- With many crypto exchanges shrinking, the CEO of Binance said that the company was expanding its hiring.
- The company currently has 2,000 vacancies, according to founder Yi He.
- Meanwhile, several major exchanges have announced layoffs in recent weeks.
The CEO of the world’s largest cryptocurrency exchange, Binance, said the company would be doubling down on hiring despite “crypto winter.”
“We have a very healthy war chest; in fact, we’re expanding hiring right now. If we’re in a crypto winter, we’ll take advantage of that. We’ll use it to the fullest,” Binance founder and CEO Changpeng Zhao said via video at crypto-focused Consensus 2022 this past weekend in Austin, Texas, according to Fortune.
“We currently have over 2,000 open positions, from engineering, 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 be more price-conscious, while bear markets have more value-conscious teams continuing to build the industry. We reckon this is a good time to attract to the best talents.
The cryptocurrency market hit a record $3 trillion market value in November, according to Bloomberg. Cryptocurrency exchanges jumped on the wave and splurged on marketing campaigns to make their presence felt. Coinbase, for example, spent $14 million on a 30-second Super Bowl ad slot in February. And Crypto.com shelled out $700 million for the Staples Center in Los Angeles to be renamed the Crypto.com Arena over the next two decades.
But this year, the cryptocurrency market crashed as investors diverted their money from digital tokens to other assets that guarantee better returns. The market value fell below $1 trillion on Monday, according to Bloomberg. As investors refrain from buying and selling these digital currencies, cryptocurrency trading platforms have seen their revenue dry up.
Crypto.com and Gemini announced in recent weeks that they were laying off workers amid turbulent market conditions. Coinbase said on June 2 that it was freezing hiring and withdrawing job postings, and on Monday, the CEO of crypto firm BlockFi said the company would be laying off 20% of its employees.
A Utah resident sued Binance’s US subsidiary for falsely marketing a crypto token as a safe asset
Zhao’s comments about Binance’s “healthy war chest” come as the company faces a lawsuit alleging it falsely advertised Terra USD and Luna stablecoins as “fiat-backed.” Zhao acknowledged at the conference that Binance could do more to educate users about crypto, according to Bloomberg.
The merger of the two stablecoins wiped out a combined market value that once peaked at $60 billion and drove several investors to despair.
“These claims are without merit and we will vigorously defend ourselves,” a Binance spokesperson told Reuters.
Binance did not immediately respond to Insider’s request for comment.