JAKARTA – The crypto market which has fallen in recent weeks has prompted investors to stay away from crypto assets. The market crash also triggered crypto trading companies to cut employees, as did Crypto.com, Gemini, and others.
On the other hand, when a number of crypto exchanges flocked to layoffs, Binance was reportedly recruiting employees. Binance founder Changpeng Zhao stated that “crypto winter” is a good time to hire people.
The figure who is familiarly called CZ believes that precisely at this time when the market is volatile, this is the time to increase investment and acquisitions. The Binance boss further explained that it is “expanding hiring right now.”
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The move is in contrast to Binance's rival crypto exchanges such as Crypto.com, FTX, and Coinbase, which are widely reported to have laid off staff. Once again, CZ admits that he is very careful in pouring out funds and minimizing spending just for large-scale promotions.
According to the CryptoPotato report, CZ noted that during the bull market phase last year, everyone started their own project and paid “ridiculous compensation.” However, now that the market is facing a downturn, Binance plans to “take advantage of it,” and “use it to its full potential.”
Recent reports state that during the crypto market downturn, Coinbase plans to halt employee recruitment efforts. Gemini then announced it would cut 10 percent of its employees after seeing the failure of the crypto market to recover and being fueled by increasing geopolitical and macroeconomic turmoil. It didn't stop there, crypto trading company Bitmax also laid off 25 percent of the company's staff.
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