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In the context of the cryptocurrency market with many negative fluctuations and increasingly trending downtrend, many large companies choose to cut manpower, Binance exchange continues to expand its recruitment and acquisition plans. This was revealed in a recent statement by Binance CEO Changpeng Zhao (CZ).
In the face of hiring freezes and layoffs of employees of many major exchange platforms such as Crypto.com, Gemini, Coinbase or BlockFi, Binance appears to be unaffected and is continuing to expand its recruitment plans despite the bearish market.
In addition, several other companies in the industry such as Bitso, Mexico's largest cryptocurrency exchange, have just laid off 10% of their employees. Even Argentina-based cryptocurrency exchange Buenbit has cut its existing workforce by 45 percent.
Amid the harsh cryptocurrency market and the unpredictable fluctuations of a series of coins, Binance seems to remain firm and steadfast in its plans to expand its staff recruitment. Changpeng Zhao, CEO and founder of Binance, believes that crypto winter is the best time to increase investment and attract new talent to the platform.
"We have a very solid shield along with a fairly healthy development strategy. In fact, Binance is continuing to expand its recruitment plans and promote more acquisitions." CEO Changpeng Zhao speaks in a video at the Consensus 2022 conference.
In addition, CZ also mentioned the company's plans to hire more people when he was asked about Coinbase's recent move. CZ said Coinbase has now opened more than 2,000 vacancies. With the exception of Binance, both Gemini and Coinbase also appear to have suffered significant impact as their trading volumes are recording signs of declines leading to financial losses in Q1 2022.
Furthermore, CZ has also emphasized that Binance has now been cautious to avoid overspending on marketing activities, including advertising campaigns at the SuperBowl or naming rights at various sports venues. His comments come as exchanges such as Crypto.com and FTX have both spent significant amounts of money just to get their brands on Super Bowl stadiums or celebrity marketing shows. At the same time these activities are also for organizations of franchises and a number of different NBA venues.
"In the uptrend market, everyone starts building their own projects and often spends heavily on advertising campaigns. Now, the market is volatile, and if we're in the cryptocurrency winter, make the most of this time to build the value of the project." CZ expressed.
The growth of leading exchange Binance and its investment strategies have contributed to the promotion of the cryptocurrency industry to achieve many impressive milestones in recent years. Binance's hiring plans have probably also somewhat dispelled the gloomy color for those working in the industry. At the same time, the move also shows the very clear views of CZ in the context of the recent market crisis.
