Changpeng Zhao, co-founder and CEO of the exchange Binance Think of the crypto winter as a good time to increase investment in hiring and acquisitions.
“We have strong capital. In fact, we are now expanding employment,” the Binance CEO said via video link at the Consensus 2022 conference when asked about Coinbase Inc.’s latest layoff.
Crypto companies like Coinbase, Gemini Trust Co. and Rain Financial Inc. are being hit by the current market conditions. By cutting its workforce by as much as 10 percent, Zhao said Binance avoids spending a lot of money such as Super Bowl ads or naming stadiums.
“We currently have over 2,000 job openings ranging from Engineers, Product, Marketing to Business Development,” Binance co-founder Yi He told Fortune. It’s good to find top talent.”
“During the bull market Everyone started their own project. And it pays in vain,” CZ said in an interview. But now the market is more balanced. He added, and “If we are in the crypto winter, we will take advantage of that. and will use it to the fullest.”
Binance is looking to increase its investment in other companies, such as its $200 million investment in Forbes, which he describes as a strategic move that will help drive greater adoption of blockchain technology across sectors.
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