While the crypto market is going through hard times, Binance is announcing an increase in recruiting and acquisitions.
Binance has just announced plans to hire staff despite the crypto winter. The CEO of the exchange, Changpeng Zhao, said at the Consensus 2022 conference that the company has a “very full military chest”and that it also intends to increase the number of mergers and acquisitions.
While the crypto market is going through hard times
Some big names in the crypto industry have recently had to lay off people, and in retrospect, some of them spent too aggressively on marketing when things were going well.
Crypto.com, for example, spent $700 million last year securing the naming rights to a Los Angeles stadium formerly known as the Staples Center. Today the company is parting with 5% of the wage fund.
Changpeng Zhao also explained that Binance has been a bit more careful during difficult times. And while other companies spent money on ads during the Super Bowl, the exchange focused on a small campaign to warn about the risks of celebrity ads.
Binance Announces Increase in Hiring and Acquisitions
Changpeng Zhao also promised to make the most of this crypto winter, and the layoffs seen in other companies in the industry could allow Binance to snag a number of talents.
Binance co-founder Yi He told Fortune magazine that the exchange now has over 2,000 engineering, marketing, and business development jobs, adding, “The crypto space is still in its infancy and trending markets seem to be more price sensitive, while while bear markets have more Value-conscious teams continue to shape the industry. We see this as a great opportunity to attract new talent.”
FTX CEO Sam Bankman-Fried also said that his exchange will continue to grow despite the market downturn. He attributes this to how carefully his trading platform has always hired.
Announcing a wave of 18% payroll layoffs on Tuesday, Coinbase CEO Brian Armstrong acknowledged that the crypto giant has “grown too fast” and “hired too many employees” during this difficult period.