Crypto Companies Are Telling Employees To Pack Up, But Binance Is Hiring – Here’s Why

As some crypto exchanges are cracking under pressure and sending employees packing, Binance’s CEO said the company is on a hiring spree. Binance if offering 2,000 positions to qualified talents, according to co-founder Yi He.

In the past few weeks, the cryptocurrency market has fallen as investors have shifted their capital away from digital tokens and towards assets that offer safer or higher yields.

Early Tuesday morning, the value of the digital currency market fell below $1 trillion. As a result of investors’ reluctance to acquire and sell these digital assets, the earnings of crypto trading platforms have plummeted.

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Crypto Winter Doesn’t Worry Binance

Changpeng Zhao was cited during last week’s Consensus 2022 conference in Austin, Texas as saying, “If we are in a crypto winter, we will leverage that, we will exploit that to the max.”

In the past 24 hours, the cryptocurrency market has lost 12% of its overall value. The decline that began in April continued throughout the weekend. Since Friday, the leading tokens Bitcoin and Ether have declined by 14 percent and 25 percent, respectively, with BTC prices falling below $25,000 for the first time in 18 months.

Binance CEO Changpeng Zhao said the company has a "very healthy war chest." Source: Business Insider.

The CEO of the world’s largest cryptocurrency exchange, Binance, said the company has a “very healthy war chest” and would be ramping up their hiring despite the ongoing bloodbath in the bear market.

Wanted: Engineers & Marketers

In an interview with Fortune, Yi said Binance is currently offering 2,000 job posts for “engineers, marketing, product to business development,” adding that the digital asset industry “is still in its early stages,” and that it was “a great time to bring on top talent.”

Bitcoin was selling for $22,521 at the time of writing, a 66 percent decline from its all-time high of $69,045 in November of last year. And, according to market pundits, Bitcoin and other related assets have a considerable distance to fall before reaching rock bottom.

Crypto total market cap at $886 trillion on the daily chart | Source: TradingView.com

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Other exchanges and prominent enterprises in the digital asset field are laying off employees as the price of virtually every cryptocurrency has taken a heavy beating in the last few weeks.

Gemini and Crypto.com have recently indicated that they will terminate employee contracts in response to the unstable market conditions. Coinbase said on June 2 that it was stopping hiring and rescinding employment offers, while on Monday, the CEO of crypto startup BlockFi announced a 20 percent reduction in headcount.

Featured image from Twitter, chart from TradingView.com