Despite the “crypto winter,” the CEO of Binance, the world’s largest cryptocurrency exchange, said the company would increase hiring.
“We have a sizable war chest and are currently expanding our hiring. If we are in a crypto winter, we will take advantage of it. We’ll make the most of it “According to Fortune, Binance founder and CEO Changpeng Zhao stated via video at the crypto-focused Consensus 2022 conference this past weekend in Austin, Texas.
“We currently have over 2,000 open positions ranging from engineers to product, marketing, and business development,” Binance co-founder Yi He told Fortune. “The crypto space is still in its early stages, and bull markets are more concerned with price, whereas bear markets have more value-conscious teams that are building the industry. We believe that now is an excellent time to hire top talent.”
According to Bloomberg, the cryptocurrency market reached a new high of $3 trillion in November. Crypto exchanges jumped on the bandwagon and splurged on marketing campaigns to establish their presence. Coinbase, for example, reportedly spent $14 million in February on a 30-second Super Bowl ad slot. And Crypto.com reportedly paid $700 million to have Los Angeles’ Staples Center renamed the Crypto.com Arena for the next two decades.
However, the cryptocurrency market has fallen this year as investors have shifted their funds away from digital tokens and into other assets that offer higher returns. According to Bloomberg, the market value fell below $1 trillion on Monday. Crypto trading platforms have seen their revenues dry up as investors delay buying and selling these digital currencies.
In recent weeks, Crypto.com and Gemini both announced layoffs due to the volatile market conditions.
Coinbase announced on June 2 that it was freezing hiring and withdrawing job offers, and BlockFi’s CEO announced on Monday that the company would lay off 20% of its employees.
A Utah resident filed a lawsuit against Binance’s American affiliate for falsely marketing a cryptocurrency token as a safe asset.
Zhao’s remarks about Binance’s “healthy war chest” come as the company is facing a lawsuit alleging that it falsely advertised stablecoins Terra USD and Luna as “fiat-backed.”
According to Bloomberg, Zhao admitted at the conference that Binance could do more to educate users about cryptocurrencies.
The collapse of the two stablecoins wiped out a combined market value of $60 billion, driving several investors to despair.
“These allegations are without merit, and we will vigorously defend ourselves,” a Binance spokesperson told Reuters.