Binance to expand its staff amid falling crypto market

According to the exchange’s head Changpeng Zhao, the company has a solid reserve to survive the crypto winter

14.06.2022 - 08:10

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What’s new? The head of cryptocurrency exchange Binance Changpeng Zhao believes that crypto winter is a great time to expand staff and make new acquisitions for the company. Binance plans to hire new employees, as well as new mergers and acquisitions (M&A). Zhao revealed this in his speech at the Consensus 2022 conference.

News on the Bloomberg website

What other announcements have been made? According to Zhao, Binance intends to make the most of crypto winter. He also noted that the exchange has a solid reserve to survive this period. In addition, this is not the first time the company has experienced a bear market since its founding in 2017.

What is crypto winter? This term implies a prolonged bear market when the value of major crypto assets falls for an extended time. The first crypto winter was in 2014-2015 and the second in 2017-2018.

Earlier, the Gemini crypto exchange announced a 10 % staff reduction. This is the first ever massive job cut since the platform was founded in 2014. Gemini founders acknowledged that as the industry is going through a crypto winter, the company is “in the contraction phase.” In addition, geopolitical instability and the macroeconomic situation were the reasons for staff optimization.

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