Every player in the cryptocurrency space has been hit with the crypto winter that’s currently on it the cryptocurrency ecosystem. Despite the effects of the so-called crypto winter, Binance continues to be optimistic about the reversal of fortunes as the cryptocurrency powerhouse announced that it would continue its hiring efforts amidst announcements of laying off from other cryptocurrency exchanges.
In a video at the Consensus 2022 festival held in Texas this weekend, CEO and founder of Binance, Changpeng Zhao, shared his thoughts on the crypto winter and how the cryptocurrency exchange is responding to the dynamism of the market in this period.
Zhao noted in the video, “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.”
Even in a time where many crypto exchange platforms have spoken conservatively regarding hiring, Binance has been outspoken, going the other way. Binance co-founder Yi He recently shared with Fortune that many roles are still open and that this bear market is an opportunity for the platform to expand.
He said, “We currently have more than 2,000 roles open for engineers, [to] product marketing, to business development. 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.”
The founder of crypto.com, Kris Marszalek, revealed on Twitter that the exchange would be laying off around 260 employees, which is about 5% of the company’s workforce.
He attributed this to being able to “focus on executing against our roadmap and optimizing profitability as we do so.” He said, “That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce.”
Another exchange, Gemini Trust, has also announced its decision to reduce its staff by 10%, citing the crypto winter as a reason for this.
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