by BSCN
June 17, 2022
With many of the world's top crypto companies cutting staff during the bear market, Binance does not appear to be affected and is continuing to expand hiring.
The drop in cryptocurrencies tied to intimacy with the stock market has created a distinctly negative sentiment throughout the financial space. However, contrary to the crowd, Binance CEO Changpeng Zhao believes that “crypto winter” is the best time to expand operations.
At the Consensus 2022 conference that was held from June 9 to June 12, the CEO of Binance revealed that now is the right time for the exchange to increase investment in HR talent and make acquisitions, despite the market turmoil. He stated that Binance is achieving a high rate of merger and acquisition activity.
“We have a very good and resilient team. Binance is expanding recruiting at the moment.” CZ said.
According to Mr. Changpeng Zhao, Binance has been cautious when pouring money and staying away from large advertising expenditures such as the Super Bowl event - which became a "great advertising war" between crypto exchanges in February 2022, as reported by Andrew Marquardt from Fortune.
Many of Binance's competitors have successively signed sports sponsorship deals across major continents. Crypto.com is a platform that has spent a lot of time on marketing to promote its name through sports. Besides sponsoring many clubs and sports organizations worldwide, the company invested $ 700 million in December 2021 to rename the Staples Center stadium in Los Angeles to Crypto.com Arena.
In addition, during this time, Coinbase has signed on as an official partner of the National Basketball Association(NBA), signed a brand ambassador agreement with NBA star Kevin Durant, and partnered up with numerous major esports organizations.
During the recession cycle, many companies mentioned above stopped hiring new employees and even proposed to terminate some existing employees. On June 14, Coinbase CEO Brian Armstrong posted an announcement on June 14, saying he would cut more than 18% of the company's staff, equivalent to about 1,100 employees.
Meanwhile, Crypto.com has just cut 260 employees, and up to 20% of employees have to say "goodbye" to BlockFi. Only FTX and Binance are still financially strong enough to stand on the market.
Finally, in addition to increasing staff recruitment, Binance is also planning to promote investment in various traditional companies, mainly starting from "inspiration" with an investment of 200 million dollars to Forbes magazine to popularize the use of blockchain technology. It will be done through Binance Labs' latest $500 million investment fund.
Binance is the world's largest cryptocurrency exchange, founded in Shanghai, China, by Changpeng Zhao (CZ). Binance supports over 740 trading pairs on its platform.
With a low transaction fee (0.1%) as well as fast transaction processing, Binance has become the exchange with the largest trading volume in the cryptocurrency market. Binance exchange's technology can process 1.4 million orders per second, making it a top exchange in terms of the trading volume.
Where to find Binance:
Website | Twitter | Discord | Telegram |
Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto!
Follow us on Twitter and Instagram!
For those looking for tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.
Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!
Latest News
October 22, 2024
Do Betting Odds Know Best?
October 22, 2024
Michael Saylor's Legacy: Donating His Bitcoin Wealth to Humanity, Inspired by Satoshi Nakamoto
October 22, 2024
MakerDAO May Return as Core Brand After Sky Rebrand Faces Backlash
October 22, 2024
Bitcoin Spot ETFs Records $2.67B in Inflows in Just One Week
October 22, 2024
Chainlink and ANZ Collaborate on Private Transactions for Tokenized Real-World Assets
October 21, 2024
Transak Data Breach Exposes 92K Users: Employee Phishing Attack, Ransomware Group Claims Responsibility
October 21, 2024
Ripple Co-Founder Chris Larsen Donates $10 Million to Kamala Harris' Presidential Campaign Amid Divided Crypto Industry Support
October 21, 2024
Pump.fun Unveils New "Pump Advance" Trading Terminal, Teases Native Token Release