Binance CEO Believes that Crypto Winter is the Best Time for Recruitment and Expansion

06/14/2022By: C, Fiona

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When the company trembled from the harsh impact of the crypto winter, binance announced plans to actively expand its influence through recruitment and profitable transactions. Changpeng Zhao, CEO of binance, shared the plan of the world’s largest exchange, that is, to strengthen its staff strength by recruiting new employees in the case of unsatisfactory market prices.

He revealed this to the participants through live broadcast at the consensus meeting in 2022. Zhaoguodong said that binance has “very healthy combat power” and “in fact, we are now expanding recruitment”. The CEO continued to assert that expanding the number of employees on the exchange was not the only item on binance’s agenda, as it would begin to increase M & A activity.

Expand in the Winter of Crypto

Binance’s decision to expand in the winter of crypto will undoubtedly attract some people’s attention in this field, but Zhao claims that the company’s good financial situation is the result of “frugality” and does not spend too much in marketing activities like some competitors. In the past, the exchange spent millions of dollars on Super Bowl advertising and won the naming right of stadiums and gymnasiums.

“During the bull market, everyone is starting their own projects and paying ridiculous compensation,” Zhao said. “If we are in the winter of crypto, we will take advantage of this, and we will make the most of it.”

If you look at the career page of binance, you will find that there are several job vacancies in business development, communication, customer support, data and research, and quantitative strategy, which are distributed in multiple countries. The exchange will also improve on the basis of the $200million strategic investment signed with Forbes at the beginning of the year. Zhaoguodong suggested that participants in the industry should make use of better risk management.

The Winter of Crypto Has Frozen the Largest Participants

In the past 30 days, the price of crypto has plummeted, and bitcoin has reached the tragic level of 18 months. Capital withdrawal and large-scale crypto clearing in this field led coinbase to freeze the recruitment of news staff of the exchange and even cancel the contract.

Gemini, another leading crypto exchange in the United States, announced that it would cut the company’s workforce by 10%. In a letter shared with employees, Gemini pointed out that “the current macroeconomic and geopolitical turmoil has further complicated the situation”.

In view of the cold winter of crypto that plagues the market, rain financial, buenbit and bitso have all announced the reduction of employees. Scott minerd of Guggenheim predicts that the price of bitcoin may be brought up to $8000 this winter, making fans shudder.