Binance Is Looking to Hire 2,000 Employees Amid the Latest Market Decline
KEY POINTS
- Binance co-founder announces that the company has more than 2,000 roles available across the board.
- Companies like Coinbase, Gemini Trust Co., and Crypto.com are performing major cutbacks and hiring freezes.
- Binance CEO Zhao states the company has saved its money and will now make the most of crypto winter.
Binance is proving the wisdom of storing up for winter, as the company looks to hire 2,000 new employees.
On June 5, 2023, the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its entities, citing violations of federal securities law. For additional information, check out our additional coverage.
While many crypto companies are having to make cuts in order to stay afloat during crypto winter, Binance CEO Changpeng Zhao said Binance plans to bring on more employees. Zhao's co-founder Yi stated, "We currently have more than 2,000 roles open from engineers, 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," according to Fortune.
The current trend of downsizing
This comes at an especially surprising time because most crypto companies are currently moving in the opposite direction. Coinbase recently announced it would be laying off 18% of its workforce as well as suspending hiring for the foreseeable future. Just last year, however, Coinbase was entering the sports arena with deals to make it the "exclusive cryptocurrency platform partner" for the NBA and WNBA.
Other crypto companies are in similar situations as Coinbase. Crypto.com, for example, purchased the naming rights for what used to be the Staples Center for a whopping $700 million. Unfortunately, today it is experiencing the winter and having to take downsizing measures as well, cutting its workforce by 5%.
Zhao referenced these companies and said that Binance avoided that type of huge spending and that's part of the reason the company has been able to continue to grow during the current market. He said, "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."
It's certainly nice to see a company that has kept its stores in preparation for winter.
Our Research Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
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