Binance Opens 2000 Positions Amid Industry-wide Downsizing

  • Binance’s CEO Changpeng Zhao shared to his 6.4M Twitter followers about the company’s 2,000 open positions amid market crash.
  • The company was hiring despite vast layoffs from other industries and firms.
  • Zhao said the company is now preparing for the next bull market.

Leading cryptocurrency exchange Binance braggingly announced that the company is hiring 2,000 new employees amidst the ongoing crypto market crash. Changpeng Zhao, the founder and CEO of Binance, confirmed on Wednesday the company’s massive hiring despite the multiple layoffs from other crypto exchanges. However, the top executive didn’t provide details about what positions are available.

BInance’s action was taken despite the fact that there is an extreme cryptocurrency market downside as holders are dumping their assets to cut losses. The investor’s vast sell-off was caused by the terrors that rising inflation would bring as the US Federal Reserve might hawkishly increase interest rates and head the economy into a recession.

The crypto exchange who’s battling Binance from being a top crypto exchange, Coinbase Global, said on Tuesday it would cut down 18% of its total workforce or about 1,100 employees. 

While most crypto-related companies have laid off dozens of their employees, companies in other industries such as Meta Platforms and Intel also paused the hiring from their companies.

“While lots of projects and exchanges are going to struggle through the bear market, many will come back stronger than before,” Zhao stated in a tweet, noting that firms who failed will learn from this experience to start anew. Moreover, CZ said Binance is already preparing for the next market bull run.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.