The world’s largest digital assets exchange is planning a hiring spree as some of its competitors slash jobs during the current crypto market downturn.
According to a new report by Fortune, Changpeng Zhao, CEO of Binance, says that the company has secured the resources to hire more employees as well as focus on acquisitions.
Zhao’s announcement comes at a time when other prominent crypto firms, such as Coinbase, Gemini, Crypto.com, and BlockFi all announced significant layoffs.
“We have a very healthy war chest; we in fact are expanding hiring right now. If we are in a crypto winter, we will leverage that, we will use that to the max.”
According to Zhao, Binance is able to people as its challengers struggle because the firm didn’t spend extravagantly on things such as Super Bowl ads and stadium naming rights.
“It was not easy saying no to Super Bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for Binance.”
Zhao says he expects a lot of companies in the industry to struggle or fail during the bear market, but that the space will ultimately come back stronger than it was.
“While lots of projects and exchanges are going to struggle through the bear market, many will come back stronger than before. Those that fail honestly, will start new projects and bring critical learnings from this experience. This is how an industry grows.
Even though we have the benefit of experience from previous cycles, we are not immune to this cycle either. We will be doing some deep self-inflection to better prepare for the next bull market.”
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