants are doing well and where they need to up their game to deliver a personalized shopping experience.

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