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Binance Opens 2,000 Jobs to Hire While Others Lay Off

Cryptocurrency Jun 15, 2022 10:00AM ET
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Binance Opens 2,000 Jobs to Hire While Others Lay Off

  • The CEO of the crypto finance giant made the announcement without offering further details about this surprise move.
  • The investor run triggered by fears of more inflation and recession continues to hit the market.
  • Coinbase (NASDAQ:COIN) and other exchanges this week announced massive staff layoffs to try to deal with the looming financial situation.

Binance CEO Changpeng Zhao’s announcement of the hiring of 2,000 jobs goes in the opposite direction of the staff cuts that other companies in the sector are making due to the crypto crash that has wiped out at least two-thirds of the market value of Bitcoin and other cryptocurrencies.

Zhao has taken the opportunity to show the superiority of the world’s largest cryptocurrency exchange by reported trade volume. In a tweet posted on Wednesday he wrote:

Today, we are hiring for 2000 open positions for Binance However, we do not offer further details about this decision by the Singapore-based firm, which contrasts with the movements of other cryptocurrency platforms. These companies that are seeing signs of a global recession and a further prolongation of the crypto winter are cutting staff or halting new hires.

On the Flipside

  • Binance’s move did not fail to surprise observers of the current situation of the crypto market that has faced monumental losses in the last two weeks.
  • The firm is making a show of confidence in the cryptocurrency business and exposing its financial muscle to withstand what appears to be a crypto tsunami in the making.

As investors have dumped their positions in cryptocurrencies and other high-risk assets, the market has tumbled. It is feared that a sharp rise in interest rates by the Federal Reserve to try to tame rising inflation will trigger a new economic recession.

Other cryptocurrency exchanges are doing the complete opposite of Binance. On Tuesday Coinbase Global Inc. announced the cut of 1,100 jobs (about 18% of its total workforce). The platform will remain with 5000 employees only.

Likewise, Crypto.com and BlockFi said on Monday that they plan a drastic reduction in personnel that will lay off 400 of their workers. While other companies such as Intel Corp (NASDAQ:INTC) and Meta Platforms Corp, said they will stop hiring for this year.

Bitcoin (BTC) has been falling for nine consecutive days and hit a new 18-month low on Wednesday. At 8:42 am (GMT-4) it was trading at US $21,151.58 with a loss of 4.93% in the last 24 hours, according to data from Coinmarketcap.

The other cryptocurrencies have continued to lose value dragged down by a greater general decline that followed the announcement of crypto lender Celsius to freeze all operations to its clients. It is feared that other companies could be infected by this new crypto run.

Even the hitherto mighty Binance had to temporarily suspend BTC withdrawals this week, citing “stuck on-chain transactions.”

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Binance Opens 2,000 Jobs to Hire While Others Lay Off
 

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Comments (3)
Guven Buyukpolat
Guven Buyukpolat Jun 15, 2022 10:33AM ET
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that's why you can't withdraw your money !
Dimension Digital
Dimension Digital Jun 15, 2022 10:06AM ET
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well played (bluff)
Benoit Avril
Benoit Avril Jun 15, 2022 10:06AM ET
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Just a desperate announcement. It's collapsing.
 
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