Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange, Binance, said within the week that the company would be doubling it’s hiring plans despite the “crypto winter”.
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“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,” Binance founder and CEO Changpeng Zhao said via video at the crypto-focused Consensus 2022 this past weekend in Austin, Texas.
“We currently have more than 2,000 roles open from engineers, product, marketing to business development,” Binance co-founder Yi He told Fortune. “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 cryptocurrency market reached a record market value of $3 trillion in November, per Bloomberg. Crypto exchanges rode on the wave and splurged on marketing campaigns to make their presence felt. Coinbase, for example, spent a reported $14 million on a 30-second Super Bowl ad slot in February. And Crypto.com forked out a reported $700 million to have Staples Center in Los Angeles renamed the Crypto.com Arena for the next two decades.
Crypto.com and Gemini announced in recent weeks that they were going to lay off workers amid turbulent market conditions. Coinbase said on June 2 that it was freezing hiring and withdrawing job offers, and on Monday, the CEO of crypto firm BlockFi said the company would be laying off 20% of its employees.