While others Freeze Hiring, Binance adds Talent Binance CEO says firm is ‘expanding hiring’ despite market crash
Despite market slumps, Binance CEO says they're ‘expanding hiring’
Even as crypto markets slump and stock markets tumble, Binance is staying strong and flowing away from the common trend of laying off workers as Changpeng Zhao, Binance CEO, has said that it is a great time to hire more people.
According to a Bloomberg report, Chengpeng also stated that the overall bear market is a great time for crypto companies to increase investments. When asked about Binance’s competitor Coinbase’s decision to freeze hiring, Chengpeng Zhao said, “We have a very healthy war chest; we in fact are expanding hiring right now.” and he added, “Binance is kicking into high gear in M&A activity.”
The advantages of crypto winters and stock market lows were on the top of Zhao’s agenda it seemed. He said there are so many projects during a bull market and compensation demands tend to be high. When in a bear market, however, he said, “if we are in a crypto winter, we will leverage that, we will use that to the max.”
As Binance continues to add talent to the roster and look for more investment opportunities, the overall trend is to freeze hiring. Many companies, crypto or not, have been continuously cutting ties with employees. Just last week, Coinbase announced hiring stoppages. Gemini also announced it will be shedding 10% of its employees. BitMex and Buenbit have each laid off 75-80 employees.
Even freaking Robinhood is a part of this as it cut 9% of its full-time employees in the month of April. Earlier this week, Crypto.com sent a press release in which it states it will be laying off upwards of 260 employees.